Section 1199-KKKK. Moneys of the authority  


Latest version.
  • All monies of the authority
      from whatever source derived shall be  paid  to  the  treasurer  of  the
      authority and shall be deposited forthwith in a bank or banks designated
      by the authority. The monies in such accounts shall be paid out on check
      of  the  treasurer  upon  requisition  by  such person or persons as the
      authority may authorize to make such requisitions. All deposits of  such
      monies  shall  be  secured by obligations of the United States or of the
      state or of any municipality 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.  To  the  extent practicable,
      consistent with the cash requirements of the authority, all such  monies
      shall  be  deposited  in  interest bearing accounts. The 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 monies of the authority or any monies held
      in trust or otherwise for the payment of bonds  or  any  way  to  secure
      bonds,  and  carry  out  any  such  contract  notwithstanding  that such
      contract may be inconsistent with the provisions of this section. Monies
      held in trust or otherwise for the payment of bonds or  in  any  way  to
      secure  bonds  and  deposits  of  such monies may be secured in the same
      manner as monies of the authority and all banks and trust companies  are
      authorized  to  give  such security for such deposits. Any monies of the
      authority not required for immediate use or  disbursement  may,  at  the
      discretion  of the authority, be invested in those obligations specified
      pursuant to the provision of section ninety-eight-a of the state finance
      law. Subject to the provisions of any contract  with  bond  holders  and
      with  the  approval  of  the  state  comptroller,  the  authority  shall
      prescribe a system of accounts.
        * NB There are 2 § 1199-kkkk's