N.Y. Pub. Auth. Law § 1840-K

Current through 2024 NY Law Chapter 457

Section 1840-K - Moneys of the authority

1.All moneys of the authority, from whatever source derived, shall be deposited in a separate bank account or accounts. The moneys in such accounts shall be paid out on checks signed by the chairman on requisition of the executive director of the authority or of such other officer or employee or officers or employees of the authority as the authority shall authorize to make such requisition. All deposits of such moneys shall be secured by obligations of the United States of America 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.

2.Notwithstanding the provisions of subdivision one of this section, the authority shall have power to contract with the holders of any of its bonds or notes, as to the custody, collection, securing, investment and payment of any moneys of the authority, or of any moneys held in trust or otherwise for the payment of bonds or notes, and to carry out such contracts. Moneys held in trust or otherwise for the payment of bonds or notes or in any way to secure bonds or notes 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.

3.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.

4.Subject to the provisions of any contract with bondholders and noteholders and to the approval of the comptroller, the authority shall prescribe a system of accounts.

N.Y. Pub. Auth. Law § 1840-K