This text of New York § 531 (Moneys of the authority) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 531. Moneys of the authority.
1.All moneys of the authority from\nwhatever source derived shall be paid to the comptroller as agent of the\nauthority, who shall not commingle such moneys with any other moneys.\nSuch moneys shall be deposited in a separate bank account or accounts.\nThe moneys in such accounts shall be paid out on check of the\ncomptroller on requisition of the chairman of the authority or of such\nother person as the authority may authorize to make such requisition.\nAll deposits of such moneys shall, if required by the comptroller or the\nauthority, be secured by obligations of the United States or of the\nstate of New York of a market value equal at all times to the amount of\nthe deposit and all banks and trust companies are authorized to give\nsuch security for su
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§ 531. Moneys of the authority. 1. All moneys of the authority from\nwhatever source derived shall be paid to the comptroller as agent of the\nauthority, who shall not commingle such moneys with any other moneys.\nSuch moneys shall be deposited in a separate bank account or accounts.\nThe moneys in such accounts shall be paid out on check of the\ncomptroller on requisition of the chairman of the authority or of such\nother person as the authority may authorize to make such requisition.\nAll deposits of such moneys shall, if required by the comptroller or the\nauthority, be secured by obligations of the United States or of the\nstate of New York of a market value equal at all times to the amount of\nthe deposit and all banks and trust companies are authorized to give\nsuch security for such deposits. The comptroller and his legally\nauthorized representatives are hereby authorized and empowered from time\nto time to examine the accounts and books of the authority including its\nreceipts, disbursements, contracts, leases, sinking funds, investments\nand any other matters relating to its financial standing.\n 2. The authority shall have power notwithstanding the provisions of\nthis section, to contract with the holders of any of its bonds or notes\nas to the custody, collection, securing, investment and payment of any\nmoneys of the authority, or any moneys held in trust or otherwise for\nthe payment of bonds or notes or in any way to secure bonds or notes,\nand to carry out any such contract notwithstanding that such contract\nmay be inconsistent with the previous provisions of this section. Moneys\nheld in trust or otherwise for the payment of bonds or notes or in any\nway to secure bonds or notes and deposits of such moneys may be secured\nin the same manner as moneys of the authority, and all banks and trust\ncompanies are authorized to give such security for such deposits.\n 3. After reserving sufficient moneys to provide for payment of the\ncost of improvement and repair of the existing bridges, the authority\nshall apply the remainder of its funds not otherwise obligated in\nreduction or extinguishment of any bonds of the authority outstanding at\nthe time this act takes effect.\n 4. Except as otherwise provided by this act, any moneys of the\nauthority which are not immediately required may be invested in\nobligations of the categories specified in subdivisions one to five,\nboth inclusive, of section ninety-eight of the state finance law\nmaturing or redeemable at the option of the holder within two years of\nthe date of such investments or in a certificate of deposit of a bank or\ntrust company in this state.\n