New York Laws
Title 14*** - City of Schenectady Parking Authority
1599-H*4 - Moneys of the Authority.

* § 1599-h. Moneys of the authority. All moneys of the authority shall
be paid to the director 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 money in such accounts shall be paid out by the director of finance
on requisition of the chairman of the authority or of such person or
persons as the authority may authorize to make such requisitions after
audit by and upon the warrant of the director of finance. All deposits
of such moneys shall, to the extent required by section two thousand
nine hundred twenty-five of this chapter be secured by obligations of
the United States or the state of New York at 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
director of finance and his legally authorized representative 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. The
account of the authority shall be subject to the supervision of the
state comptroller and he or his legally authorized representatives are
hereby authorized and empowered from time to time to examine the
accounts and books of the authority, including its receipts,
disbursements, contracts, sinking funds, investments and any other
matter relating to its financial standing and fiscal affairs. The
authority shall render a complete annual account of its proceedings to
the Mayor and the city council at or prior to its first meeting of the
city council in March of each and every year and at such other times as
may reasonably be requested by the city council.

* NB Authority ceased to exist 08/05/2002

* NB There are 4 § 1599-h's