New York Laws
Title 33 - New York City Transitional Finance Authority
2799-HH - Resources of the Authority.

§ 2799-hh. Resources of the authority. 1. Subject to the provisions of
this title, the directors of the authority shall receive, accept,
invest, administer, expend and disburse for its corporate purposes all
money of the authority from whatever sources derived including (a)
payments by the state comptroller pursuant to this title; (b) the
proceeds of bonds; and (c) any other payments, gifts, or appropriations
to the authority from any other source.

2. Subject to the provisions of any contract with bondholders, (a) the
money of the authority shall be paid to the authority and shall not be
commingled with any other money, and (b) all money received by the
authority which, together with other money of the authority available
for the operating expenses of the authority, the payment of debt service
and payments to reserve funds, exceeds the amount required for such
purposes shall be transferred to the city on or before the last day of
each month.

3. The money in any of the authority's accounts shall be paid out on
checks signed by the treasurer, or by other lawful and appropriate means
such as wire or electronic transfer, on requisitions of the chairperson
of the authority or of such other officer as the directors shall
authorize to make such requisition, or pursuant to a bond resolution or
trust indenture.

4. All deposits of authority money shall be secured by obligations of
the United States or of the state or of the city at 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 and his or her legally authorized representative 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 the
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 money of the authority or any money 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 other provisions of this title.
Money held in trust or otherwise for the payment of bonds or in any way
to secure bonds and deposits of such money may be secured in the same
manner as money of the authority, and all banks and trust companies are
authorized to give such security for such deposits.

5. Tax revenues received by the authority pursuant to subsection (d)
of section eight hundred seventy-three, or section thirteen hundred
thirteen, of the tax law, together with any alternative revenues
received by the authority, shall be applied in the following order of
priority: first pursuant to the authority's contracts with bondholders,
then to pay the authority's operating expenses not otherwise provided
for, and then pursuant to the authority's agreements with the city,
which agreements shall require the authority to transfer the balance of
such taxes not required to meet contractual or other obligations of the
authority to the city as frequently as practicable.