N.Y. Public Authorities Law § 2642-l: Monies of the authority

§ 2642-l. Monies of the authority. All monies of the authority from

whatever source derived shall be paid to the treasurer of the authority

and shall be deposited forthwith in an interest-bearing account in a

bank or banks designated by the authority. The monies in such accounts

shall be paid out or withdrawn on the order of such person or persons as

the authority may authorize to make such requisitions. All deposits of

such monies shall be secured by obligations of the United States or of

the state or of 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. To the extent practicable,

consistent with the cash requirements of the authority, all such monies

shall be deposited in interest-bearing accounts. Any monies of the

authority not required for immediate use or disbursement may, be

invested in accordance with section ninety-eight or ninety-eight-a of

the state finance law.