§ 3965. Resources of the authority. 1. Subject to the provisions of\nthis title, the directors of the authority shall receive, accept,\ninvest, administer, expend and disburse for its corporate purposes all\nmoneys of the authority from whatever source derived including (a)\nrevenues and (b) proceeds of bonds, notes or other obligations.\n 2. Subject to the provisions of any contract with holders of bonds,\nnotes or other obligations, revenues of the authority shall be paid to\nthe authority and shall not be commingled with any other money.\n 3. The money in any of the authority's accounts shall be paid out on\nchecks signed by the treasurer of the authority, or by other lawful and\nappropriate means such as wire or electronic transfer, on requisitions\nof the chairperson of the authority or of such other officer as the\ndirectors shall authorize to make such requisition, or pursuant to a\nbond resolution or trust indenture.\n 4. All deposits of authority money shall be secured by obligations of\nthe United States or of the state or of the county at a market value at\nleast equal at all times to the amount of the deposit, and all banks and\ntrust companies are authorized to give such security for such deposits.\nThe authority shall have the power, notwithstanding the provisions of\nthis section, to contract with the holders of any of its bonds, notes or\nother obligations as to the custody, collection, securing, investment\nand payment of any money of the authority or any money held in trust or\notherwise for the payment of bonds, notes or other obligations or in any\nway to secure bonds, notes or other obligations, and to carry out any\nsuch contract notwithstanding that such contract may be inconsistent\nwith the other provisions of this title. Money held in trust or\notherwise for the payment of bonds, notes or other obligations or in any\nway to secure bonds, notes or other obligations, and deposits of such\nmoney, may be secured in the same manner as money of the authority, and\nall banks and trust companies are authorized to give such security for\nsuch deposits.\n 5. Revenues of the authority shall be applied in the following order\nof priority: first to pay debt service or for set asides to pay debt\nservice on the authority's bonds, notes, or other obligations and to\nreplenish any reserve funds securing such bonds, notes or other\nobligations of the authority in accordance with the provision of\nindenture or bond resolution of the authority; then to pay the\nauthority's operating expenses not otherwise provided for; and then,\nsubject to the authority's agreements with the county for itself or on\nbehalf of any covered organization to transfer as frequently as\npracticable the balance of revenues not required to meet contractual or\nother obligations of the authority to the county as provided in\nsubdivision seven of this section.\n 6. (a) Any such payment of state aid revenues to the authority shall\nnot obligate the state to make available, nor entitle the county to\nreceive, any additional state aid.\n (b) Nothing contained in this title shall be construed to create a\ndebt of the state within the meaning of any constitutional or statutory\nprovisions. Any provision with respect to state aid or state aid\nrevenues shall be deemed executory only to the extent of moneys\navailable, and no liability shall be incurred by the state beyond the\nmoneys available for that purpose, and any such payment by the\ncomptroller of state aid revenues is subject to annual appropriation of\nstate aid by the state legislature.\n (c) Nothing contained in this title shall be deemed to restrict the\nright of the state to amend, repeal, modify, or otherwise alter section\nfifty-four of the state finance law or any provision relating to state\naid to municipalities. The authority shall include within any\nresolution, contract, or agreement with holders of its bonds, notes or\nother obligations a provision which states that no defa
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