§ 1197-J — Moneys of the authority

New York § 1197-J

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 8-B: Water Authority of Great Neck North
• Art. 5: Public Utility Authorities

Text

§ 1197-j. Moneys of the authority. All moneys of the authority from\nwhatever source derived shall be paid to the treasurer and shall be\ndeposited forthwith in one or more banks and/or trust companies in the\nstate designated by the authority. The moneys in such accounts shall be\npaid out on checks of the treasurer upon requisition by the chairperson\nof the authority or of such other officer or officers as the authority\nmay authorize to make such requisitions. All deposits of such moneys\nshall be secured by obligations of or guaranteed by the United States of\nAmerica or of the state 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. Any moneys of the authority not\nrequired for immediate use or disbursement may, at the discretion of the\nauthority, be invested in those obligations specified pursuant to the\nprovisions of section ninety-eight-a of the state finance law. The\nauthority shall have power, notwithstanding the provisions of this\nsection, to contract with the holders of any bonds as to the custody,\ncollection, security, investment and payment of any moneys of the\nauthority or any moneys held in trust or otherwise for the payment of\nbonds or in any way to secure bonds. Moneys held in trust or otherwise\nfor the payment of bonds or in any way to secure bonds and deposits of\nsuch moneys may be secured in the same manner as moneys of the authority\nand all banks and trust companies are authorized to give such security\nfor such deposits.\n