§ 2676-k. Monies of the authority. All monies of the authority from\nwhatever source derived shall be paid to the treasurer of the authority\nand shall be deposited forthwith in a bank or banks designated by the\nauthority. The monies in such accounts shall be paid out on check of the\ntreasurer upon requisition by such person or persons as the authority\nmay authorize to make such requisitions. All deposits of such monies\nshall be secured by obligations of the United States or of the state or\nof any municipality of a market value equal at all times to the amount\non deposit, and all banks and trust companies shall be authorized to\ngive such security for such deposits. To the extent practicable,\nconsistent with the cash requirements of the authority, all such monies\nshall be deposited in interest bearing accounts. The authority shall\nhave power, notwithstanding the provisions of this section, to contract\nwith the holders of any bonds as to the custody, collection, security,\ninvestment and payment of any monies of the authority or any monies held\nin trust or otherwise for the payment of bonds or any way to secure\nbonds, and carry out any such contract notwithstanding that such\ncontract may be inconsistent with the provisions of this section. Monies\nheld in trust or otherwise for the payment of bonds or in any way to\nsecure bonds and deposits of such monies may be secured in the same\nmanner as monies of the authority and all banks and trust companies are\nauthorized to give such security for such deposits. Any monies of the\nauthority not required for immediate use or disbursement may, at the\ndiscretion of the authority, be invested in those obligations specified\npursuant to the provision of section ninety-eight-a of the state finance\nlaw. Subject to the provisions of any contract with bond holders and\nwith the approval of the state comptroller, the authority shall\nprescribe a system of accounts.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.