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