New York Laws
Title 29 - Development Authority of the North Country Act
2714 - Moneys of the Authority.

§ 2714. Moneys of the authority. 1. All moneys 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The moneys in such accounts shall be withdrawn on the order of such
person or persons as the authority may authorize. All deposits of such
moneys shall, if required by the authority, be secured in such manner as
the authority may determine. The state 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 an 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.

2. Notwithstanding any other provisions of this title related to the
investment of moneys 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 any moneys of the
authority, of any moneys held in trust or otherwise for the payment of
bonds, and to carry out such contract. 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 invested, 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 moneys, 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. Subject to the provisions of any agreement with the holders of
bonds and to the approval of the comptroller, the authority shall
prescribe a system of accounts.

4. 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.

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