Section 2049-K. Moneys of the authority  


Latest version.
  • All moneys 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 in the state
      designated by the governing body. The moneys in such accounts  shall  be
      paid  out  on  check  of the treasurer upon requisition by the governing
      body or of such other person  or  persons  as  the  governing  body  may
      authorize  to  make such requisitions. All deposits of such moneys shall
      be secured by obligations of the United States, the state or the town 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. 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  moneys  of
      the  authority  or any moneys 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
      provisions  of  this  section. 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 the authority and
      all banks and trust companies are authorized to give such  security  for
      such  deposits.  Any  moneys 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  provisions  of  section
      ninety-eight-a  of  the  state finance law. Subject to the provisions of
      any contract with bondholders and with the approval of the  comptroller,
      the authority shall prescribe a system of accounts.