Section 2051-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 interest bearing accounts 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 county 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.
        * NB There are 3 § 2051-k's