New York Laws
Title 8 - Buffalo Sewer Authority
1186 - Moneys of the Authority.

§ 1186. Moneys of the authority. All moneys of the authority, from
whatever source derived, shall be paid to the treasurer as agent of the
authority, who shall not commingle such moneys with any other moneys.
Such moneys shall be deposited by the treasurer in one or more banks or
trust companies in a special account or accounts, and if the treasurer
or the authority shall so require, each of such special accounts shall
be continuously secured by a pledge of direct obligations of the United
States of America or of the state of New York having an aggregate market
value, exclusive of accrued interest, at all times at least equal to the
balance on deposit in such account. Such securities shall either be
deposited with the treasurer or be held by a trustee or agent
satisfactory to the authority. In lieu of any such pledge of such
securities, such funds may be secured by a surety bond or bonds which
shall be in form, sufficiency and substance satisfactory to the
authority. All banks and trust companies are authorized to give such
security for such deposits. The moneys in such accounts shall be paid
out on the warrant or check of the comptroller as agent of the authority
on requisition of the chairman of the authority, or of such other person
or persons as the authority may authorize to make such requisitions,
after audit by the comptroller. The comptroller and his legally
authorized representatives 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 finances, operation
and affairs.

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.