N.Y. Public Authorities Law § 1570-g: Moneys of the authority

§ 1570-g. Moneys of the authority. All moneys of the authority from

whatever source derived shall be paid to the treasurer of the village,

as agent of the authority, who shall not commingle such moneys with any

other moneys. Such moneys shall be deposited in a separate bank account

or accounts. The money in such accounts shall be paid out by such

treasurer on requisition of the chairperson of the authority or of such

person or persons as the authority may authorize to make such

requisitions after audit by and upon the warrant of the treasurer of the

village. All deposits of such moneys shall, if required by such

treasurer or the authority, be secured by obligations of the United

States or the state of New York or of any municipality of a market value

equal at all times to the amount of the 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 monies shall be deposited in interest bearing

accounts. The treasurer of the village and his or her legally authorized

representatives are authorized and empowered from time to time to

examine the accounts and books of the authority, including its receipts,

disbursements, contracts, leases, sinking funds, investments and any

other records and papers relating to its financial standing. The

authority shall have power, notwithstanding the provisions of this

section, to contract with the holders of any of its bonds as to the

custody, collection, securing, 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

previous 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 acquired 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 monies of the authority not required for

immediate use or disbursement may, at the discretion of the authority,

be invested pursuant to section ninety-eight-a of the state finance law

in accordance with guidelines established by the board and amended from

time to time. Subject to the provisions of any contract with bondholders

and with the approval of the state comptroller, the authority shall

prescribe a system of accounts.