N.Y. Public Authorities Law § 1199-ll*2: Moneys of the authority

* § 1199-ll. 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 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 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. 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.

* NB There are 2 § 1199-ll's