N.Y. Public Authorities Law § 2046-j: Moneys of the agency

§ 2046-j. Moneys of the agency. All moneys of the agency from whatever

source derived shall be paid to the treasurer of the agency and shall be

deposited forthwith in a bank or banks in the state designated by the

agency. The moneys in such accounts shall be paid out on check of the

treasurer upon requisition by the agency or of such other person or

persons as the agency 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 town 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 agency, all

such moneys shall be deposited in interest bearing accounts. The agency

shall have power, notwithstanding the provisions of this section, to

contract with the holders of any of its bonds or notes as to the

custody, collection, security, investment and payment of any moneys of

the agency, or any moneys held in trust or otherwise for the payment of

bonds or notes or in any way to secure bonds or notes, and 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 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 agency and all banks and trust companies are authorized to give

such security for such deposits. Subject to any agreements with the

holders of any of its bonds or notes, any moneys of the agency not

required for immediate use or distribution may, at the discretion of the

agency, be invested in those obligations specified pursuant to the

provisions of section ninety-eight-a of the state finance law. Subject

to any agreements with the holders of any of its bonds or notes, the

agency with the approval of the state comptroller shall prescribe a

system of accounts.