Section 1196-I. Moneys of an authority

All moneys of an authority from
  whatever source derived shall be paid to the treasurer of  an  authority
  and  shall  be  deposited  forthwith  in  a  bank  or banks in the state
  designated by the authority. The moneys in such accounts shall  be  paid
  out  on  checks of the treasurer upon requisition by the chairman of the
  authority or of such other officer or  officers  as  the  authority  may
  authorize  to  make such requisitions. All deposits of such moneys shall
  be secured by obligations of or guaranteed by the United  States  or  of
  the  state 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.  An authority 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
  moneys of the authority or any moneys held in trust or otherwise for the
  payment  of bonds or in any way to secure bonds. Moneys held in trust or
  otherwise for the payment of bonds or in any way  to  secure  bonds  and
  deposits  of  such moneys may be secured in the same manner as moneys of
  an authority and all banks and trust companies are  authorized  to  give
  such security for such deposits.