New York Laws
Title 1-A - Long Island Power Authority
1020-N - Deposit and Investment of Moneys of the Authority.

* § 1020-n. Deposit and investment of moneys of the authority. 1. All
moneys of the authority from whatever source derived, except as
otherwise authorized or provided in this title, shall be paid to the
treasurer of the authority and shall be deposited forthwith in a bank or
banks designated by the authority. The moneys in such accounts shall be
withdrawn on the order of such person or persons as the authority may
authorize. All deposits of such moneys shall be secured in accordance
with section two thousand nine hundred twenty-five of this chapter. The
state comptroller and his legally authorized representatives are
authorized and empowered from time to time to examine the accounts and
books of the authority, including its receipts, disbursements,
contracts, leases, sinking funds, investments and any other records and
papers relating to its financial standing; the authority shall not be
required to pay a fee for any such examination.

2. The authority shall have power to contract with holders of any of
its bonds or notes, or any trustee therefor, as to the custody,
collection, securing, investment and payment of any moneys of the
authority and of any moneys held in trust or otherwise for the payment
of bonds or notes, 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 bonds or notes and deposits of such moneys shall be secured in
accordance with section two thousand nine hundred twenty-five of this
chapter, and all banks and trust companies in the state are authorized
to give such security for such deposits.

3. Subject to agreements with noteholders and bondholders or any
trustee therefor, the authority shall prescribe a uniform system of
accounts in accordance with generally accepted accounting principles.

* NB There are 2 § 1020-n's

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