N.Y.
Public Authorities Law Section 2714
Moneys of the authority
1.
All moneys of the authority from whatever source derived, except as otherwise authorized or provided in this title, shall be paid to the authority and shall be deposited forthwith in a bank or banks in the state designated by the authority. The moneys in such accounts shall be withdrawn on the order of such person or persons as the authority may authorize. All deposits of such moneys shall, if required by the authority, be secured in such manner as the authority may determine. The state comptroller and his legally authorized representatives are authorized and empowered from time to time to examine the accounts and books of the authority, including its receipts, disbursements, contracts, leases, sinking funds, investments and any other records and papers relating to its financial standing. Such an examination shall be conducted by the comptroller at least once in every five years; the comptroller is authorized, however, to accept from the authority, in lieu of such an examination, an external examination of its books and accounts made at the request of the authority.2.
Notwithstanding any other provisions of this title related to the investment of moneys of the authority, the authority shall have power to contract with holders of any of its bonds, as to the custody, collection, securing, investment, and payment of any moneys of the authority, of any moneys held in trust or otherwise for the payment of bonds, and to carry out such contract. Moneys held in trust or otherwise for the payment of bonds or in any way to secure bonds and deposits of such moneys may be invested, secured in such manner as shall be set forth in such contract or agreement, and all banks and trust companies are authorized to give such security for such deposits. The authority shall establish and may amend from time to time, guidelines for the investment of its moneys, including those held in trust for the benefit of the holders of bonds, and shall file such guidelines in the authority’s public records within sixty days after the adoption of such guidelines or amendments thereto.3.
Subject to the provisions of any agreement with the holders of bonds and to the approval of the comptroller, the authority shall prescribe a system of accounts.4.
The authority shall submit to the comptroller, within thirty days of the receipt thereof by the authority, a copy of the report of every external examination of the books and accounts of the authority.
Source:
Section 2714 — Moneys of the authority, https://www.nysenate.gov/legislation/laws/PBA/2714 (updated Sep. 22, 2014; accessed Apr. 27, 2024).
