N.Y. Public Authorities Law Section 364
Deposit and investment of moneys of the authority


All moneys of the authority from whatever source derived shall be paid to the comptroller as agent of the authority, who shall not commingle such moneys with any other moneys. Such moneys shall be deposited in a separate bank account or accounts. The moneys in such accounts shall be paid out on check of the comptroller on requisition of the chairman of the authority or of such other person as the authority may authorize to make such requisition. All deposits of such moneys shall, if required by the comptroller or the authority, be secured by obligations of the United States or of the state of New York of a market value equal at all times to the amount of the deposit and all banks and trust companies are authorized to give such security for such deposits. The comptroller and his legally authorized representatives are hereby authorized and empowered from time to time to examine the accounts and books of the authority, including its receipts, disbursements, contracts, leases, sinking funds, investments and any other matters relating to its financial standing. Notwithstanding the provisions of this section, the authority shall have power, subject to the approval of the comptroller, to contract with the holders of any of its notes or bonds as to the custody, collection, securing, investment and payment of any moneys of the authority, or any moneys held in trust or otherwise for the payment of notes or bonds or in any way to secure notes or bonds, and to carry out any such contract. Moneys held in trust or otherwise for the payment of notes or bonds or in any way to secure notes or 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. Moneys of the authority not required for immediate use may, in the discretion of the authority, be invested by the comptroller in obligations in which the comptroller may invest pursuant to 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 agreements with noteholders and bondholders and the approval of the comptroller, the authority shall prescribe a system of accounts.

Source: Section 364 — Deposit and investment of moneys of the authority, https://www.­nysenate.­gov/legislation/laws/PBA/364 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

350
Short title
351
Definitions
352
New York State thruway authority
353
Purposes of the authority and benefits therefrom
354
Powers of the authority
355
Officers and employees
356
Thruway sections and connections
356‑A
Names and designations of thruway sections and connections
356‑B
Thruway to be designated as a section of a national network of Blue Star memorial highways
357
Right of authority to use state property
357‑A
State police and state payment for services
357‑B
Sharing employees, services and resources
357‑C
Indemnification and defense under shared services agreement
358
Acquisition of real property by the commissioner
358‑A
Acquisition of real property by the authority
359
Construction, reconstruction and improvement
359‑A
Procurement contracts
360
Operation and maintenance
361
Traffic control
361‑A
Restriction and regulation of advertising devices
361‑B
Jurisdiction in certain suits against the authority
361‑C
Tourist information facilities
361‑D
Agreement with the office of parks, recreation and historic preservation
362
Assistance by state officers, departments, boards, divisions and commissions
363
Annual report
364
Deposit and investment of moneys of the authority
365
Notes or bonds of the authority
366
Guaranty by the state
367
State’s right to require redemption of bonds
368
Remedies of noteholders and bondholders
369
Liability of state
370
Notes and bonds legal investments for public officers and fiduciaries
371
Tax exemption
372
Tax covenant
373
Agreement of the state
374
Title not affected if in part unconstitutional
375
Inconsistent provisions in other acts superseded
376
Further additional powers of the authority
377
Provision for servicing state vehicles with petroleum, etc
378
Specially priced commuter tickets
378‑A
Emergency service permits
379
Further additional powers of the authority to finance certain repayment obligations of the state in connection with the purchase of real ...
380
Further additional powers of the authority to finance certain local highway and bridge improvements and payments to the authority
381
Further additional powers of the authority
384
Additional powers of the authority to undertake and finance certain transportation projects
385
Additional powers of the authority to issue special dedicated highway and bridge trust fund bonds
386
Additional powers of the authority to issue special rail and aviation transportation bonds
386‑A
Financing of metropolitan transportation authority (MTA) transportation facilities
386‑B
Financing of peace bridge and transportation capital projects
387
Fees for searches and copies of accident and accident reconstruction reports
388
Limitation on powers of the authority
389
Information concerning services for human trafficking victims in facilities at service areas

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 364’s source at nysenate​.gov

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