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New York Public Authorities - Title 13-B - § 2045-K Moneys of the Agency

Legal Research Home > New York Laws > New York Public Authorities (PBA) > New York Public Authorities - Title 13-B - § 2045-K Moneys of the Agency

 
    § 2045-k. Moneys of the agency. All moneys of the agency from whatever
  source derived shall be paid to the treasurer of the agency and shall be
  deposited  forthwith  in  a bank or banks in the state designated by the
  governing body. The moneys in such accounts shall be paid out  on  check
  of the treasurer upon requisition by the governing body or of such other
  person  or  persons  as  the  governing  body may authorize to make such
  requisitions.  All  deposits  of  such  moneys  shall  be   secured   by
  obligations  of  the United States 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. The agency 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 agency or any moneys held in trust or otherwise for the  payment  of
  bonds  or  in  any  way to secure bonds, and carry out any such contract
  notwithstanding  that  such  contract  may  be  inconsistent  with   the
  provisions  of  this  section. 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 agency and all
  banks  and trust companies are authorized to give such security for such
  deposits. Any moneys of the agency not required  for  immediate  use  or
  disbursement  may, at the discretion of the agency, be invested in those
  obligations  specified   pursuant   to   the   provisions   of   section
  ninety-eight-a  of  the  state finance law. Subject to the provisions of
  any contract with bondholders and with the approval of the  comptroller,
  the agency shall prescribe a system of accounts.

Last modified: February 17, 2012