1599-H – Moneys of the Authority.

* § 1599-h. Moneys of the authority. All moneys of the authority shall
  be  paid  to  the  comptroller and treasurer of the city as agent of the
  authority, who shall not commingle such moneys with  any  other  moneys.
  Such  moneys  shall be deposited in a separate bank account or accounts.
  The moneys in such accounts shall be paid out  by  the  comptroller  and
  treasurer of the city on requisition of the chairman of the authority or
  of  such  other person or persons as the authority may authorize to make
  such requisitions after audit  by  the  comptroller  of  the  city.  All
  deposits  of  such  moneys  shall,  if  required  by the comptroller and
  treasurer of the city or the authority, be secured by obligations of the
  United States 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. The comptroller
  and the mayor and the members of the common  council  of  the  city  and
  their  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. The authority shall have 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 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  the  previous  provisions of this section. 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 acquired in the same manner as moneys of
  the authority, and all banks and trust companies are authorized to  give
  such  security for such deposits. The accounts of the authority shall be
  subject to the supervision of the state comptroller. The authority shall
  render a complete account of its proceedings to the  common  council  at
  such time or times as requested to do so by said common council.
* NB Authority ceased to exist 12/31/99
* NB There are 4 § 1599-h's