N.Y. Public Authorities Law § 3563: Moneys of the corporation

§ 3563. Moneys of the corporation. All moneys of the corporation from

whatever source derived shall be paid to the treasurer of the

corporation and shall be deposited forthwith in a bank or banks

designated by the corporation. The moneys in such accounts shall be

paid out on check of the treasurer upon requisition by such person or

persons as the corporation 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 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 corporation,

all such moneys shall be deposited in interest bearing accounts. The

corporation 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

corporation 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 corporation

and all banks and trust companies are authorized to give such security

for such deposits. Any moneys of the corporation not required for

immediate use or disbursement may, at the discretion of the corporation,

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 the approval of the

comptroller, the corporation shall prescribe a system of accounts.