New York § 2676-K Monies of the authority

New York Statutes

§ 2676-K — Monies of the authority

New York § 2676-K

Law PBAPublic Authorities

Title 28-CAlbany County Pine Hills Land Authority

Art. 8Miscellaneous Authorities

This text of New York § 2676-K (Monies of the authority) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Public Authorities § 2676-K (2026).

Text

  § 2676-k. 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 a bank or banks designated by the\nauthority. The monies in such accounts shall be paid out on check of the\ntreasurer upon requisition by such person or persons as the authority\nmay authorize to make such requisitions. All deposits of such monies\nshall be secured by obligations of the United States or of the state or\nof any municipality of a market value equal at all times to the amount\non deposit, and all banks and trust companies shall be authorized to\ngive such security for such deposits. To the extent practicable,\nconsistent with the cash requirements of the authority, all such monies\nshall be deposit

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§ 2676-k. 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 a bank or banks designated by the\nauthority. The monies in such accounts shall be paid out on check of the\ntreasurer upon requisition by such person or persons as the authority\nmay authorize to make such requisitions. All deposits of such monies\nshall be secured by obligations of the United States or of the state or\nof any municipality of a market value equal at all times to the amount\non deposit, and all banks and trust companies shall be authorized to\ngive 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. The authority shall\nhave power, notwithstanding the provisions of this section, to contract\nwith the holders of any bonds as to the custody, collection, security,\ninvestment and payment of any monies of the authority or any monies held\nin trust or otherwise for the payment of bonds or any way to secure\nbonds, and carry out any such contract notwithstanding that such\ncontract may be inconsistent with the provisions of this section. Monies\nheld in trust or otherwise for the payment of bonds or in any way to\nsecure bonds and deposits of such monies may be secured in the same\nmanner as monies of the authority and all banks and trust companies are\nauthorized to give such security for such deposits. Any monies of the\nauthority not required for immediate use or disbursement may, at the\ndiscretion of the authority, be invested in those obligations specified\npursuant to the provision of section ninety-eight-a of the state finance\nlaw. Subject to the provisions of any contract with bond holders and\nwith the approval of the state comptroller, the authority shall\nprescribe a system of accounts.\n