New York Laws
Title 10-D - Nassau County Sewer and Storm Water Finance Authority
1232-J - Moneys of the Authority.

§ 1232-j. 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 such bank or banks in the state
designated by the governing body. Moneys derived from charges by the
authority related to sewerage services shall be kept separate and shall
not be commingled with moneys from charges by the authority related to
storm water resources services. 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 the power, notwithstanding
any other 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.
Notwithstanding any other provision of this title to the contrary, for
the purpose of any such contract with the holders of any bonds, any
moneys of the authority from whatever source derived may be used in
whole or in part for the payment of bonds or in any way to secure bonds,
and to carry out any such contract. Provided however, that any monies
derived from charges by the authority related to sewerage services or
storm water resources services shall continue to be accounted for with
respect to their source and any such monies which are used for the
payment of bonds or in any way to secure bonds, and to carry out any
contract with the holders of any bonds, shall be accounted for
separately after reduction by an amount equal to the portion thereof
applied to the payment of debt service, reserve requirements, if any,
and other costs associated with bond-related payments. Subject to the
provisions of any contract with bondholders and with the approval of the
comptroller, the authority shall prescribe a system of accounts.