New York Laws
Title 8-C - Water Authority of Western Nassau County
1198-K - Moneys of the Authority.

§ 1198-k. Moneys of the authority. All moneys of the authority from
whatever source derived shall be paid to the treasurer and shall be
deposited forthwith in one or more banks and/or trust companies 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 chairperson
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 of
America 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. 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. 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. 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.