New York § 2049-K Moneys of the authority

New York Statutes

§ 2049-K — Moneys of the authority

New York § 2049-K

Law PBAPublic Authorities

Title 13-FTown of North Hempstead Solid Waste Management Authority

Art. 8Miscellaneous Authorities

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Bluebook

N.Y. Public Authorities § 2049-K (2026).

Text

  § 2049-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, the state or the town of\na market 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. The authority shall have power, notwithstanding the provisions\nof this section, to 

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§ 2049-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, the state or the town of\na market 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. The authority shall have power, notwithstanding the provisions\nof this section, to contract with the holders of any bonds as to the\ncustody, collection, security, investment and payment of any moneys of\nthe authority or any moneys held in trust or otherwise for the payment\nof bonds or in any way to secure bonds, and to carry out any such\ncontract notwithstanding that such contract may be inconsistent with the\nprovisions of this section. Moneys held in trust or otherwise for the\npayment of bonds or in any way to secure bonds and deposits of such\nmoneys may be secured in the same manner as moneys of the authority and\nall banks and trust companies are authorized to give such security for\nsuch deposits. Any moneys of the authority not required for immediate\nuse or disbursement may, at the discretion of the authority, be invested\nin those obligations specified pursuant to the provisions of section\nninety-eight-a of the state finance law. Subject to the provisions of\nany contract with bondholders and with the approval of the comptroller,\nthe authority shall prescribe a system of accounts.\n