N.Y. Public Authorities Law § 1045-r: Moneys of the authority

§ 1045-r. Moneys of the authority. All moneys of the authority from

whatever source derived shall be paid to the treasurer of the authority

and shall be deposited forthwith in a bank or banks in the state

designated by the authority. The moneys in such accounts shall be paid

out on check of the treasurer upon requisition by the chairman of the

authority or of such other officer or officers as the authority may

authorize to make such requisitions. All deposits of such moneys shall

be secured by obligations of or guaranteed by the United States, or of

the state or of the city of a market value equal at all times to the

amount on deposit and all banks and trust companies are authorized to

give such security for such deposits. The authority shall have power,

notwithstanding the provisions of this section, to contract with the

holders of any bonds as to the custody, collection, security, 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.

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 secured in the same

manner as moneys of the authority and all banks and trust companies are

authorized to give such security for such deposits.