N.Y. Public Authorities Law § 1196-i: Moneys of an authority

§ 1196-i. Moneys of an authority. All moneys of an authority from

whatever source derived shall be paid to the treasurer of an 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 checks 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 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. An 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

an authority and all banks and trust companies are authorized to give

such security for such deposits.