N.Y. Public Authorities Law § 3636: Monies of the corporation

§ 3636. Monies of the corporation. All monies 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 monies in such accounts shall be paid

out or withdrawn on the order of such person or persons as the

corporation 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. Alternatively, monies of the

corporation may be deposited in money market funds rated in the highest

short term or long term rating category by at least one nationally

recognized rating agency. To the extent practicable, consistent with the

cash requirements of the corporation, all such monies 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 monies of the corporation or any monies

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. 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 corporation, and all banks and trust companies

are authorized to give such security for such deposits. Any monies of

the corporation not required for immediate use or disbursement may, at

the discretion of the corporation, be invested in accordance with

guidelines established by the corporation's board and amended from time

to time. Subject to the provisions of any contract with bondholders and

with the approval of the state comptroller, the corporation shall

prescribe a system of accounts.