New York Laws
Title 5 - Monroe County Water Authority
1097 - Moneys of the Authority.

§ 1097. Moneys of the authority. All moneys of the authority from
whatever source derived shall be paid to the treasurer of the authority
and shall be deposited forthwith in a bank or banks in the state of New
York designated by the authority. The moneys in such accounts shall be
paid out on check of the treasurer on requisition by the authority or of
such other person or persons as the authority may authorize to make such
requisitions. All deposits of such moneys shall, if required by the
comptroller or the authority, be secured by obligations of the United
States or of the state of New York or of the county of a market value
equal at all times to the amount of deposit and all banks and trust
companies are authorized to give such security for such deposits. The
comptroller and his legally authorized representatives, and the director
of finance of the county of Monroe, if he so elect, are hereby
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 matters
relating to its financial standing. The authority shall have power,
notwithstanding the provisions of this section, to contract with the
holders of any of its bonds as to the custody, collection, security,
investment and payment of any moneys of the authority, or any moneys
held in trust or otherwise for the payment of bonds or in any way to
secure bonds, and to 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 authority, and all banks and trust companies are
authorized to give such security for such deposits.