Section 660. Moneys of the authority  


Latest version.
  • All moneys of the authority shall be
      paid to the treasurer of the county 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  said  treasurer  on  requisition  of  the
      chairman  of  the  authority  or  of such other person or persons as the
      authority may authorize to make such requisitions. All deposits of  such
      moneys  shall, if required by the treasurer or the authority, 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  comptroller  of the county is hereby authorized to audit
      the  accounts  of  the  authority.  The  authority  shall  have   power,
      notwithstanding  the  provisions  of  this section, to contract with the
      holders of any of its notes and 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 notes and bonds  or
      in any way to secure notes and 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 notes and bonds or in any way to secure notes and  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.