2012 New York Consolidated Laws
PBA - Public Authorities
Article 8 - MISCELLANEOUS AUTHORITIES
Title 33 - (2799-AA - 2799-UU) 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 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.