N.Y.
Public Authorities Law Section 2539
Resources of the corporation
(a)
Subject to the provisions of this title, the directors of the corporation shall receive, accept, invest, administer, expend and disburse for its corporate purposes all monies for the corporation from whatever sources derived including (1) payments by the city or by the state comptroller pursuant to the provisions of sections twenty-five hundred thirty-seven and twenty-five hundred forty of this title; and(2)
any other payments, gifts, or appropriations to the fund from any other source.(b)
The monies of the corporation shall be paid to the comptroller as agent of the corporation who shall not commingle such monies with any other monies. Subject to the provisions of any contract with noteholders or bondholders, all corporation monies received by the corporation which, together with other monies of the corporation available for the operating expenses of the corporation including the payment of debt service and payments to the capital reserve fund, exceed the amount required for such purposes shall be transferred to the city on the fifteenth day of February.(c)
The monies in any of the corporation’s accounts shall be paid out on checks signed by the comptroller on requisitions of the chairman of the directors of the corporation or of such other officer or employee as the directors shall authorize to make such requisition.(d)
The comptroller or his legally authorized representative, from time to time may examine the books and accounts of the corporation, including its receipts, disbursements, contracts, reserves, investments, and any other matters relating to its financial standing. Such an examination shall be conducted by the comptroller at least once every five years; in lieu of such an examination, the comptroller may accept from the corporation an external examination of the books and accounts made at the request of the directors of the corporation.
Source:
Section 2539 — Resources of the corporation, https://www.nysenate.gov/legislation/laws/PBA/2539 (updated Sep. 22, 2014; accessed Apr. 27, 2024).
