New York Laws
Title 5 - Long Island Market Authority
909 - Monies of the Authority.

§ 909. 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 The monies in such accounts shall be paid out or withdrawn on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 if
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, be invested in
accordance with section ninety-eight-a of the state finance law. 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.