Section 3013. Moneys of a municipal assistance corporation

1. All moneys of
  a  corporation from whatever source derived may be paid to the treasurer
  of the corporation and be deposited forthwith in a bank or banks in  the
  state  designated by such corporation. The moneys in such account may be
  paid by the treasurer or other agent duly designated by the  corporation
  on  requisition  of  the  chairman  of  the  board  of  directors of the
  municipal assistance corporation or of such person  or  persons  as  the
  corporation  may  authorize  to  make such requisitions. All deposits of
  such moneys,  may,  if  required  by  the  corporation,  be  secured  by
  obligations of the United States or of the state of New York of a market
  value  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,
  provided, however, that no funds or accounts held in the capital reserve
  fund may be invested in obligations of or guaranteed by the municipality
  being assisted or of any of its agencies. Such obligations may either be
  deposited  with  the  treasurer  or  be  held  by  a  trustee  or  agent
  satisfactory  to  the  corporation.  The  comptroller  and  his  legally
  authorized  representatives  are  authorized  and empowered from time to
  time to examine the accounts and books of the corporation, including its
  receipts, disbursements, contracts, leases, sinking  funds,  investments
  and any other records and papers relating to its financial standing.
    2. Subject to the provisions of subdivision three of this section, any
  moneys  of  a corporation, including the proceeds of notes or bonds, not
  required for immediate  use  may  be  invested  in  obligations  of  the
  municipality  being  assisted  or in obligations of the state or federal
  government, obligations of the principal of and interest  on  which  are
  guaranteed  by  such  municipality,  the state or federal government, or
  obligations of agencies of such municipality, of the  state  or  of  the
  federal government which may, from time to time, be legally purchased by
  savings  banks of the state as investment of funds belonging to them, or
  in secured time deposit or other interest-bearing  accounts  secured  by
  such  obligations;  provided,  however,  that no funds held in a capital
  reserve fund may be invested in obligations  of  or  guaranteed  by  the
  municipality being assisted or of any of its agencies.
    3.  A  corporation shall have power to contract with holders of any of
  its notes or bonds as to the custody, collection, securing,  investment,
  and  payment  of  any  moneys  of the corporation, of any moneys held in
  trust or otherwise for the payment of notes or bonds, and to  carry  out
  such  contract.  Moneys  held  in  trust or otherwise for the payment of
  notes or bonds or in any way to secure  notes  or  bonds  or  notes  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.
    4.  Subject  to  the  provisions  of  any contract with noteholders or
  bondholders and to the approval  of  the  comptroller,  the  corporation
  shall prescribe a system of accounts.