New York Laws
Title 6-B - Clifton Park Water Authority
1120-K - Moneys of the Authority.

§ 1120-k. 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
designated by the board. The moneys in such accounts shall be paid out
on check of the treasurer upon requisition by the board or of such other
person or persons as the board 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 town 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 authority 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 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. Any moneys of the
authority not required for immediate use or disbursement may, at the
discretion of the authority, 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 authority shall prescribe
a system of accounts.