2012 New York Consolidated Laws
PBA - Public Authorities
Article 8 - MISCELLANEOUS AUTHORITIES
Title 28-B - (2650 - 2674) SCHENECTADY METROPLEX DEVELOPMENT AUTHORITY
2663 - Monies of the authority.

 
    §  2663.  Monies of the authority. 1. All monies of the authority from
  whatever source derived shall be paid to the treasurer of the  authority
  and  shall  be  deposited forthwith 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 The monies in such accounts shall be paid out or withdrawn on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.      The   authority  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 authority 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  authority  and all banks and trust companies are authorized to give
  such security for  such  deposits.  Any  monies  of  the  authority  not
  required for immediate use or disbursement may, at the discretion of the
  authority,  be  invested pursuant to section ninety-eight-a of the state
  finance law in accordance with guidelines established by the authority'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 authority shall prescribe a system of accounts.
    2. Tax revenues received by the authority pursuant to  section  twelve
  hundred ten-C of the tax law, shall be applied in the following order of
  priority:  first pursuant to the authority's contracts with bondholders,
  then to pay the authority's operating  expense  not  otherwise  provided
  for, and then the balance of such taxes not required to meet contractual
  or  other obligations of the authority shall be deposited in the general
  fund of the authority.