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Current as of January 01, 2024 | Updated by FindLaw Staff
All monies of the corporation from whatever source derived shall be paid to the treasurer of the corporation and shall be deposited forthwith in a bank or banks designated by the corporation. The monies in such accounts shall be paid out or withdrawn on the order of such person or persons as the corporation may authorize to make such requisitions.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. Alternatively, monies of the corporation may be deposited in money market funds rated in the highest short term or long term rating category by at least one nationally recognized rating agency. To the extent practicable, consistent with the cash requirements of the corporation, all such monies shall be deposited in interest bearing accounts. The corporation 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 corporation 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 corporation and all banks and trust companies are authorized to give such security for such deposits. Any monies of the corporation not required for immediate use or disbursement may, at the discretion of the corporation, be invested in accordance with guidelines established by the corporation's board and amended from time to time. Subject to the provisions of any contract with bondholders and with the approval of the state comptroller, the corporation shall prescribe a system of accounts.
Cite this article: FindLaw.com - New York Consolidated Laws, Public Authorities Law - PBA § 3410. Monies of the corporation - last updated January 01, 2024 | https://codes.findlaw.com/ny/public-authorities-law/pba-sect-3410/
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