Section 2680-I. 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 designated by the
      authority. The moneys in such accounts shall be paid out on a  check  of
      the  treasurer  upon  requisition  by  such  person  or  persons  as the
      authority may authorize to make such requisitions. All deposits of  such
      money  shall be secured by obligations of the United States or 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 moneys
      shall be deposited in interest bearing  accounts.  The  authority  shall
      have  the  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 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 in accordance with guidelines established by the authority's
      board as from time to time amended. Subject to  the  provisions  of  any
      contract  with bondholders and with the approval of the comptroller, the
      authority shall prescribe a system of accounts.