N.Y. Public Authorities Law Section 2050-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 interest-bearing accounts 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 or any municipality 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 State Finance Law § 98-A (Investment of general funds, bond proceeds, and other funds not immediately required)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.

Source: Section 2050-K — Moneys of the agency, https://www.­nysenate.­gov/legislation/laws/PBA/2050-K (updated Sep. 22, 2014; accessed Apr. 27, 2024).

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Accessed:
Apr. 27, 2024

Last modified:
Sep. 22, 2014

§ 2050-K’s source at nysenate​.gov

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