N.Y. Public Authorities Law § 1120-k: Moneys of the authority

§ 1120-k. 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 board. The moneys in such accounts shall be paid out

on check of the treasurer upon requisition by the board or of such other

person or persons as the board may authorize to make such requisitions.

All deposits of such moneys shall be secured by obligations of the

United States or of the state or of the town 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, and to carry out any such contract notwithstanding that such

contract may be inconsistent with the provisions of this section. 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. Any moneys of the

authority not required for immediate use or disbursement may, at the

discretion of the authority, be invested in those obligations specified

pursuant to the provisions of section ninety-eight-a of the state

finance law. Subject to the provisions of any contract with bondholders

and with the approval of the comptroller, the authority shall prescribe

a system of accounts.