N.Y. Public Authorities Law § 1147-n: Moneys of the authority

§ 1147-n. 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 interest bearing accounts in a bank

or banks in the state designated by the governing body. The moneys in

such accounts shall be paid out on check of the treasurer, upon

requisition by the governing body or of such other person or persons as

the governing body may authorize to make such requisitions. All deposits

of such moneys shall be secured by obligations of the United States and

the state of New York 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, as amended from time to time. Subject to the provisions of

any contract with bondholders and with the approval of the comptroller,

the authority shall prescribe a system of accounts.