§ 65 — Depositories of funds

§ 65. Depositories of funds. In order to protect funds deposited by\nthe Utica transit authority all banks, bankers, trust companies or other\npersons carrying on a banking business, organized under the laws of the\nstate, are authorized to give to the authority an undertaking with such\nsureties as shall be approved by the Utica transit authority, faithfully\nto keep and pay over upon the order of the Utica transit authority any\nsuch deposits and agreed interest thereon, or in lieu of said sureties,\nto deposit as collateral such securities and in such amounts as may be\nagreed upon with the Utica transit authority pursuant to a collateral\ndeposit agreement in form and terms satisfactory to the Utica transit\nauthority. The collateral to be deposited shall consist of securities in\nwhich savings banks may legally invest funds within their control.\n