New York Laws
Title 13-C - Town of Islip Resource Recovery Agency
2046-J - Moneys of the Agency.

§ 2046-j. Moneys of the agency. All moneys of the agency from whatever
source derived shall be paid to the treasurer of the agency and shall be
deposited forthwith in a bank or banks in the state designated by the
agency. The moneys in such accounts shall be paid out on check of the
treasurer upon requisition by the agency or of such other person or
persons as the agency 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 town 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. To the extent
practicable, consistent with the cash requirements of the agency, all
such moneys shall be deposited in interest bearing accounts. The agency
shall have power, notwithstanding the provisions of this section, to
contract with the holders of any of its bonds or notes as to the
custody, collection, security, investment and payment of any moneys of
the agency, or any moneys held in trust or otherwise for the payment of
bonds or notes or in any way to secure bonds or notes, 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 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 agency and all banks and trust companies are authorized to give
such security for such deposits. Subject to any agreements with the
holders of any of its bonds or notes, any moneys of the agency not
required for immediate use or distribution may, at the discretion of the
agency, be invested in those obligations specified pursuant to the
provisions of section ninety-eight-a of the state finance law. Subject
to any agreements with the holders of any of its bonds or notes, the
agency with the approval of the state comptroller shall prescribe a
system of accounts.