N.Y. Transportation Law § 65: Depositories of funds

§ 65. Depositories of funds. In order to protect funds deposited by

the Utica transit authority all banks, bankers, trust companies or other

persons carrying on a banking business, organized under the laws of the

state, are authorized to give to the authority an undertaking with such

sureties as shall be approved by the Utica transit authority, faithfully

to keep and pay over upon the order of the Utica transit authority any

such deposits and agreed interest thereon, or in lieu of said sureties,

to deposit as collateral such securities and in such amounts as may be

agreed upon with the Utica transit authority pursuant to a collateral

deposit agreement in form and terms satisfactory to the Utica transit

authority. The collateral to be deposited shall consist of securities in

which savings banks may legally invest funds within their control.