2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 3 - (40 - 62) NEW YORK STATE HOUSING FINANCE AGENCY
51 - Monies of the agency.

 
    §  51.  Monies  of  the agency. 1. All monies of the agency, except as
  otherwise authorized or provided in this article, shall be paid  to  the
  commissioner  of  taxation and finance as agent of the agency, who shall
  not commingle such monies with any other monies. Such  monies  shall  be
  deposited  in  a  separate  bank account or accounts. The monies in such
  accounts shall be paid out on  checks  signed  by  the  commissioner  of
  taxation  and finance on requisition of the chairman of the agency or of
  such other officer or employee or officers or employees  as  the  agency
  shall  authorize  to  make such requisition. All deposits of such monies
  shall, if required by the commissioner of taxation and  finance  or  the
  agency,  be  secured by obligations of the United States or of the state
  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.
    Notwithstanding the provisions of this section, the agency shall  have
  power,  subject  to  the  approval  of  the commissioner of taxation and
  finance, to contract with the holders of any of its notes or  bonds,  as
  to  the  custody,  collection,  securing, investment, and payment of any
  monies of the agency, of any monies held in trust or otherwise  for  the
  payment  of  notes or bonds, and to carry out such contract. Monies held
  in trust or otherwise for the payment of notes or bonds or in any way to
  secure notes or bonds and deposits of such monies may be secured in  the
  same  manner  as monies of the agency, and all banks and trust companies
  are authorized to give such security for such deposits.
    2. Subject to agreements with  noteholders  and  bondholders  and  the
  approval  of  the  comptroller,  the  agency shall prescribe a system of
  accounts.
    3. The comptroller,  or  his  legally  authorized  representative,  is
  hereby  authorized  and empowered from time to time to examine the books
  and accounts  of  the  agency  including  its  receipts,  disbursements,
  contracts,  reserve  funds,  sinking  funds,  investments, and any other
  matters relating to its financial standing. Such an examination shall be
  conducted by the comptroller at least once  in  every  five  years;  the
  comptroller  is  authorized, however, to accept from the agency, in lieu
  of such an  examination,  an  external  examination  of  its  books  and
  accounts made at the request of the agency.
    4.  The  agency  shall  submit to the governor, chairman of the senate
  finance committee, chairman of the assembly ways and means committee and
  the comptroller, within thirty  days  of  the  receipt  thereof  by  the
  agency,  a copy of the report of every external examination of the books
  and accounts of the agency other than copies  of  the  reports  of  such
  examinations made by the comptroller.