2012 New York Consolidated Laws
PBA - Public Authorities
Article 10-C - NEW YORK HEALTH CARE CORPORATIONS
Title 2 - (3400 - 3420) NASSAU HEALTH CARE CORPORATION
3410 - Monies of the corporation.

 
    §  3410. Monies of the corporation. All monies of the corporation from
  whatever  source  derived  shall  be  paid  to  the  treasurer  of   the
  corporation  and  shall  be  deposited  forthwith  in  a  bank  or banks
  designated by the corporation.   The monies in such  accounts  shall  be
  paid  out  or  withdrawn  on  the order of such person or persons as the
  corporation 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.  Alternatively, monies of the
  corporation may be deposited in money market funds rated in the  highest
  short  term  or  long  term  rating  category by at least one nationally
  recognized rating agency.  To the extent  practicable,  consistent  with
  the  cash  requirements  of  the  corporation,  all such monies shall be
  deposited in interest  bearing  accounts.  The  corporation  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 monies of the corporation or any monies
  held in trust or otherwise for the payment of bonds or any way to secure
  bonds, and  carry  out  any  such  contract  notwithstanding  that  such
  contract may be inconsistent with the provisions of this section. Monies
  held  in  trust  or  otherwise for the payment of bonds or in any way to
  secure bonds and deposits of such monies may  be  secured  in  the  same
  manner  as  monies  of the corporation and all banks and trust companies
  are authorized to give such security for such deposits.  Any  monies  of
  the  corporation  not required for immediate use or disbursement may, at
  the discretion of  the  corporation,  be  invested  in  accordance  with
  guidelines  established by the corporation's board and amended from time
  to time. Subject to the provisions of any contract with bondholders  and
  with  the  approval  of  the  state  comptroller,  the corporation shall
  prescribe a system of accounts.