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This entry was published on 2014-09-22
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SECTION 1199-KKKK
Moneys of the authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 8-G
* § 1199-kkkk. Moneys 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.

* NB There are 2 § 1199-kkkk's