New York Laws
Title 8-A - New York State Local Water and Sewer Authority Act
1196-I - Moneys of an Authority.

§ 1196-i. Moneys of an authority. All moneys of an authority from
whatever source derived shall be paid to the treasurer of an authority
and shall be deposited forthwith in a bank or banks in the state
designated by the authority. The moneys in such accounts shall be paid
out on checks of the treasurer upon requisition by the chairman of the
authority or of such other officer or officers as the authority may
authorize to make such requisitions. All deposits of such moneys shall
be secured by obligations of or guaranteed by the United States or of
the state 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. An 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. 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
an authority and all banks and trust companies are authorized to give
such security for such deposits.