§ 1120-K — Moneys of the authority

New York § 1120-K

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 6-B: Clifton Park Water Authority
• Art. 5: Public Utility Authorities

Text

§ 1120-k. 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 board. The moneys in such accounts shall be paid out\non check of the treasurer upon requisition by the board or of such other\nperson or persons as the board may authorize to make such requisitions.\nAll deposits of such moneys shall be secured by obligations of the\nUnited States or of the state or of the town of a market value equal at\nall times to the amount on deposit and all banks and trust companies are\nauthorized to give such security for such deposits. The authority shall\nhave power, notwithstanding the provisions of this section, to contract\nwith the holders of any bonds as to the custody, collection, security,\ninvestment and payment of any moneys of the authority or any moneys held\nin trust or otherwise for the payment of bonds or in any way to secure\nbonds, and to carry out any such contract notwithstanding that such\ncontract may be inconsistent with the provisions of this section. Moneys\nheld in trust or otherwise for the payment of bonds or in any way to\nsecure 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. Any moneys of the\nauthority not required for immediate use or disbursement may, at the\ndiscretion of the authority, be invested in those obligations specified\npursuant to the provisions of section ninety-eight-a of the state\nfinance law. Subject to the provisions of any contract with bondholders\nand with the approval of the comptroller, the authority shall prescribe\na system of accounts.\n