N.Y. Public Authorities Law § 2642-L
Monies of the authority
New York · New York Public Authorities Law · Status: effective · Effective 2014-09-22
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- Citation
- N.Y. Public Authorities Law § 2642-L, Monies of the authority, New York, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/1120145
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Full text
§ 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shall be paid out or withdrawn on the order of such person or persons as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.