N.Y. General Municipal Law § 860: Moneys of the agency

§ 860. Moneys of the agency. The agency shall have power to contract

with the holders of any of its bonds or notes as to the custody,

collection, securing, investment and payment of any moneys of the agency

or any moneys held in trust or otherwise for the payment of bonds or

notes or in any way to secure bonds or notes and to carry out any such

contract. Moneys held in trust or otherwise for the payment of bonds or

notes or in any way to secure bonds or notes and deposits of such moneys

may be secured in the same manner as moneys of the agency, and all banks

and trust companies are authorized to give such security for such

deposits.