New York Laws
Title 1-B - North Country Power Authority
1021-E - Deposit and Investment of Moneys of the Authority.

§ 1021-e. 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 upon receipt be
deposited forthwith in a bank or banks designated by the directors, to
be selected in accordance with such standards as the directors shall set
forth in the by-laws or investment guidelines of the authority, which
standards shall take into account the creditworthiness and capital
position of the depositary bank or banks. The moneys in such accounts
may be invested in obligations of the state or the United States, or
guaranteed by either in accordance with practices that the directors
shall set forth in the by-laws or investment guidelines of the
authority. The moneys in such accounts shall be withdrawn on the order
of such person or persons as the directors shall authorize in the
by-laws of the authority and shall be applied to the use of the
authority as the directors shall authorize in the by-laws of the
authority. All deposits of such moneys shall be secured in accordance
with section twenty-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 other obligations, 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 or other obligations, and to carry out any
such contract. Moneys held in trust or otherwise for the payment of
bonds or notes or other obligations or in any way to secure bonds or
notes or obligations and deposits of such moneys shall be secured in
full in direct obligations of the federal government the payment of
which is guaranteed by the United States of America. Such investments
shall be held on deposit only in banks having a minimum credit rating
and a minimum accumulated capital, as the directors shall specify in the
by-laws or investment guidelines of the authority.

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.

4. The directors shall adopt investment guidelines and standards to
implement the foregoing provisions of this section, which guidelines and
standards shall be reviewed annually by the directors and shall be made
available to state and municipal officials and to the public.