New York § 1048-R Moneys of the authority

New York Statutes

§ 1048-R — Moneys of the authority

New York § 1048-R

Law PBAPublic Authorities

Title 2-BBuffalo Municipal Water Finance Authority

Art. 5Public Utility Authorities

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Bluebook

N.Y. Public Authorities § 1048-R (2026).

Text

  § 1048-r. Moneys of the authority. All moneys 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 in the state\ndesignated by the authority. The moneys in such accounts shall be paid\nout on check of the treasurer upon requisition by the chairman of the\nauthority or of such other officer or officers as the authority may\nauthorize to make such requisitions. All deposits of such moneys shall\nbe secured by obligations of or guaranteed by the United States, or of\nthe state or of the city of a market value equal at all times to the\namount on deposit and all banks and trust companies are authorized to\ngive such security for such deposits. The authority shall have power,\nnotwithstanding the pr

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§ 1048-r. Moneys of the authority. All moneys 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 in the state\ndesignated by the authority. The moneys in such accounts shall be paid\nout on check of the treasurer upon requisition by the chairman of the\nauthority or of such other officer or officers as the authority may\nauthorize to make such requisitions. All deposits of such moneys shall\nbe secured by obligations of or guaranteed by the United States, or of\nthe state or of the city of a market value equal at all times to the\namount on deposit and all banks and trust companies are authorized to\ngive such security for such deposits. The authority shall have power,\nnotwithstanding the provisions of this section, to contract with the\nholders of any bonds as to the custody, collection, security, investment\nand payment of any moneys of the authority or any moneys held in trust\nor otherwise for the payment of bonds or in any way to secure bonds.\nMoneys held in trust or otherwise for the payment of bonds or in any way\nto secure bonds and deposits of such moneys may be secured in the same\nmanner as moneys of the authority and all banks and trust companies are\nauthorized to give such security for such deposits.\n