N.Y. Public Authorities Law § 1149-j: Moneys of the authority

§ 1149-j. 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 one or more banks and/or trust

companies in the state designated by the authority. The moneys in such

accounts shall be paid out on checks of the treasurer upon requisition

by the board or of such other person or persons 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 county 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. 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.

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 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.