New York Laws
Title 13-AA - Montgomery, Otsego, Schoharie Solid Waste Management Authority
2041-J - Moneys of the Authority.

§ 2041-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 interest-bearing accounts 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, the
state, or the participating counties, 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 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.