N.Y. Public Authorities Law § 1810: Moneys of the authority

§ 1810. Moneys of the authority. 1. All moneys of the authority, from

whatever source derived, shall be paid to the commissioner of taxation

and finance 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 moneys in such accounts shall be

paid out on checks signed by the commissioner of taxation and finance on

requisition of the president of the authority or of such other officer

or employee or officers or employees of the authority as the authority

shall authorize to make such requisition. All deposits of such moneys

shall, if required by the commissioner of taxation and finance or the

authority, be secured by obligations of the United States of America or

of the state 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.

2. Notwithstanding the provisions of subdivision one of this section,

the authority shall have power, subject to the approval of the

commissioner of taxation and finance, to contract with the holders of

any of its bonds or notes, as to the custody, collection, securing,

investment and payment of any moneys of the authority, or of any moneys

held in trust or otherwise for the payment of bonds or notes, and to

carry out such contracts. Moneys held in trust or otherwise for the

payment of bonds or notes or in any way to secure bonds or notes 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.

3. Any moneys of the authority not required for immediate use or

disbursement may, at the discretion of the authority, be invested by the

commissioner of taxation and finance in accordance with all of the

otherwise consistent provisions of section ninety-eight-a of the state

finance law.

4. Subject to the provisions of any contract with bondholders and

noteholders and to the approval of the comptroller, the authority shall

prescribe a system of accounts.