2012 New York Consolidated Laws
PBA - Public Authorities
Article 10-C - NEW YORK HEALTH CARE CORPORATIONS
Title 5 - (3600 - 3621) CLIFTON-FINE HEALTH CARE CORPORATION
3611 - Monies of the corporation.

 
    §  3611. 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  out or withdrawn  on  the  order  of  such  person  or  persons  as  the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.