New York Laws
Title 11 - Troy Industrial Development Authority
1957 - Moneys of the Authority.

§ 1957. Moneys of the authority. All moneys of the authority, from
whatever source derived, shall be paid to the authority's appointed
chief financial officer 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 authority's appointed chief financial
officer on requisition of the chair of the authority or of such person
as the authority may authorize to make such requisitions. All deposits
of such moneys shall, if required by the authority, be secured by
obligations 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 city 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 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 and he or she or his
or her 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 city council at its first
meeting in April of each and every year.