§ 2642-L — Monies of the authority

New York § 2642-L

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 28-AA: Chautauqua, Cattaraugus, Allegany and Steuben Southern Tier Extension Railroad Authority
• Art. 8: Miscellaneous Authorities

Text

§ 2642-l. Monies of the authority. All monies of the authority from\nwhatever source derived shall be paid to the treasurer of the authority\nand shall be deposited forthwith in an interest-bearing account in a\nbank or banks designated by the authority. The monies in such accounts\nshall be paid out or withdrawn on the order of such person or persons as\nthe authority may authorize to make such requisitions. All deposits of\nsuch monies shall be secured by obligations of the United States or of\nthe state or of any municipality of a market value equal at all times to\nthe amount on deposit and all banks and trust companies are authorized\nto give such security for such deposits. To the extent practicable,\nconsistent with the cash requirements of the authority, all such monies\nshall be deposited in interest-bearing accounts. Any monies of the\nauthority not required for immediate use or disbursement may, be\ninvested in accordance with section ninety-eight or ninety-eight-a of\nthe state finance law.\n