New York Laws
Title 8-D - Rensselaer County Water and Sewer Authority
1199-K - Moneys of the Authority.

§ 1199-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 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 or of the state or of the
county 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.