§ 580 — Moneys of the authority

New York § 580

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 4: Thousand Islands Bridge Authority
• Art. 3: Bridge and Tunnel Authorities

Text

§ 580. Moneys of the authority. Subject to the provisions of any\nagreement with the holders of any bonds or notes of the authority which\nmay provide otherwise, and except as otherwise provided or authorized\nherein, all moneys of the authority from whatever source derived shall\nbe paid to the treasurer and shall be deposited forthwith in a bank or\nbanks designated by the authority. The moneys in such accounts shall be\nwithdrawn on the order of such person or persons as the authority may\nauthorize. All deposits of such money shall, if required by the\nauthority, be secured in such manner as the authority may determine. The\ntreasurer of the county and his legally authorized representatives are\nauthorized and empowered from time to time to examine the accounts and\nbooks of the authority, including its receipts, disbursements,\ncontracts, leases, reserves, sinking funds, investments and any other\nrecords and papers relating to its financial standing, or to accept from\nthe authority, in lieu of such an examination, an external examination\nof its books and accounts made at the request of the authority.\n Notwithstanding the foregoing provisions of this section or any other\nprovision of this title to the contrary, the authority shall have the\npower to contract with the holders of any of its bonds or notes as to\nthe custody, collection, securing, investment, and payment of any moneys\nof the authority, whether held in trust or otherwise, and to carry out\nsuch contract, and the provisions of such contract shall supersede any\nprovisions of this chapter which are contrary thereto or inconsistent\ntherewith.\n