§ 1622-h. Moneys of the authority. All moneys of the authority shall\nbe paid to the village treasurer of the village as agent of the\nauthority, who shall not commingle such moneys with any other moneys.\nSuch moneys shall be deposited in a separate bank account or accounts.\nThe moneys in such accounts shall be paid out by the village treasurer\nof the village on requisition of the chairman of the authority or of\nsuch other person or persons as the authority may authorize to make such\nrequisitions after audit by the village treasurer of the village. All\ndeposits of such moneys shall, if required by the village treasurer of\nthe village or the authority, be secured by obligations of the United\nStates or of the state of New York of a market value equal at all times\nto the amount of the deposit, and all banks and trust companies are\nauthorized to give such security for such deposits. The treasurer of the\nvillage and his legally authorized representatives are authorized and\nempowered from time to time to examine the accounts and books of the\nauthority, including its receipts, disbursements, contracts, leases,\nsinking funds, investments and any other records and papers relating to\nits financial standing. The authority shall have power, notwithstanding\nthe provisions of this section, to contract with the holders of any of\nits bonds or notes as to the custody, collection, securing, investment\nand payment of any moneys of the authority or any moneys held in trust\nor otherwise for the payment of bonds or notes or in any way to secure\nbonds or notes, and to carry out any such contract notwithstanding that\nsuch contract may be inconsistent with the previous provisions of this\nsection. Moneys held in trust or otherwise for the payment of bonds or\nin any way to secure bonds and deposits of such moneys may be secured in\nthe same manner as moneys of the authority, and all banks and trust\ncompanies are authorized to give such security for such deposits. The\naccounts of the authority shall be subject to the supervision of the\nstate comptroller. The authority shall render a complete account of its\nproceedings to the village board of trustees at such time or times as\nrequired to do so by said village board of trustees.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.