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This entry was published on 2014-09-22
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SECTION 1199-KKK
Moneys of the authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 8-F
§ 1199-kkk. Moneys of the authority. All moneys of the authority from
whatever source derived shall be paid to the treasurer and shall be
deposited forthwith in one or more banks and/or trust companies in the
state designated by the authority. The moneys in such accounts shall be
paid out on checks of the treasurer upon requisition by the board or of
such other person or persons as the authority may authorize to make such
requisitions. All deposits of such moneys shall be secured by
obligations of (or guaranteed by) the United States of America or of the
state or of the county of a market value equal at all times to the
amount on deposit and all banks and trust companies are authorized to
give such security for such deposits. Any moneys of the authority not
required for immediate use or disbursement may, at the discretion of the
authority, be invested in those obligations specified pursuant to the
provisions of section ninety-eight-a of the state finance law. The
authority shall have power, notwithstanding the provisions of this
section to contract with the holders of any bonds as to the custody,
collection, security, investment and payment of any moneys of the
authority or any moneys held in trust or otherwise for the payment of
bonds or in any way to secure bonds. Moneys held in trust or otherwise
for the payment of bonds or in any way to secure bonds and deposits of
such moneys may be secured in the same manner as moneys of the authority
and all banks and trust companies are authorized to give such security
for such deposits.