§ 1147-N — Moneys of the authority

§ 1147-n. 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 interest bearing accounts in a bank\nor banks in the state designated by the governing body. The moneys in\nsuch accounts shall be paid out on check of the treasurer, upon\nrequisition by the governing body or of such other person or persons as\nthe governing body may authorize to make such requisitions. All deposits\nof such moneys shall be secured by obligations of the United States and\nthe state of New York of a market value equal at all times to the amount\non deposit and all banks and trust companies are authorized to give such\nsecurity 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,\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.\nMoneys held in trust or otherwise for the payment of bonds, or in any\nway to secure bonds, and deposits of such moneys may be secured in the\nsame manner as moneys of the authority and all banks and trust companies\nare authorized to give such security for such deposits. Any moneys of\nthe authority 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, as amended from time to time. Subject to the provisions of\nany contract with bondholders and with the approval of the comptroller,\nthe authority shall prescribe a system of accounts.\n