§ 1196-I — Moneys of an authority

§ 1196-i. Moneys of an authority. All moneys of an authority from\nwhatever source derived shall be paid to the treasurer of an 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 checks 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 of a market value equal at all times to the amount on deposit\nand all banks and trust companies are authorized to give such security\nfor such deposits. An authority shall have power, notwithstanding the\nprovisions of this section, to contract with the holders of any bonds as\nto the custody, collection, security, investment and payment of any\nmoneys of the authority or any moneys held in trust or otherwise for the\npayment of bonds or in any way to secure bonds. Moneys held in trust or\notherwise for the payment of bonds or in any way to secure bonds and\ndeposits of such moneys may be secured in the same manner as moneys of\nan authority and all banks and trust companies are authorized to give\nsuch security for such deposits.\n