State of New York Bond - 1941 dated Department of Audit and Control - Housing Bond
Inv# GB5075 Bond
Various Denominations. State Coat of Arms vignette of eagle, 2 female figures and a sunset. Ornate and attractive!!! The New York State Comptroller serves as an elected constitutional officer within the state of New York and leads the Department of Audit and Control of the state government. This position is recognized as the highest-paid state auditor or treasurer in the United States. Since the establishment of the state, sixty-one individuals have occupied the role of State Comptroller. The origins of this office trace back to 1776 when the New York Provincial Congress appointed an Auditor-General to manage public accounts. Following the resignation of the Auditor-General, the Council of Appointment designated an Auditor to take over the responsibilities. In 1797, the State Legislature formally established the office of State Comptroller to replace the State Auditor. Initially, the Comptroller was appointed by the Council of Appointment for a one-year term, with the possibility of reappointment without any term limits.
In 1800, the Legislature decreased the Comptroller's salary from $3,000 to $2,500, leading Samuel Jones to decline reappointment. With the adoption of the Constitution in 1821, the Comptroller began to be elected by a joint ballot of the New York State Legislature for a three-year term. The Constitution of 1846 further transformed the office into an elective position through a general election, allowing the Comptroller to be elected alongside other state cabinet officials in odd-numbered years for a two-year term. This arrangement meant that the Comptroller would serve during the second year of the current governor's term and the first year of the incoming governor's term. In 1895, the Comptroller was elected for a three-year term, and thereafter, state officials were elected in even-numbered years to serve two-year terms concurrently with the governor. In 1926, the duties of the New York State Treasurer were integrated into the responsibilities of the Comptroller, who became the head of the Department of Audit and Control. Since 1938, the Comptroller has been elected for a four-year term, aligning with the governor's election cycle.
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
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