NY Pub Auth L § 1736 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 6 - The New York City School Construction Authority Act 1736 - Funding of the Authority.

§  1736.  Funding  of  the authority. 1. Each year the authority shall   prepare and the board shall adopt an itemized estimate  of  the  sum  of   money  it  deems  necessary from the city board to cover the authority's   operating expenses for the ensuing fiscal year. Such estimate shall take   into account any prior year's surplus and shall be delivered to the city   board for review at least ten  business  days  prior  to  the  date  for   submission  of  the  city  board's  annual  estimate pursuant to section   twenty-five hundred seventy-six  of  the  education  law  and  shall  be   included  as part of such city board estimate. Upon appropriation of the   city's expense budget for such ensuing fiscal year, the  amount  of  the   authority's  estimate  shall  be  paid  to  the authority by the city in   twelve equal payments, each payable on the first day of  each  month  of   the  fiscal  year.  The  authority  shall not be required to present any   vouchers for such payments, but shall issue quarterly reports not  later   than  thirty  days  after  the  end  of  each  quarter  comparing actual   expenditures to estimated expenditures  and  analyzing  any  significant   variances.  The  authority  shall  develop  procedures to ensure that it   operates at all times within the amounts payable to it pursuant to  this   section,  after taking into account funds available to the authority for   such purpose from sources other  than  the  city.  Expenditures  of  the   authority from funds paid to it by the city shall be subject to audit by   the  comptroller,  who  may recommend procedures designed to improve the   authority's accounting and  expenditure  control  expenditures.  In  the   event  the  authority's  cash  flow  projections  require  that funds be   advanced more rapidly during a fiscal year than would occur pursuant  to   the  payment dates set forth in this section, the authority shall advise   the  city  board,  the  director  of  management  and  budget  and   the   comptroller  of  such requirement. Such officials shall, in consultation   with the authority, develop  a  schedule  of  advance  payments  to  the   authority  designed  to  cover projected cash shortfalls during a fiscal   year and to provide the  authority  with  cash  balances  at  all  times   sufficient to permit prompt payment of the authority's creditors.2.  The authority shall present vouchers for payment of costs incurred   for projects the detailed scope of which approval has been obtained  and   for  activities for which no such scope approval is required as provided   in section twenty-five hundred ninety-p of  the  education  law  to  the   comptroller,  which  vouchers  shall  contain the following information:   the amounts to be paid; the payees; the project or purpose for which the   costs were incurred; a statement that the amounts to be paid are  within   city capital budget appropriations available therefor; and, with respect   to projects for which scope approval has been obtained, a statement that   the  amounts  to  be  paid  are in accordance with such approved project   scope. The authority shall not be required  to  furnish  any  additional   information  prior to payment of a voucher pursuant to this subdivision,   and the comptroller is hereby  authorized  and  directed  to  take  such   actions as may be necessary to make such payment.3.  The  authority  shall  not  be  deemed a "covered organization" as   defined in the New York state financial emergency act for  the  city  of   New York.