N.Y. Public Authorities Law § 2058: Moneys of the authority

* § 2058. Moneys of the authority. All moneys of the authority shall

be paid to the county treasurer as agent of the authority, who shall

designate depositories and who shall not commingle such moneys with any

other moneys. The moneys shall be deposited in a separate bank account

or accounts. The moneys in such accounts shall be paid out on checks of

the treasurer on requisition of the chairman of the authority or of such

other person or persons as the authority may authorize upon proper audit

of the county of Broome.

All deposits of such moneys shall, if required by the treasurer, be

secured by obligations of the United States or of the state of New York,

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

the deposits.

The Broome county auditor and his legally authorized representatives

are authorized and empowered from time to time to examine the accounts

and books of the authority, including its receipts, disbursements,

contracts, leases, sinking funds, investments and any other records and

papers relating to its financial standing.

The authority shall have power, notwithstanding the provisions of this

section, to contract with the holders of any of its bonds as to the

custody, collection, securing, 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

previous provisions of this section. Moneys held in trust or otherwise

for the payment of bonds and the 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.

* NB Authority dissolved September 1, 1977