N.Y. Public Authorities Law § 2047-k: Moneys of the agency

§ 2047-k. 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

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 or any

municipality 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 agency 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 agency or any moneys held in trust or otherwise for

the payment of bonds or in any way to secure bonds, 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 in any way to secure bonds 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. Any moneys of the agency not required for immediate

use or disbursement 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 the provisions of

any contract with bondholders and with the approval of the comptroller,

the agency shall prescribe a system of accounts.