§ 2046-J — Moneys of the agency

New York § 2046-J

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 13-C: Town of Islip Resource Recovery Agency
• Art. 8: Miscellaneous Authorities

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§ 2046-j. Moneys of the agency. All moneys of the agency from whatever\nsource derived shall be paid to the treasurer of the agency and shall be\ndeposited forthwith in a bank or banks in the state designated by the\nagency. The moneys in such accounts shall be paid out on check of the\ntreasurer upon requisition by the agency or of such other person or\npersons as the agency may authorize to make such requisitions. All\ndeposits of such moneys shall be secured by obligations of the United\nStates or of the state or of the town of a market value equal at all\ntimes to the amount on deposit and all banks and trust companies are\nauthorized to give such security for such deposits. To the extent\npracticable, consistent with the cash requirements of the agency, all\nsuch moneys shall be deposited in interest bearing accounts. The agency\nshall have power, notwithstanding the provisions of this section, to\ncontract with the holders of any of its bonds or notes as to the\ncustody, collection, security, investment and payment of any moneys of\nthe agency, or any moneys held in trust or otherwise for the payment of\nbonds or notes or in any way to secure bonds or notes, and 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 notes or in any way to secure bonds or notes\nand deposits of such moneys may be secured in the same manner as moneys\nof the agency and all banks and trust companies are authorized to give\nsuch security for such deposits. Subject to any agreements with the\nholders of any of its bonds or notes, any moneys of the agency not\nrequired for immediate use or distribution may, at the discretion of the\nagency, be invested in those obligations specified pursuant to the\nprovisions of section ninety-eight-a of the state finance law. Subject\nto any agreements with the holders of any of its bonds or notes, the\nagency with the approval of the state comptroller shall prescribe a\nsystem of accounts.\n