§ 1199-K — Moneys of the authority

§ 1199-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 governing body. The moneys in such accounts shall be\npaid out on check of the treasurer upon requisition by the governing\nbody or of such other person or persons as the governing body may\nauthorize to make such requisitions. All deposits of such moneys shall\nbe secured by obligations of the United States or of the state or of the\ncounty of a market value equal at all times to the amount on deposit and\nall banks and trust companies are authorized to give such security for\nsuch deposits. The 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, and to carry out any\nsuch contract notwithstanding that such contract may be inconsistent\nwith the provisions of this section. 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. Any moneys of the authority not required for\nimmediate use or disbursement may, at the discretion of the authority,\nbe invested in those obligations specified pursuant to the provisions of\nsection ninety-eight-a of the state finance law. Subject to the\nprovisions of any contract with bondholders and with the approval of the\ncomptroller, the authority shall prescribe a system of accounts.\n