New York Laws
Title 32 - Albany County Airport Authority
2788 - Monies of the Authority.

§ 2788. Monies of the authority. 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 on check of the
treasurer upon requisition by 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 in those obligations specified pursuant to the
provision of section ninety-eight-a of the state finance law. Subject to
the provisions of any contract with bond holders and with the approval
of the state comptroller, the authority shall prescribe a system of
accounts.