§ 3410 — Monies of the corporation

New York § 3410

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 2: Nassau Health Care Corporation
• Art. 10-C: New York Health Care Corporations

Text

§ 3410. Monies of the corporation. All monies of the corporation from\nwhatever source derived shall be paid to the treasurer of the\ncorporation and shall be deposited forthwith in a bank or banks\ndesignated by the corporation. The monies in such accounts shall be\npaid out or withdrawn on the order of such person or persons as the\ncorporation may authorize to make such requisitions.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. Alternatively, monies of the\ncorporation may be deposited in money market funds rated in the highest\nshort term or long term rating category by at least one nationally\nrecognized rating agency. To the extent practicable, consistent with\nthe cash requirements of the corporation, all such monies shall be\ndeposited in interest bearing accounts. The corporation shall have\npower, notwithstanding the provisions of this section, to contract with\nthe holders of any bonds as to the custody, collection, security,\ninvestment and payment of any monies of the corporation or any monies\nheld in 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 corporation and all banks and trust companies\nare authorized to give such security for such deposits. Any monies of\nthe corporation not required for immediate use or disbursement may, at\nthe discretion of the corporation, be invested in accordance with\nguidelines established by the corporation's board and amended from time\nto time. Subject to the provisions of any contract with bondholders and\nwith the approval of the state comptroller, the corporation shall\nprescribe a system of accounts.\n