N.Y. Public Authorities Law § 2490-h: Moneys of the authority

§ 2490-h. Moneys of the authority. 1. All moneys of the authority

shall be paid to the commissioner of finance of the city of Saratoga

Springs as agent for the authority, who shall designate depositories and

who shall not commingle such moneys with any other moneys. The moneys in

such accounts shall be paid out on checks of the commissioner of finance

on requisition of the chairman of the authority or of such other person

or persons as the authority may authorize upon proper audit of the city.

2. At the end of every fiscal year, the authority shall pay all excess

funds to the city for its use. The term excess funds shall mean

authority moneys not required for the authority's budget in the next

fiscal year. In addition, the authority, with the consent of the city

council, can retain funds in a special capital account as a reserve fund

for possible future capital projects such as major repairs,

reconstruction or renovation of the civic center, additional equipment

or replacement of existing fixtures and equipment. The size of the

capital account shall be mutually agreed to by the authority and the

city, and no funds shall be expended from the said capital account

without the consent of the city council.

3. All deposits of such moneys shall, if required by the commissioner

of finance, 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 the deposits.

4. The city of Saratoga Springs commissioner of finance and his

legally authorized representative are authorized and empowered from time

to time to examine the accounts and books of the authority, including

all receipts, disbursements, contracts, leases, sinking funds,

investments and any other records and papers relating to its financial

standing.

5. The authority shall have power, notwithstanding the provisions of

this section, to contract with the holders of any of its bonds 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 in any way to secure bonds, 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 and the 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.