New York Laws
Title 12
1975 - Moneys of the Authority.

§ 1975. Moneys of the authority. 1. 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 authority. The moneys in such accounts shall be paid
by the treasurer or other agent duly designated by the authority on
requisition of the chairman of the authority or of such other person or
persons as the authority may authorize to make such requisitions. All
deposits of such moneys, shall, if required by the authority, be secured
by obligations of the United States or of the state of New York of a
market value equal at all times to the amount of the deposit and all
banks and trust companies are authorized to give such security for such
deposits. The obligations shall either be deposited with the treasurer
or be held by a trustee or agent satisfactory to the authority. The
comptroller and his legally authorized representatives are authorized
and empowered from time to time to examine the accounts and books of the
authority, including its receipts, disbursements, contracts, leases,
sinking funds, investments and any other records and papers relating to
its financial standing.

2. Notwithstanding any provision of law to the contrary, the authority
is hereby authorized to contribute two hundred million dollars to the
state treasury to the credit of the general fund.

3. Any moneys of the authority, including the proceeds of bonds or
notes, not required for immediate use may, at the discretion of the
authority be invested in obligations of the state or of the United
States of America or obligations the principal of and interest on which
are guaranteed by the state or the United States of America, or in any
other obligations in which the comptroller of the state of New York is
authorized to invest pursuant to section ninety-eight of the state
finance law.

4. The authority shall have power to contract with holders of any of
its bonds or notes, as to the custody, collection, securing, investment,
and payment of any moneys of the authority, of any moneys held in trust
or otherwise for the payment of bonds or notes, and to carry out such
contract. Moneys held in trust or otherwise for the payment of bonds or
notes or in any way to secure bonds or notes 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.

5. Subject to the provisions of any contract with bondholders or
noteholders and to the approval of the comptroller, the authority shall
prescribe a system of accounts.