New York § 3563 Moneys of the corporation

New York Statutes

§ 3563 — Moneys of the corporation

New York § 3563

Law PBAPublic Authorities

Title 4Roswell Park Cancer Institute Corporation Act

Art. 10-CNew York Health Care Corporations

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Bluebook

N.Y. Public Authorities § 3563 (2026).

Text

  § 3563. Moneys of the corporation.  All moneys 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 moneys in such accounts shall be\npaid out on check of the treasurer upon requisition by such person or\npersons as the corporation may authorize to make such requisitions. All\ndeposits of such moneys shall be secured by obligations of the United\nStates or of the state or of any municipality of a market value equal at\nall times to the amount on deposit and all banks and trust companies are\nauthorized to give such security for such deposits. To the extent\npracticable, consistent with the cash requirements of the corporation,\nall such moneys shall be d

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§ 3563. Moneys of the corporation. All moneys 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 moneys in such accounts shall be\npaid out on check of the treasurer upon requisition by such person or\npersons as the corporation may authorize to make such requisitions. All\ndeposits of such moneys shall be secured by obligations of the United\nStates or of the state or of any municipality of a market value equal at\nall times to the amount on deposit and all banks and trust companies are\nauthorized to give such security for such deposits. To the extent\npracticable, consistent with the cash requirements of the corporation,\nall such moneys shall be deposited in interest bearing accounts. The\ncorporation shall have power, notwithstanding the provisions of this\nsection, to contract with the holders of any bonds as to the custody,\ncollection, security, investment and payment of any moneys of the\ncorporation or any moneys held in trust or otherwise for the payment of\nbonds or in any way to secure bonds, and carry out any such contract\nnotwithstanding that such contract may be inconsistent with the\nprovisions of this section. Moneys held in trust or otherwise for the\npayment of bonds or in any way to secure bonds and deposits of such\nmoneys may be secured in the same manner as moneys of the corporation\nand all banks and trust companies are authorized to give such security\nfor such deposits. Any moneys of the corporation not required for\nimmediate use or disbursement may, at the discretion of the corporation,\nbe invested in those obligations specified pursuant to the provisions of\nsection ninety-eight-a of the state finance law. Subject to the\nprovisions of any contract with bondholders and the approval of the\ncomptroller, the corporation shall prescribe a system of accounts.\n