New York Laws
Title 15 - Auburn Industrial Development Authority
2314 - Moneys of the Authority.

§ 2314. Moneys of the authority. All moneys of the authority, from
whatever source derived, shall be paid to the treasurer 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
treasurer on requisition of the chairman 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 treasurer or the
authority, be secured by obligations of the United States or the state
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 treasurer and his 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 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 city council at its first meeting in February of each and every
year.