New York Laws
Title 4 - Genesee Valley Regional Market Authority
880 - Moneys of the Authority.

§ 880. Moneys of the authority. 1. The treasurer of the authority
shall demand, collect, receive and have the care and custody of moneys
belonging to or due the authority from every source. Not later than the
business day next following the day of their receipt the treasurer shall
deposit in his name, as treasurer of the authority, all such moneys in
such banks or trust companies as shall have been designated as
depositaries of the moneys of the authority by resolution of the board.
The deposit of such moneys in a bank or trust company so designated
shall release the treasurer and his sureties from any liability for loss
of such moneys by reason of the default or insolvency of any such
depositary. The board may require any bank or trust company so
designated in which such moneys are on deposit or are to be deposited to
deliver to the board a surety bond payable to the authority, executed by
a surety company authorized to transact business in this state and
securing to the authority the payment of such deposits. In lieu of such
a depositary bond, the board may require such bank or trust company to
deposit with the board or its authorized agent obligations of the United
States, of the state of New York, or of any municipality or school
district of the state of New York as security for moneys of the
authority deposited in such bank or trust company. All banks and trust
companies are hereby authorized and empowered to secure deposits of
moneys of the authority as hereinbefore provided in this subdivision.
Moneys of the authority shall be disbursed only on the signature of the
treasurer by checks payable to the person or persons entitled thereto.
No money shall be paid out by the treasurer except upon order of the
board or of such other person or persons as the board may authorize.

2. Notwithstanding the provisions of subdivision one of this section,
the authority shall have power to contract with the holders of any of
its bonds as to the custody, collection, securing, 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 to
carry out any such contract notwithstanding that any such contract may
be inconsistent with the provisions of subdivision one 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
hereby authorized and empowered to give such security for such deposits.

3. The state comptroller and his legally authorized representatives
are hereby authorized and empowered from time to time to examine the
accounts and books of the authority, including its receipts,
disbursements, contracts, sinking funds, reserve funds, investments and
any other matters relating to its financial standing.