2642-L - Monies of the authority. - New York Statutes

§ 2642-l. Monies of the authority. All monies of the authority from whatever source derived shall be paid to the treasurer of the authority and shall be deposited forthwith in an interest-bearing account in a bank or banks designated by the authority. The monies in such accounts shall be paid out or withdrawn on the order of such person or persons as the authority may authorize to make such requisitions.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. To the extent practicable, consistent with the cash requirements of the authority, all such monies shall be deposited in interest-bearing accounts. Any monies of the authority not required for immediate use or disbursement may, be invested in accordance with section ninety-eight or ninety-eight-a of the state finance law.