Section 1741. Deposit and investment of moneys of the authority

1. The
  authority may establish and maintain funds for the purpose of  receiving
  and expending moneys received by the authority.
    2.  All  moneys of the authority from whatever source derived shall be
  paid to the authority and shall be deposited in  accounts  held  in  the
  authority's  name  in  the  bank or banks in the state designated by the
  authority. The moneys in such accounts shall be paid out  on  checks  of
  the  authority upon requisition by the chairman or such other officer or
  officers as the authority may authorize to make such requisitions.
    3. Any moneys on deposit in the accounts of the authority not required
  for immediate expenditure shall be invested in obligations  in  which  a
  municipality  may  be  authorized  to  invest in accordance with section
  eleven of the general municipal law, provided, however, that such  funds
  shall  not  be  invested  in  instruments  commonly  known as repurchase
  agreements.
    4. The authority  shall  provide  the  city  with  records  and  other
  information   regarding   (i)  the  nature  of  work  performed  by  the
  authority's employees so as to enable the city to determine  the  extent
  to  which  the  cost of such services may be treated as capital costs of
  the city and the educational facilities to which such costs pertain  and
  (ii)  the investment of funds received from the city so as to enable the
  city to comply with the requirements of federal tax  laws  and  preserve
  the  tax-exempt  status of obligations issued by the city. The authority
  shall cooperate with the  city  in  all  respects  to  ensure  that  all
  investments are made in a manner that preserves the tax-exempt status of
  such obligations.