§ 660 — Moneys of the authority

New York § 660

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 7: Nassau County Bridge Authority
• Art. 3: Bridge and Tunnel Authorities

Text

§ 660. Moneys of the authority. All moneys of the authority shall be\npaid to the treasurer of the county as agent of the authority, who shall\nnot commingle such moneys with any other moneys. Such moneys shall be\ndeposited in a separate bank account or accounts. The moneys in such\naccounts shall be paid out by said treasurer on requisition of the\nchairman of the authority or of such other person or persons as the\nauthority may authorize to make such requisitions. All deposits of such\nmoneys shall, if required by the treasurer or the authority, be secured\nby obligations of the United States or of the state of New York of a\nmarket value equal at all times to the amount of the deposit, and all\nbanks and trust companies are authorized to give such security for such\ndeposits. The comptroller of the county is hereby authorized to audit\nthe accounts of the authority. The authority shall have power,\nnotwithstanding the provisions of this section, to contract with the\nholders of any of its notes and bonds as to the custody, collection,\nsecuring, investment and payment of any moneys of the authority or any\nmoneys held in trust or otherwise for the payment of notes and bonds or\nin any way to secure notes and bonds, and to carry out any such contract\nnotwithstanding that such contract may be inconsistent with the previous\nprovisions of this section. Moneys held in trust or otherwise for the\npayment of notes and bonds or in any way to secure notes and bonds and\ndeposits of such moneys may be secured in the same manner as moneys of\nthe authority, and all banks and trust companies are authorized to give\nsuch security for such deposits.\n The accounts of the authority shall be subject to the supervision of\nthe state comptroller.\n