N.Y.
Public Authorities Law Section 2446
Moneys of the agency
(1)
Subject to any agreement with bondholders or noteholders or except as otherwise authorized or provided in this act, all moneys of the agency from whatever source derived shall be paid to the comptroller of the agency and shall be invested in any investments approved or authorized in accordance with the provisions of State Finance Law § 98 (Investment of state funds)section ninety-eight of the state finance law. The moneys in such accounts shall be paid by the comptroller or other agent duly designated by the agency on requisition of the chairman of the agency or of such other person or persons as the agency may authorize to make such requisitions. All deposits of such moneys, shall, if required by the agency, be secured by (i) obligations of the United States of America or of the state of a market value equal at all times to the amount of the deposit and all banks and trust companies are authorized to give such security for such deposits or (ii) in such other manner as the agency may require. The obligations securing such deposits shall either be deposited with the comptroller of the agency or be held by a trustee or agent satisfactory to the agency. The comptroller or his legally authorized representatives are authorized and empowered from time to time to examine the accounts and books of the agency, including its receipts, disbursements, contracts, leases, sinking funds, investments and any other records and papers relating to its financial standing.(2)
The agency shall have power to contract with holders of any of its bonds or notes, as to the custody, collection, securing, investment, and payment of any moneys of the agency, of any moneys held in trust or otherwise for the payment of bonds or notes, and to carry out such contract. Moneys held in trust or otherwise for the payment of bonds or notes or in any way to secure bonds or notes and deposits of such moneys may be secured in the same manner as moneys of the agency, and all banks and trust companies are authorized to give such security for such deposits.(3)
Subject to the provisions of any contract with bondholders or noteholders and to the approval of the comptroller, the agency shall prescribe a system of accounts.(4)
The agency shall submit to the governor, chairman of the senate finance committee, chairman of the assembly ways and means committee and the comptroller, within thirty days of the receipt thereof by the agency, a copy of the report of every external examination of the books and accounts of the agency other than copies of the reports of such examinations made by the comptroller.
Source:
Section 2446 — Moneys of the agency, https://www.nysenate.gov/legislation/laws/PBA/2446 (updated Sep. 22, 2014; accessed Apr. 27, 2024).
