§ 880 — Moneys of the authority

§ 880. Moneys of the authority. 1. The treasurer of the authority\nshall demand, collect, receive and have the care and custody of moneys\nbelonging to or due the authority from every source. Not later than the\nbusiness day next following the day of their receipt the treasurer shall\ndeposit in his name, as treasurer of the authority, all such moneys in\nsuch banks or trust companies as shall have been designated as\ndepositaries of the moneys of the authority by resolution of the board.\nThe deposit of such moneys in a bank or trust company so designated\nshall release the treasurer and his sureties from any liability for loss\nof such moneys by reason of the default or insolvency of any such\ndepositary. The board may require any bank or trust company so\ndesignated in which such moneys are on deposit or are to be deposited to\ndeliver to the board a surety bond payable to the authority, executed by\na surety company authorized to transact business in this state and\nsecuring to the authority the payment of such deposits. In lieu of such\na depositary bond, the board may require such bank or trust company to\ndeposit with the board or its authorized agent obligations of the United\nStates, of the state of New York, or of any municipality or school\ndistrict of the state of New York as security for moneys of the\nauthority deposited in such bank or trust company. All banks and trust\ncompanies are hereby authorized and empowered to secure deposits of\nmoneys of the authority as hereinbefore provided in this subdivision.\nMoneys of the authority shall be disbursed only on the signature of the\ntreasurer by checks payable to the person or persons entitled thereto.\nNo money shall be paid out by the treasurer except upon order of the\nboard or of such other person or persons as the board may authorize.\n 2. Notwithstanding the provisions of subdivision one of this section,\nthe authority shall have power to contract with the holders of any of\nits bonds as to the custody, collection, securing, investment and\npayment of any moneys of the authority or any moneys held in trust or\notherwise for the payment of bonds or in any way to secure bonds, and to\ncarry out any such contract notwithstanding that any such contract may\nbe inconsistent with the provisions of subdivision one of this section.\nMoneys held in trust or otherwise for the payment of bonds or in any way\nto secure bonds and deposits of such moneys may be secured in the same\nmanner as moneys of the authority, and all banks and trust companies are\nhereby authorized and empowered to give such security for such deposits.\n 3. The state comptroller and his legally authorized representatives\nare hereby authorized and empowered from time to time to examine the\naccounts and books of the authority, including its receipts,\ndisbursements, contracts, sinking funds, reserve funds, investments and\nany other matters relating to its financial standing.\n