N.Y. Public Authorities Law § 1226-o: Moneys of the authority

§ 1226-o. 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 trust company 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 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. To the extent practicable, consistent with the cash

requirements of the authority, all such moneys shall be deposited in

interest bearing accounts. 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 bond 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.