§ 3013. Moneys of a municipal assistance corporation.
1.All moneys of\na corporation from whatever source derived may be paid to the treasurer\nof the corporation and be deposited forthwith in a bank or banks in the\nstate designated by such corporation. The moneys in such account may be\npaid by the treasurer or other agent duly designated by the corporation\non requisition of the chairman of the board of directors of the\nmunicipal assistance corporation or of such person or persons as the\ncorporation may authorize to make such requisitions. All deposits of\nsuch moneys, may, if required by the corporation, be secured by\nobligations of the United States or of the state of New York of a market\nvalue equal at all times to the amount of the deposit and all banks and\ntrust companies a
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§ 3013. Moneys of a municipal assistance corporation. 1. All moneys of\na corporation from whatever source derived may be paid to the treasurer\nof the corporation and be deposited forthwith in a bank or banks in the\nstate designated by such corporation. The moneys in such account may be\npaid by the treasurer or other agent duly designated by the corporation\non requisition of the chairman of the board of directors of the\nmunicipal assistance corporation or of such person or persons as the\ncorporation may authorize to make such requisitions. All deposits of\nsuch moneys, may, if required by the corporation, be secured by\nobligations of the United States or of the state of New York of a market\nvalue equal at all times to the amount of the deposit and all banks and\ntrust companies are authorized to give such security for such deposits,\nprovided, however, that no funds or accounts held in the capital reserve\nfund may be invested in obligations of or guaranteed by the municipality\nbeing assisted or of any of its agencies. Such obligations may either be\ndeposited with the treasurer or be held by a trustee or agent\nsatisfactory to the corporation. The comptroller and his legally\nauthorized representatives are authorized and empowered from time to\ntime to examine the accounts and books of the corporation, including its\nreceipts, disbursements, contracts, leases, sinking funds, investments\nand any other records and papers relating to its financial standing.\n 2. Subject to the provisions of subdivision three of this section, any\nmoneys of a corporation, including the proceeds of notes or bonds, not\nrequired for immediate use may be invested in obligations of the\nmunicipality being assisted or in obligations of the state or federal\ngovernment, obligations of the principal of and interest on which are\nguaranteed by such municipality, the state or federal government, or\nobligations of agencies of such municipality, of the state or of the\nfederal government which may, from time to time, be legally purchased by\nsavings banks of the state as investment of funds belonging to them, or\nin secured time deposit or other interest-bearing accounts secured by\nsuch obligations; provided, however, that no funds held in a capital\nreserve fund may be invested in obligations of or guaranteed by the\nmunicipality being assisted or of any of its agencies.\n 3. A corporation shall have power to contract with holders of any of\nits notes or bonds as to the custody, collection, securing, investment,\nand payment of any moneys of the corporation, of any moneys held in\ntrust or otherwise for the payment of notes or bonds, and to carry out\nsuch contract. Moneys held in trust or otherwise for the payment of\nnotes or bonds or in any way to secure notes or bonds or notes and\ndeposits of such moneys may be secured in the same manner as moneys of\nthe corporation, and all banks and trust companies are authorized to\ngive such security for such deposits.\n 4. Subject to the provisions of any contract with noteholders or\nbondholders and to the approval of the comptroller, the corporation\nshall prescribe a system of accounts.\n