N.Y. Public Authorities Law Section 1147-N
Moneys of the authority

All moneys of the authority from whatever source derived shall be paid to the treasurer of the authority and shall be deposited forthwith in interest bearing accounts 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 and the state of New York 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 State Finance Law § 98-A (Investment of general funds, bond proceeds, and other funds not immediately required)section ninety-eight-a of the state finance law, as amended from time to time. Subject to the provisions of any contract with bondholders and with the approval of the comptroller, the authority shall prescribe a system of accounts.

Source: Section 1147-N — Moneys of the authority, https://www.nysenate.gov/legislation/laws/PBA/1147-N (updated Sep. 22, 2014; accessed Jun. 21, 2025).

1147
Short title 1147–A
Definitions 1147–B
Sewer districts created 1147–C
Sewer authority created 1147–D
Responsibilities of the authority 1147–E
Powers of the authority 1147–F
Charges by the authority 1147–G
Governmental capacity of the authority and municipalities 1147–H
Transfer of officers and employees 1147–I
Environmental applications, proceedings, approvals and permits 1147–J
Limited liability 1147–K
Bonds of the authority 1147–L
Remedies of bondholders 1147–M
State, county and municipalities not liable on bonds of the authority 1147–N
Moneys of the authority 1147–O
Bonds and notes as legal investment 1147–P
Agreement with the state 1147–Q
Exemption from taxes, assessments and certain fees 1147–S
Actions against the authority 1147–T
Arbitration of disputes 1147–U
Construction and purchase contracts 1147–V
Code of ethics 1147–W
Equal employment opportunity 1147–X
Audit and annual report 1147–Y
Separability clause 1147–Z
Effect of inconsistent provisions

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N.Y. Public Authorities Law Section 1147-N Moneys of the authority

N.Y. Public Authorities Law Section 1147-N
Moneys of the authority