§ 1859. Deposit, investment and accounting of moneys of the authority.\n1.
(a)All moneys of the authority, from whatever source derived, shall\nbe paid to the commissioner of taxation and finance as agent of the\nauthority, who shall not commingle such moneys with any other moneys.\nSuch moneys shall be deposited in a separate bank account or accounts.\nSuch bank account or accounts known as the "atomic and space development\noperating fund" are hereby continued and shall be known and hereby\ndesignated as the energy research and development operating fund. The\nmoneys in such fund may be expended for payment of any and all costs and\nexpenditures as required for the corporate purposes of the authority;\nprovided, until such time as the state of New York is reimbursed in full\nfor all
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§ 1859. Deposit, investment and accounting of moneys of the authority.\n1. (a) All moneys of the authority, from whatever source derived, shall\nbe paid to the commissioner of taxation and finance as agent of the\nauthority, who shall not commingle such moneys with any other moneys.\nSuch moneys shall be deposited in a separate bank account or accounts.\nSuch bank account or accounts known as the "atomic and space development\noperating fund" are hereby continued and shall be known and hereby\ndesignated as the energy research and development operating fund. The\nmoneys in such fund may be expended for payment of any and all costs and\nexpenditures as required for the corporate purposes of the authority;\nprovided, until such time as the state of New York is reimbursed in full\nfor all moneys repayable to the state by the authority, all expenditures\nfrom this fund shall be subject to the prior approval of the director of\nthe budget of the state of New York. The moneys in such fund when made\navailable shall be paid out on check of the commissioner of taxation and\nfinance on requisition of the chairman of the authority or of such other\nperson as the authority shall authorize to make such requisition. All\ndeposits of such moneys shall, if required by the commissioner of\ntaxation and finance or the authority, be secured by obligations of the\nUnited States or of the state of New York of a market value equal at all\ntimes to the amount of the deposit and all banks and trust companies are\nauthorized to give such security for such deposits.\n (b) All funds collected by the authority as a requirement of contracts\nfor the procurement of renewable energy certificates that are related to\nrenewables development on viable agricultural lands, as defined in\nsection three hundred one of the agriculture and markets law, shall be\ndeposited in the agricultural and farmland viability protection fund\npursuant to section ninety-nine-pp of the state finance law.\n 2. Notwithstanding the provisions of subdivision one of this section,\nthe authority shall have power, subject to the approval of the\ncommissioner of taxation and finance, to contract with the holders of\nany of its bonds or notes, as to the custody, collection, securing,\ninvestment and payment of any moneys of the authority, or of any moneys\nheld in trust or otherwise for the payment of bonds or notes or in any\nway to secure notes or bonds, and to carry out any such contract.\nMoneys held in trust or otherwise for the payment of bonds or notes or\nin any way to secure notes or bonds and deposits of such moneys may be\nsecured in the same manner as moneys of the authority, and all banks and\ntrust companies are authorized to give such security for such deposits.\n 3. Any moneys of the authority not required for immediate use may, at\nthe discretion of the authority, be invested by the commissioner of\ntaxation and finance in obligations of the state or of the United States\nof America, obligations the principal and interest of which are\nguaranteed by the state or the United States of America or certificates\nof deposit of banks or trust companies in this state. The authority may\nalso allocate to one or more reserve funds such moneys or other assets\nof the authority as the authority may deem necessary or convenient to\ncarry out its corporate purposes and to exercise its corporate powers\nand, upon direction by the authority, the commissioner of taxation and\nfinance shall invest all or part of the moneys in any such fund in\nsecurities in which moneys of the authority not required for immediate\nuse may be invested or in securities in which the trustee or trustees of\nany public retirement system or pension fund shall have the power to\ninvest the moneys thereof pursuant to article four-a of the retirement\nand social security law, in each case in such securities as may be\nspecifically designated by the authority. Each reserve fund established\npursuant to this subdivision shall be deemed a separate fund as defined\nin and for purposes of article four-a of the retirement and social\nsecurity law. All certificates of deposit in which moneys of the\nauthority are invested pursuant to this subdivision shall, if required\nby the commissioner of taxation and finance or the authority, be secured\nin the same manner as moneys of the authority, and all banks and trust\ncompanies are authorized to give such security for such certificates.\n 4. Subject to the provisions of any contract with bondholders and\nnoteholders and to the approval of the comptroller, the authority shall\nprescribe a system of accounts.\n