Section 364. Deposit and investment of moneys of the authority  


Latest version.
  • All moneys
      of the authority from whatever source  derived  shall  be  paid  to  the
      comptroller  as  agent  of  the  authority, who shall not commingle such
      moneys with any other moneys.  Such  moneys  shall  be  deposited  in  a
      separate  bank account or accounts. The moneys in such accounts shall be
      paid out on check of the comptroller on requisition of the  chairman  of
      the  authority or of such other person as the authority may authorize to
      make such requisition. All deposits of such moneys shall, if required by
      the comptroller or the authority,  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. The comptroller and
      his  legally  authorized  representatives  are  hereby  authorized   and
      empowered  from  time  to  time to examine the accounts and books of the
      authority, including its  receipts,  disbursements,  contracts,  leases,
      sinking  funds,  investments  and  any  other  matters  relating  to its
      financial standing.
        Notwithstanding the provisions of this section,  the  authority  shall
      have power, subject to the approval of the comptroller, to contract with
      the  holders of any of its notes or bonds as to the custody, collection,
      securing, investment and payment of any moneys of the authority, or  any
      moneys  held  in trust or otherwise for the payment of notes or bonds or
      in any way to secure notes or bonds, and to carry out any such contract.
      Moneys held in trust or otherwise for the payment of notes or  bonds  or
      in  any  way to secure notes or bonds and deposits of such moneys may be
      secured in the same manner as moneys of the authority, and all banks and
      trust companies are authorized to give such security for such deposits.
        Moneys of the authority not required for immediate  use  may,  in  the
      discretion   of  the  authority,  be  invested  by  the  comptroller  in
      obligations in which the comptroller  may  invest  pursuant  to  section
      ninety-eight-a of the state finance law.
        Subject  to  agreements  with  noteholders  and  bondholders  and  the
      approval of the comptroller, the authority shall prescribe a  system  of
      accounts.