All moneys 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 in the state
designated by the governing body. The moneys in such accounts shall be paid out on check of the treasurer upon requisition
by the governing body or of such other person or persons as the governing body may
authorize to make such requisitions. All deposits of such moneys shall be secured by obligations of the United States
or of the state or of the county 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. 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 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 such contract may be inconsistent with
the provisions 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 authorized to give such security for
such deposits. Any moneys 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 provisions of section ninety-eight-a of the state finance law. Subject to the provisions of any contract with bondholders and with the approval
of the comptroller, the authority shall prescribe a system of accounts.
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