§ 638 — Resources of the trust

§ 638. Resources of the trust. 1. Subject to the provisions of this\narticle, the members of the board shall receive, accept, invest,\nadminister, expend and disburse for its corporate purposes all money of\nthe trust from whatever sources derived including (a) the proceeds of\nbonds, notes and other obligations, and (b) any other payments, gifts,\nor appropriations to the trust from any other source.\n 2. Subject to the provisions of any contract with holders of bonds,\nnotes or other obligations, the money of the trust shall be paid to the\ntrust and shall not be commingled with any other money. The money of the\ntrust shall be deposited in accounts held in the trust's name in the\nbank or banks in the state designated by the trust.\n 3. The moneys in such accounts shall be paid out on checks of the\ntrust upon requisition by the chair or such officer or officers as the\ntrust may authorize to make such requisitions, or pursuant to a bond\nresolution or trust indenture.\n 4. Any moneys on deposit in the accounts of the trust not required for\nimmediate expenditure shall be invested in obligations in which a\nmunicipality may be authorized to invest in accordance with section\neleven of the general municipal law, provided, however, that such funds\nshall not be invested in instruments commonly known as repurchase\nagreements. The trust shall have the power, notwithstanding the\nprovisions of this section, to contract with the holders of any of its\nbonds, notes and other obligations as to the custody, collection,\nsecuring, investment and payment of any money of the trust or any money\nheld in trust or otherwise for the payment of bonds, notes and other\nobligations or in any way to secure bonds, notes and other obligations,\nand to carry out any such contract.\n