N.Y. Facilities Development Corporation Act § 10
Subject to the terms of any agreement between the corporation and the state housing finance agency or the state medical care facilities finance agency, as the case may be, and except as otherwise authorized or provided by section nine of this act, all monies received by the corporation shall be paid to the commissioner of taxation and finance as agent of the corporation who shall not commingle such monies with any other monies. Such monies shall be deposited in a separate bank account or accounts. The monies in such account shall be paid out on checks signed by the commissioner of taxation and finance on requisition of the chairman of the corporation or such other officer or employee or officers or employees as the corporation shall authorize to make such requisitions. All deposits of such monies shall, if required by the commissioner of taxation and finance, the state housing finance agency or the state medical care facilities finance agency, be secured by obligations of the United States or of the state of a market value equal at all times to the amount of the deposit and all banks and trust companies are authorized to give such security for such deposits. Subject to the terms of any agreement between the corporation and the state housing finance agency or the state medical care facilities finance agency, as the case may be, the corporation shall have power to invest any such monies not required for immediate use or disbursement in obligations of the state or the United States government or obligations, the principal and interest of which are guaranteed by the state or the United States government, or invested in accordance with the provisions of section 98 -a of the state finance law.
N.Y. Facilities Development Corporation Act Law § 10