New York § 2762 Moneys of the authority

New York Statutes

§ 2762 — Moneys of the authority

New York § 2762

Law PBAPublic Authorities

Title 31Monroe County Airport Authority

Art. 8Miscellaneous Authorities

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Bluebook

N.Y. Public Authorities § 2762 (2026).

Text

  § 2762. 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 designated by the\nauthority. The moneys 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 moneys\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 are authorized to give such\nsecurity for such deposits. To the extent practicable, consistent with\nthe cash requirements of the authority, all such moneys shall be\ndeposited in in

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§ 2762. 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 designated by the\nauthority. The moneys 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 moneys\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 are authorized to give such\nsecurity for such deposits. To the extent practicable, consistent with\nthe cash requirements of the authority, all such moneys shall be\ndeposited in interest bearing accounts. 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