N.Y. Public Authorities Law § 1174-k: Moneys of the authority

§ 1174-k. Moneys of the authority. All moneys of the authority from

whatever source derived shall be paid to the treasurer 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 chairperson

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 of

America or of the state 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 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.