§ 560. Moneys of the authority. All moneys of the authority from\nwhatever source derived shall be deposited as soon as practicable in\nbanks or trust companies to be designated by the authority. All deposits\nof such moneys shall, if required by the authority, be secured by\nobligations of the United States or of the state of New York or of the\ncity of New York of a market value equal at all times to the amount of\nthe deposit and all banks and trust companies are authorized to give\nsuch security for such deposits. The comptroller and his legally\nauthorized representatives are hereby authorized and empowered from time\nto time to examine the accounts and books of the authority, including\nits receipts, disbursements, contracts, leases, sinking funds,\ninvestments and any other matters relating to its financial standing.\nThe authority shall have power notwithstanding the provisions of this\nsection, to contract with the holders of any of its bonds as to the\ncustody, collection, securing, investment and payment of any moneys of\nthe authority, or any moneys held in trust or otherwise for the payment\nof bonds or in any way to secure bonds, and to carry out any such\ncontract notwithstanding that such contract may be inconsistent with the\nprevious provisions of this section. Moneys held in trust or otherwise\nfor the payment of bonds or in any way to secure bonds and deposits of\nsuch moneys may be secured in the same manner as moneys of the\nauthority, and all banks and trust companies are authorized to give such\nsecurity for such deposits.\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.