N.Y. Public Authorities Law § 2676-k: Monies of the authority

§ 2676-k. 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 a bank or banks designated by the

authority. The monies in such accounts shall be paid out on check of the

treasurer upon requisition by 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 shall be 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. 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 monies of the authority or any monies held

in trust or otherwise for the payment of bonds or any way to secure

bonds, and carry out any such contract notwithstanding that such

contract may be inconsistent with the provisions of this section. Monies

held in trust or otherwise for the payment of bonds or in any way to

secure bonds and deposits of such monies may be secured in the same

manner as monies of the authority and all banks and trust companies are

authorized to give such security for such deposits. Any monies 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 provision of section ninety-eight-a of the state finance

law. Subject to the provisions of any contract with bond holders and

with the approval of the state comptroller, the authority shall

prescribe a system of accounts.