N.Y. Public Authorities Law § 2049-k: Moneys of the authority

§ 2049-k. 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 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, the state or 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. 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 bonds 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.