N.Y. Public Authorities Law § 1621-h: Moneys of the authority

* § 1621-h. Moneys of the authority. All moneys of the authority shall

be paid to the city treasurer of the city as agent of the authority, who

shall not commingle such moneys with any other moneys. Such moneys shall

be deposited in a separate bank account or accounts. The moneys in such

accounts shall be paid out by the city treasurer of the city on

requisition of the chairperson of the authority or of such other person

or persons as the authority may authorize to make such requisitions

after audit by the city treasurer of the city. All deposits of such

moneys shall be secured by obligations of the United States or of the

state of New York 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. The treasurer of the city and his or

her 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. The authority shall have power, notwithstanding the provisions

of this section, to contract with the holders of any of its bonds or

notes as to the custody, collection, securing, investment and payment of

any moneys of the authority or any moneys held in trust or otherwise for

the payment of bonds or notes or in any way to secure bonds or notes,

and to carry out any such contract notwithstanding that such contract

may be inconsistent with the previous provisions of this section. 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 secured in the same

manner as moneys of the authority, and all banks and trust companies are

authorized to give such security for such deposits. The accounts of the

authority shall be subject to the supervision of the state comptroller.

The authority shall render a complete account of its proceedings to the

common council at its first meeting of each year and at such other times

as may reasonably be requested by the common council.

* NB Repealed per § 1621-r (see chapter 597 of 2023 § 2 for specifics)