N.Y. NYS Project Finance Agency Act7/75 § 14: Monies of the agency

§ 14. Monies of the agency.

1. All monies of the agency, except as otherwise authorized or

provided in this act, shall be paid to the commissioner of taxation and

finance as agent of the agency, who shall not commingle such monies with

any other monies. Such monies shall be deposited in a separate bank

account or accounts. The monies in such accounts shall be paid out on

checks signed by the commissioner of taxation and finance on requisition

of the chairman of the agency or of such other officer or employee as

the agency shall authorize to make such requisition. All deposits of

such monies shall, if required by the commissioner of taxation and

finance or the agency, be secured by obligations of the United States 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.

2. Subject to agreements with noteholders and bondholders and the

approval of the comptroller, the agency shall prescribe a system of

accounts.

Notwithstanding the provisions of this section, the agency shall have

power, subject to the approval of the commissioner of taxation and

finance, to contract with the holders of any of its notes or bonds as to

the custody, collection, securing, investment and payment of any monies

of the agency, of any monies held in trust or otherwise for the payment

of notes or bonds, and to carry out such contract. Monies held in trust

or otherwise for the payment of notes or bonds or in any way to secure

notes or bonds and deposits of such monies may be secured in the same

manner as monies of the agency, and all banks and trust companies are

authorized to give such security for such deposits.

3. The comptroller, or his legally authorized representative, is

hereby authorized and empowerd from time to time to examine the books

and accounts of the agency including its receipts, disbursements,

contracts, reserve funds, sinking funds, investments, and any other

matters 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 agency, in lieu

of such an examination, an external examination of its books and

accounts made at the request of the agency.

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

examination made by the comptroller.