N.Y. Public Authorities Law Section 1196-I
Moneys of an authority

All moneys of an authority from whatever source derived shall be paid to the treasurer of an authority and shall be deposited forthwith in a bank or banks in the state designated by the authority. The moneys in such accounts shall be paid out on checks of the treasurer upon requisition by the chairman of the authority or of such other officer or officers as the authority may authorize to make such requisitions. All deposits of such moneys shall be secured by obligations of or guaranteed by the United States or of the state 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. An 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. 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 an authority and all banks and trust companies are authorized to give such security for such deposits.

Source: Section 1196-I — Moneys of an authority, https://www.­nysenate.­gov/legislation/laws/PBA/1196-I (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 1196-I’s source at nysenate​.gov

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