New York Laws
Title 6-D - Alfred, Almond, Hornellsville Sewer Authority
1147-N - Moneys of the Authority.

§ 1147-n. 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 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 and
the state of New York 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, as amended from time to time. Subject to the provisions of
any contract with bondholders and with the approval of the comptroller,
the authority shall prescribe a system of accounts.