Section 3657. Resources of the authority

1. Subject to the provisions of
  this title, the  directors  of  the  authority  shall  receive,  accept,
  invest,  administer,  expend and disburse for its corporate purposes all
  money of the authority from whatever sources derived including  (a)  tax
  revenues;  (b)  the proceeds of bonds; and (c) any other payments, gifts
  or appropriations to the authority from any other source.
    2. Subject to the provisions of any contract with bondholders, (a) the
  money of the authority shall be paid to the authority and shall  not  be
  commingled  with  any  other  money,  and  (b) all money received by the
  authority which, together with other money of  the  authority  available
  for  the  expenses  of  the  authority,  the payment of debt service and
  payments  to  reserve  funds,  exceeds  the  amount  required  for  such
  purposes,  as  determined  by  the  authority,  shall,  subject  to  the
  provisions of subdivision six of this section and to the  terms  of  any
  agreement  between  the  authority and the county, be transferred to the
  county as frequently as practicable.
    3. The money in any of the authority's accounts shall be paid  out  on
  checks  signed by the treasurer of the authority, or by other lawful and
  appropriate means such as wire or electronic transfer,  on  requisitions
  of  the  chairperson  of  the  authority or of such other officer as the
  directors shall authorize to make such requisition,  or  pursuant  to  a
  bond resolution or trust indenture.
    4.  All deposits of authority money shall be secured by obligations of
  the United States or of the state or of the county at a market value  at
  least equal at all times to the amount of the deposit, and all banks and
  trust  companies are authorized to give such security for such deposits.
  The authority shall have the power, notwithstanding  the  provisions  of
  this section, to contract with the holders of any of its bonds as to the
  custody,  collection,  securing,  investment and payment of any money of
  the authority or any money held in trust or otherwise for the payment of
  bonds or in any way to secure bonds, and to carry out any such  contract
  notwithstanding  that  such  contract may be inconsistent with the other
  provisions of this title. Money held  in  trust  or  otherwise  for  the
  payment  of  bonds  or  in  any way to secure bonds and deposits of such
  money may be secured in the same manner as money of the  authority,  and
  all  banks  and trust companies are authorized to give such security for
  such deposits.
    5. Tax revenues received by the authority pursuant to  section  twelve
  hundred  sixty-one  of  the  tax  law,  together with any other revenues
  received by the authority, shall be applied in the  following  order  of
  priority:  first pursuant to the authority's contracts with bondholders,
  then to pay the authority's operating expenses  not  otherwise  provided
  for, and then, subject to the authority's agreements with the county, to
  transfer  the  balance  of  such  tax  revenues  not  required  to  meet
  contractual or other obligations of  the  authority  to  the  county  as
  frequently as practicable.
    6.  (a)  This  subdivision  shall  apply  only to revenue anticipation
  notes, including renewals thereof,  issued  by  the  county  during  its
  fiscal  year ending December thirty-first, two thousand, in anticipation
  of the receipt of county tax  revenues,  and  only  to  such  issues  of
  revenue  anticipation  notes  as  to  which the certificate described in
  paragraph (b) of this subdivision is filed.
    (b) Notwithstanding the provisions of subdivision five of this section
  with respect to the transfer of the  balance  of  tax  revenues  to  the
  county, prior to the delivery of each such issue of revenue anticipation
  notes,  the  chief  fiscal  officer  of  the  county shall file with the
  authority a request that the authority  establish  a  county  of  Nassau
  revenue  anticipation  note  withholding  fund  which shall constitute a

