N.Y. Urban development research corporation act 173/68 § 21: Monies of the corporation

§ 21. Monies of the corporation. (1) The corporation shall have power

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

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

the corporation, of any monies held in trust or otherwise for the

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

in trust or otherwise for the payment of bonds and notes or in any way

to secure bonds or notes and deposits of such monies may be secured by

obligations of the United States or 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 bondholders and noteholders, the

corporation shall prescribe a system of accounts.

(3) The comptroller, or his legally authorized representative, is

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

and accounts of the corporation including its receipts, disbursements,

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

matters relating to its financial standing.

(4) The corporation shall submit to the governor, chairman of the

senate finance committee, chairman of the assembly ways and means

committee and the comptroller,

(a) within thirty days of the receipt thereof by the corporation, a

copy of the report of every external examination of the books and

accounts of the corporation other than copies of the reports of such

examinations made by the comptroller;

(b) within ninety days after the end of its fiscal year, a complete

and detailed report setting forth: (1) its operations and

accomplishments; (2) its receipts and expenditures during such fiscal

year in accordance with the categories or classifications established by

the corporation for its operating and capital outlay purposes, including

a listing of all private consultants engaged by the corporation on a

contract basis and a statement of the total amount paid to each such

private consultant; (3) its assets and liabilities at the end of its

fiscal year, including a schedule of its leases and other commitments

and the status of reserve, special or other funds; and (4) a schedule of

its bonds and notes outstanding at the end of its fiscal year, together

with a statement of the amounts redeemed and incurred during such fiscal

year.