§ 909 — Monies of the authority

New York § 909

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 5: Long Island Market Authority
• Art. 4: Market Authorities

Text

§ 909. 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 The monies in such accounts shall be paid out or withdrawn on\nthe order of such person or persons as the authority may authorize to\nmake such requisitions. All deposits of such monies shall be secured by\nobligations of the United States or of the state or of any municipality\nof a market value equal at all times to the amount on deposit and all\nbanks and trust companies are authorized to give such security for such\ndeposits. To the extent practicable, consistent with the cash\nrequirements of the authority, all such monies shall be deposited in\ninterest 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 monies of the authority or any monies held in trust\nor otherwise for the payment of bonds or any way to secure bonds, and\ncarry out any such contract notwithstanding that such contract may be\ninconsistent with the provisions of this section. Monies held in trust\nor otherwise for the payment of bonds or in any way to secure bonds and\ndeposits of such monies may be secured in the same manner as monies if\nthe authority and all banks and trust companies are authorized to give\nsuch security for such deposits. Any monies of the authority not\nrequired for immediate use or disbursement may, be invested in\naccordance with section ninety-eight-a of the state finance law. Subject\nto the provisions of any contract with bondholders and with the approval\nof the state comptroller, the authority shall prescribe a system of\naccounts.\n