  special bank account for purposes of paragraph g of section 25.00 of the
  local finance law. Such request by such chief fiscal  officer  shall  be
  accompanied  by  a  certificate setting forth with respect to such issue
  (i)  the  principal  amount,  (ii) the date of issue, (iii) the maturity
  date, (iv) the interest rate or rates, (v) if interest shall be  payable
  otherwise  than  at maturity, the date or dates for the payment thereof,
  (vi) the name and address of  the  paying  agent,  (vii)  the  name  and
  address  of  each  purchaser, or, if a purchaser shall be a syndicate or
  similar account, the name and address of each  managing  underwriter  of
  such  syndicate  or  similar  account, (viii) the amount payable on each
  principal payment date and interest payment date, and  (ix)  a  schedule
  setting  forth the total amount of county tax revenues anticipated to be
  received, and the expected date or dates of anticipated receipt of  such
  county  tax  revenues.  Such  certificate  shall  be  accompanied  by  a
  statement executed by the  chief  fiscal  officer  certifying  that  the
  amounts  and  times of payments of county tax revenues contained in such
  schedule have been estimated by the use of  reasonable  and  appropriate
  data and methods of estimation, all in accordance with applicable law.
    (c)  All  such  revenue anticipation notes, in addition to a pledge of
  the faith and credit of  the  county  for  the  payment  thereof,  shall
  contain  a  recital to the effect that they are entitled to the benefits
  of the provisions of this subdivision.
    (d) Commencing on the date not less than five days  prior  to  and  on
  each  day  thereafter  up to and including any principal and/or interest
  payment date referred to in the certificate filed by  the  chief  fiscal
  officer   with   the   authority  pursuant  to  paragraph  (b)  of  this
  subdivision, the authority shall pay to such paying  agent  from  county
  tax  revenues transferred and credited by the authority to the county of
  Nassau  revenue  anticipation  note  withholding  fund  as  provided  in
  paragraph (e) of this subdivision the amount required to pay in full the
  principal  and/or interest due on such payment date as set forth in such
  certificate. Moneys so paid shall pass immediately  from  the  authority
  and vest in such paying agent in trust for the benefit of the holders of
  the  revenue  anticipation  notes  to which such certificate relates. No
  other person having any claim of any kind in tort, contract or otherwise
  against the county shall have any right to or claim against  the  moneys
  held  by  such paying agent, and such moneys shall not be subject to any
  order, judgment, lien, execution, attachment, setoff or counterclaim  by
  any such other person. Such moneys shall be held by such paying agent in
  a separate trust account and shall be applied only to the payment of the
  principal  and/or  interest  due  on  such  revenue  anticipation notes,
  provided, however, that the contract by and between the county and  such
  paying  agent may provide for (i) the investment by such paying agent of
  such moneys in direct obligations of, or in obligations  guaranteed  by,
  the United States of America, provided such obligations shall be payable
  or  redeemable  at  the  option  of  the  holder within such time as the
  proceeds shall be needed to pay such principal and/or  interest  due  on
  such  revenue  anticipation notes, and (ii) the use by such paying agent
  of such moneys for the purchase of direct obligations of, or obligations
  guaranteed by, the United States of America under one or more repurchase
  agreements with any bank or trust company having its principal office in
  the state of New York, provided that any such repurchase agreement shall
  provide for the repurchase of such obligations within such time as  such
  moneys  are  needed  to  pay  the  principal and/or interest due on such
  revenue anticipation notes at a repurchase price at least sufficient  to
  make  the  amount  so  invested  available  for the payment of principal
  and/or interest due on such revenue anticipation  notes,  and  provided,
  further,  that,  at  the time of such purchase, the market value of such

  obligations shall be at least equal to one hundred two per centum of the
  amount so invested. No person having any claim  of  any  kind  in  tort,
  contract  or  otherwise  against  the  county shall have any right to or
  claim  against  any moneys in anticipation of which such notes have been
  issued, other than a claim for payment by the holders of such notes, and
  such  moneys  shall  not  be  subject  to  any  order,  judgment,  lien,
  execution,  attachment,  setoff  or  counterclaim  by  any  such person.
  Notwithstanding any provision of law  to  the  contrary,  no  instrument
  relating to any transaction authorized or contemplated by this paragraph
  need be filed under the provisions of the uniform commercial code.
    (e)  Commencing  on  the  day  when  the authority determines that the
  principal and interest due or to come due on  such  outstanding  revenue
  anticipation notes issued against such county tax revenues in accordance
  with  the  provisions of this subdivision shall equal the amount of such
  county tax revenues as  set  forth  on  the  schedule  included  in  the
  certificate  filed  with the authority pursuant to paragraph (b) of this
  subdivision remaining to be paid to  the  county  on  or  prior  to  any
  principal  and/or  interest payment date, the authority shall deduct and
  withhold from the amount of such county tax revenues  otherwise  payable
  to  the  county  an amount sufficient to pay, when due, the principal of
  and interest on all such revenue  anticipation  notes  issued  and  then
  outstanding  in  anticipation  thereof. Amounts so deducted and withheld
  shall be transferred and  credited  by  the  authority  to  the  account
  established for such county tax revenues in the county of Nassau revenue
  anticipation  note  withholding  fund  established  by  the authority in
  accordance with the chief fiscal officer's request pursuant to paragraph
  (b) of this subdivision.  The  payments  required  to  be  made  by  the
  authority  pursuant  to  paragraph (d) of this subdivision shall be made
  from amounts on deposit in the accounts established for such county  tax
  revenues  in  the county of Nassau revenue anticipation note withholding
  fund.
    (f) Notwithstanding any other provision of this  subdivision,  at  the
  expiration  of  one  hundred  eighty days after the maturity date of any
  issue of revenue  anticipation  notes  issued  in  accordance  with  the
  provisions  of  this  subdivision,  the amounts held by the paying agent
  thereof for the payment of the principal of and interest on the notes of
  such issue which have not been presented for payment shall be paid  over
  and  remitted  by  such  paying  agent  to the county and thereafter the
  holders of such notes shall look only to the county for such payment.
    (g) All other provisions of the local  finance  law  not  inconsistent
  with  the  provisions of this subdivision shall continue to apply to the
  authorization and issuance of revenue anticipation notes by the county.