NY Pub Auth L § 1681 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 4 - Dormitory Authority 1681 - Moneys of the Authority.

§ 1681. Moneys of the authority. 1. The moneys of the authority shall,   except  as otherwise provided in this section, be deposited in a general   account and such other accounts as the authority may deem necessary  for   the  transaction  of its business and shall be paid out on checks signed   by the chairman of the authority or by such other person or  persons  as   the authority may authorize.2.  All  moneys  of the authority derived from state appropriations or   the sale of bonds and all moneys constituting  reserve  funds  shall  be   paid  to  the  comptroller  of  the state as agent of the authority, who   shall not commingle such moneys with other moneys. Such moneys shall  be   deposited  in  a  separate  bank account or accounts. The moneys in such   accounts shall be paid out on check of the comptroller on requisition of   the chairman of the authority or of such other person or persons as  the   authority  may authorize to make such requisitions. All deposits of such   moneys shall, if required  by  the  comptroller  or  the  authority,  be   secured  by  obligations of the United States of America 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 such deposits.3. The authority shall have power notwithstanding  the  provisions  of   this title, to contract with or for the benefit of 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 other provisions of this title. In any  contract  with   or for the benefit of the holders of any of its bonds, the authority may   pledge  or  assign  any  moneys  payable  or  to  become  payable to the   authority and, upon notification by the authority to any public  officer   directed  or  authorized  by  law  to pay to the authority any moneys so   pledged or assigned of the existence and the  terms  and  conditions  of   such  pledge or assignment, such public officer shall thereafter pay any   such moneys otherwise payable directly to the  authority  in  accordance   with  the  terms of such pledge and assignment.  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.4.  Notwithstanding  any  other  provision of law to the contrary, the   authority  shall  have  the  power,  for  more  efficient  and  economic   management  of its affairs, to establish one or more accounts from which   to pay moneys and into which it may temporarily transfer moneys  of  the   authority  held  in  various  accounts  or  funds  for  the providing of   dormitories or other facilities and, subject to such use, maintained for   the benefit of various bond and noteholders; provided that (a) any  such   account  or accounts shall be under the exclusive management and control   of the authority and shall be kept separate and  apart  from  any  other   moneys  or  assets  of  the  authority;  (b)  the authority shall keep a   separate accounting and accurate records of the  various  moneys  to  be   transferred into such account or accounts and that any moneys to be paid   from any such account to meet such liabilities of the authority shall be   derived  from  the  appropriate  account  or  fund  held  to  meet  such   liability; and (c) any pledge  or  security  interest  created  for  the   benefit  of others in the moneys to be transferred into any such account   shall continue to exist while such moneys are in such account until such   moneys are  paid  by  the  authority  for  the  appropriate  contractual   liability  and,  prior  to such payment by the authority, such moneys so    transferred shall not be subject to the claims of others  who  were  not   previously the beneficiary of any such pledge or security interest.5.   The   comptroller   of  the  state  and  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   matters relating to its financial standing.