New York Laws
Title 6 - The New York City School Construction Authority Act
1741 - Deposit and Investment of Moneys of the Authority.

§ 1741. Deposit and investment of moneys of the authority. 1. The
authority may establish and maintain funds for the purpose of receiving
and expending moneys received by the authority.

2. All moneys of the authority from whatever source derived shall be
paid to the authority and shall be deposited in accounts held in the
authority's name in the bank or banks in the state designated by the
authority. The moneys in such accounts shall be paid out on checks of
the authority upon requisition by the chairman or such other officer or
officers as the authority may authorize to make such requisitions.

3. Any moneys on deposit in the accounts of the authority not required
for immediate expenditure shall be invested in obligations in which a
municipality may be authorized to invest in accordance with section
eleven of the general municipal law, provided, however, that such funds
shall not be invested in instruments commonly known as repurchase
agreements.

4. The authority shall provide the city with records and other
information regarding (i) the nature of work performed by the
authority's employees so as to enable the city to determine the extent
to which the cost of such services may be treated as capital costs of
the city and the educational facilities to which such costs pertain and
(ii) the investment of funds received from the city so as to enable the
city to comply with the requirements of federal tax laws and preserve
the tax-exempt status of obligations issued by the city. The authority
shall cooperate with the city in all respects to ensure that all
investments are made in a manner that preserves the tax-exempt status of
such obligations.