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This entry was published on 2014-09-22
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SECTION 1859
Deposit, investment and accounting of moneys of the authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 9
§ 1859. Deposit, investment and accounting of moneys of the authority.
1. All moneys of the authority, from whatever source derived, shall be
paid to the commissioner of taxation and finance as agent of the
authority, who shall not commingle such moneys with any other moneys.
Such moneys shall be deposited in a separate bank account or accounts.
Such bank account or accounts known as the "atomic and space development
operating fund" are hereby continued and shall be known and hereby
designated as the energy research and development operating fund. The
moneys in such fund may be expended for payment of any and all costs and
expenditures as required for the corporate purposes of the authority;
provided, until such time as the state of New York is reimbursed in full
for all moneys repayable to the state by the authority, all expenditures
from this fund shall be subject to the prior approval of the director of
the budget of the state of New York. The moneys in such fund when made
available shall be paid out on check of the commissioner of taxation and
finance on requisition of the chairman of the authority or of such other
person as the authority shall authorize to make such requisition. All
deposits of such moneys shall, if required by the commissioner of
taxation and finance or the authority, be secured by obligations of the
United States or of the state of New York of a market value equal at all
times to the amount of the deposit and all banks and trust companies are
authorized to give such security for such deposits.

2. Notwithstanding the provisions of subdivision one of this section,
the authority shall have power, subject to the approval of the
commissioner of taxation and finance, to contract with the holders of
any of its bonds or notes, as to the custody, collection, securing,
investment and payment of any moneys of the authority, or of any moneys
held in trust or otherwise for the payment of bonds or notes or in any
way to secure notes or bonds, and to carry out any such contract.
Moneys held in trust or otherwise for the payment of bonds or notes or
in any way to secure notes or 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.

3. Any moneys of the authority not required for immediate use may, at
the discretion of the authority, be invested by the commissioner of
taxation and finance in obligations of the state or of the United States
of America, obligations the principal and interest of which are
guaranteed by the state or the United States of America or certificates
of deposit of banks or trust companies in this state. The authority may
also allocate to one or more reserve funds such moneys or other assets
of the authority as the authority may deem necessary or convenient to
carry out its corporate purposes and to exercise its corporate powers
and, upon direction by the authority, the commissioner of taxation and
finance shall invest all or part of the moneys in any such fund in
securities in which moneys of the authority not required for immediate
use may be invested or in securities in which the trustee or trustees of
any public retirement system or pension fund shall have the power to
invest the moneys thereof pursuant to article four-a of the retirement
and social security law, in each case in such securities as may be
specifically designated by the authority. Each reserve fund established
pursuant to this subdivision shall be deemed a separate fund as defined
in and for purposes of article four-a of the retirement and social
security law. All certificates of deposit in which moneys of the
authority are invested pursuant to this subdivision shall, if required
by the commissioner of taxation and finance or the authority, 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 certificates.

4. Subject to the provisions of any contract with bondholders and
noteholders and to the approval of the comptroller, the authority shall
prescribe a system of accounts.