§ 1021-e. Deposit and investment of moneys of the authority.
1.All\nmoneys of the authority, from whatever source derived, except as\notherwise authorized or provided in this title, shall upon receipt be\ndeposited forthwith in a bank or banks designated by the directors, to\nbe selected in accordance with such standards as the directors shall set\nforth in the by-laws or investment guidelines of the authority, which\nstandards shall take into account the creditworthiness and capital\nposition of the depositary bank or banks. The moneys in such accounts\nmay be invested in obligations of the state or the United States, or\nguaranteed by either in accordance with practices that the directors\nshall set forth in the by-laws or investment guidelines of the\nauthority. The moneys in such ac
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§ 1021-e. Deposit and investment of moneys of the authority. 1. All\nmoneys of the authority, from whatever source derived, except as\notherwise authorized or provided in this title, shall upon receipt be\ndeposited forthwith in a bank or banks designated by the directors, to\nbe selected in accordance with such standards as the directors shall set\nforth in the by-laws or investment guidelines of the authority, which\nstandards shall take into account the creditworthiness and capital\nposition of the depositary bank or banks. The moneys in such accounts\nmay be invested in obligations of the state or the United States, or\nguaranteed by either in accordance with practices that the directors\nshall set forth in the by-laws or investment guidelines of the\nauthority. The moneys in such accounts shall be withdrawn on the order\nof such person or persons as the directors shall authorize in the\nby-laws of the authority and shall be applied to the use of the\nauthority as the directors shall authorize in the by-laws of the\nauthority. All deposits of such moneys shall be secured in accordance\nwith section twenty-nine hundred twenty-five of this chapter. The state\ncomptroller and his legally authorized representatives are authorized\nand empowered from time to time to examine the accounts and books of the\nauthority, including its receipts, disbursements, contracts, leases,\nsinking funds, investments and any other records and papers relating to\nits financial standing; the authority shall not be required to pay a fee\nfor any such examination.\n 2. The authority shall have power to contract with holders of any of\nits bonds or notes or other obligations, or any trustee therefor, as to\nthe custody, collection, securing, investment and payment of any moneys\nof the authority and of any moneys held in trust or otherwise for the\npayment of bonds or notes or other obligations, and to carry out any\nsuch contract. Moneys held in trust or otherwise for the payment of\nbonds or notes or other obligations or in any way to secure bonds or\nnotes or obligations and deposits of such moneys shall be secured in\nfull in direct obligations of the federal government the payment of\nwhich is guaranteed by the United States of America. Such investments\nshall be held on deposit only in banks having a minimum credit rating\nand a minimum accumulated capital, as the directors shall specify in the\nby-laws or investment guidelines of the authority.\n 3. Subject to agreements with noteholders and bondholders or any\ntrustee therefor, the authority shall prescribe a uniform system of\naccounts in accordance with generally accepted accounting principles.\n 4. The directors shall adopt investment guidelines and standards to\nimplement the foregoing provisions of this section, which guidelines and\nstandards shall be reviewed annually by the directors and shall be made\navailable to state and municipal officials and to the public.\n