New York Laws
Title 21 - Saratoga Springs City Center Authority
2490-H - Moneys of the Authority.

§ 2490-h. Moneys of the authority. 1. All moneys of the authority
shall be paid to the commissioner of finance of the city of Saratoga
Springs as agent for the authority, who shall designate depositories and
who shall not commingle such moneys with any other moneys. The moneys in
such accounts shall be paid out on checks of the commissioner of finance
on requisition of the chairman of the authority or of such other person
or persons as the authority may authorize upon proper audit of the city.

2. At the end of every fiscal year, the authority shall pay all excess
funds to the city for its use. The term excess funds shall mean
authority moneys not required for the authority's budget in the next
fiscal year. In addition, the authority, with the consent of the city
council, can retain funds in a special capital account as a reserve fund
for possible future capital projects such as major repairs,
reconstruction or renovation of the civic center, additional equipment
or replacement of existing fixtures and equipment. The size of the
capital account shall be mutually agreed to by the authority and the
city, and no funds shall be expended from the said capital account
without the consent of the city council.

3. All deposits of such moneys shall, if required by the commissioner
of finance, 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 the deposits.

4. The city of Saratoga Springs commissioner 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
all receipts, disbursements, contracts, leases, sinking funds,
investments and any other records and papers relating to its financial
standing.

5. 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 and the 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.