This text of New York § 1232-J (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.
§ 1232-j. 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 such bank or banks in the state\ndesignated by the governing body. Moneys derived from charges by the\nauthority related to sewerage services shall be kept separate and shall\nnot be commingled with moneys from charges by the authority related to\nstorm water resources services. 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
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§ 1232-j. 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 such bank or banks in the state\ndesignated by the governing body. Moneys derived from charges by the\nauthority related to sewerage services shall be kept separate and shall\nnot be commingled with moneys from charges by the authority related to\nstorm water resources services. 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,\nand all banks and trust companies are authorized to give such security\nfor such deposits. The authority shall have the power, notwithstanding\nany other provisions of this section, to contract with the holders of\nany bonds as to the custody, collection, security, investment and\npayment of any moneys of the authority or any moneys held in trust or\notherwise for the payment of bonds or in any way to secure bonds, and to\ncarry 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 bonds 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.\nNotwithstanding any other provision of this title to the contrary, for\nthe purpose of any such contract with the holders of any bonds, any\nmoneys of the authority from whatever source derived may be used in\nwhole or in part for the payment of bonds or in any way to secure bonds,\nand to carry out any such contract. Provided however, that any monies\nderived from charges by the authority related to sewerage services or\nstorm water resources services shall continue to be accounted for with\nrespect to their source and any such monies which are used for the\npayment of bonds or in any way to secure bonds, and to carry out any\ncontract with the holders of any bonds, shall be accounted for\nseparately after reduction by an amount equal to the portion thereof\napplied to the payment of debt service, reserve requirements, if any,\nand other costs associated with bond-related payments. 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