New York Laws
Title 4 - Syracuse Parking Authority
1475-H - Moneys of the Authority.

§ 1475-h. Moneys of the authority. All moneys of the authority from
whatever source derived shall be paid to the commissioner of finance of
the city 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
the commissioner of finance on requisition of the chair of the authority
or of such other person or persons as the authority may authorize to
make such requisitions after audit by and upon the warrant of the
commissioner of finance of the city. All deposits of such moneys shall,
if required by the commissioner of finance or the authority, be secured
by obligations of the United States or of the state of New York or of
any municipality 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. To the extent practicable, consistent
with the cash requirements of the authority, all such moneys shall be
deposited in interest bearing accounts. The city commissioner of finance
and his or her legally authorized representatives are authorized and
empowered from time to time to examine the accounts and books of the
authority, including its receipts, disbursements, contracts, leases,
sinking funds, investments and any other records and papers relating to
its financial standing. 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 or in any way to secure
bonds and deposits of such moneys may be acquired in the same manner as
moneys of the authority, and all banks and trust companies are
authorized to give such security for such deposits. Any monies of the
authority not required for immediate use or disbursement may, at the
discretion of the authority, be invested pursuant to section
ninety-eight-a of the state finance law in accordance with guidelines
established by the authority's board and amended from time to time.
Subject to the provisions of any contract with bondholders and with the
approval of the state comptroller, the authority shall prescribe a
system of accounts.