New York Laws
Title 28-BB - Albany Convention Center Authority
2675-I - Monies of the Authorities.

§ 2675-i. Monies of the authority. 1. All monies of the authority from
whatever source derived, except as otherwise authorized or provided in
this title, shall be paid to the authority and shall be deposited
forthwith in a bank or banks in the state designated by the authority.
The monies in such accounts shall be withdrawn on the order of such
person or persons as the authority may authorize. All deposits of such
monies shall, if required by the authority, be secured in such manner as
the authority may determine. The comptroller 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. Such
examination shall be conducted by the comptroller at least once in every
five years; the comptroller is authorized, however, to accept from the
authority, in lieu of such an examination, an external examination of
its books and accounts made at the request of the authority. The results
of any such examinations shall be reported to the governor, the
chairperson of the senate finance committee, the chairperson of the
assembly ways and means committee, the mayor and the county executive.

2. Notwithstanding any other provisions of this title related to the
investments of monies of the authority, the authority shall have power
to contract with holders of any of its bonds, as to the custody,
collection, securing, investment, and payment of monies of the
authority, of any monies held in trust or otherwise for the payment of
bonds, and to carry out such contract. Monies held in trust or otherwise
for the payment of bonds or in any way to secure bonds and deposits of
such monies may be secured in such manner as shall be set forth in such
contract or agreement, and all banks and trust companies are authorized
to give such security for such deposits. The authority shall establish
and may amend from time to time, guidelines for the investment of its
monies, including those held in trust for the benefit of the holders of
bonds, and shall file such guidelines in the authority's public records
within sixty days after the adoption of such guidelines or amendments
thereto.

3. The authority shall submit to the comptroller, within thirty days
of the receipt thereof by the authority, a copy of the report of every
external examination of the books and accounts of the authority.