§ 2049-KK — Moneys of the authority

§ 2049-kk. 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 interest bearing accounts in a bank\nor banks in the state designated by the governing body. The moneys in\nsuch accounts shall be paid out on check of the treasurer upon\nrequisition by the governing body or of such other person or persons as\nthe governing body may authorize to make such requisitions. All deposits\nof such moneys shall be secured by obligations of the United States, the\nstate or of the counties of a market value equal at all times to the\namount on deposit and all banks and trust companies are authorized to\ngive such security for such deposits. 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\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. 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