New York § 1230-P Moneys of the authority

New York Statutes

§ 1230-P — Moneys of the authority

New York § 1230-P

Law PBAPublic Authorities

Title 10-BNiagara Falls Public Water Authority

Art. 5Public Utility Authorities

This text of New York § 1230-P (Moneys of the authority) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Public Authorities § 1230-P (2026).

Text

  § 1230-p. 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 trust company 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 of a\nmarket value equal at all times to the amount on deposit and all banks\nand trust companies are authorized to give such security for such\ndeposits. To the extent practicable, consistent with the cash\nrequirements of the authority,

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§ 1230-p. 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 trust company 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 of a\nmarket value equal at all times to the amount on deposit and all banks\nand trust companies are authorized to give such security for such\ndeposits. To the extent practicable, consistent with the cash\nrequirements of the authority, all such moneys shall be deposited in\ninterest bearing accounts. 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, investment\nand payment of any moneys of the authority or any moneys held in trust\nor otherwise for the payment of bonds or in any way to secure bonds, and\nto carry out any such contract notwithstanding that such contract may be\ninconsistent with the provisions of this section. Moneys held in trust\nor otherwise for the payment of bonds or in any way to secure bond and\ndeposits of such moneys may be secured in the same manner as moneys of\nthe authority and all banks and trust companies are authorized to give\nsuch 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. Subject\nto the provisions of any contract with bondholders and with the approval\nof the comptroller, the authority shall prescribe a system of accounts.\n