New York Laws
Title 28-B - Schenectady Metroplex Development Authority
2663 - Monies of the Authority.

§ 2663. Monies of the authority. 1. All monies 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 designated by the
authority. The monies in such accounts shall be paid out or withdrawn on
the order of such person or persons as the authority may authorize to
make such requisitions. All deposits of such monies shall be secured by
obligations of the United States or of the state or of any municipality
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 authority, all such monies shall be deposited in
interest bearing accounts. 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 monies of the authority or any monies held in trust
or otherwise for the payment of bonds or any way to secure bonds, and
carry out any such contract notwithstanding that such contract may be
inconsistent with the provisions of this section. Monies held in trust
or otherwise for the payment of bonds or in any way to secure bonds and
deposits of such monies may be secured in the same manner as monies of
the authority and all banks and trust companies are authorized to give
such security for such deposits. Any monies of the authority not
required for immediate use or disbursement may, at the discretion of the
authority, be invested pursuant to section ninety-eight-a of the state
finance law in accordance with guidelines established by the authority's
board and amended from time to time. Subject to the provisions of any
contract with bondholders and with the approval of the state
comptroller, the authority shall prescribe a system of accounts.

2. Tax revenues received by the authority pursuant to section twelve
hundred ten-C of the tax law, shall be applied in the following order of
priority: first pursuant to the authority's contracts with bondholders,
then to pay the authority's operating expense not otherwise provided
for, and then the balance of such taxes not required to meet contractual
or other obligations of the authority shall be deposited in the general
fund of the authority.