N.Y. Public Authorities Law § 2050-k: Moneys of the agency

§ 2050-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 interest-bearing accounts 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.