N.Y. Public Authorities Law Section 1226-O
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 a bank or trust company 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 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 moneys 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 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 bond 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. 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 1226-O — Moneys of the authority, https://www.nysenate.gov/legislation/laws/PBA/1226-O (updated Sep. 22, 2014; accessed Feb. 15, 2025).

1226‑A
Short title 1226‑B
Definitions 1226‑C
Upper Mohawk valley regional water finance authority 1226‑D
Powers of the authority 1226‑E
Water board 1226‑F
General powers of the water board 1226‑G
Transfer of water facilities by the board of water supply or any municipality 1226‑H
Agreements among the water board, board of water supply, municipalities and the authority for the provision of projects 1226‑I
Imposition and disposition of fees, rates or charges 1226‑J
Appropriations for purposes of water board or the authority 1226‑K
Transfer of officers and employees 1226‑L
Bonds of the authority 1226‑M
Remedies of bondholders 1226‑N
State, water board or municipality, other than the authority, not liable on authority bonds 1226‑O
Moneys of the authority 1226‑P
Bonds legal investments for fiduciaries 1226‑Q
Agreement with the state 1226‑R
Exemption from taxes, assessments and certain fees 1226‑S
Actions against water board and authority 1226‑T
Contracts 1226‑U
Code of ethics 1226‑V
Equal employment opportunity 1226‑W
Audit and annual report 1226‑X
Limited liability 1226‑Y
Separability 1226‑Z
Effect of inconsistent provisions

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N.Y. Public Authorities Law Section 1226-O Moneys of the authority

N.Y. Public Authorities Law Section 1226-O
Moneys of the authority