§ 2049-k. Moneys of the authority. All moneys 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 in the state designated by the governing body. The moneys in such accounts shall be paid out on check of the treasurer upon requisition by the governing body or of such other person or persons as the governing body may authorize to make such requisitions. All deposits of such moneys shall be secured by obligations of the United States, the state or the town 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. 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 moneys of the authority or any moneys held in trust or otherwise for the payment of bonds or in any way to secure bonds, and to carry out any such contract notwithstanding that such contract may be inconsistent with the provisions of this section. Moneys held in trust or otherwise for the payment of bonds or in any way to secure bonds and deposits of such moneys may be secured in the same manner as moneys of the authority and all banks and trust companies are authorized to give such security for such deposits. Any moneys of the authority not required for immediate use or disbursement may, at the discretion of the authority, be invested in those obligations specified pursuant to the provisions of § 98-a of the state finance law. Subject to the provisions of any contract with bondholders and with the approval of the comptroller, the authority shall prescribe a system of accounts.

Terms Used In N.Y. Public Authorities Law 2049-K

  • Authority: shall mean the public benefit corporation created by section two thousand forty-nine-c of this title, known as the town of North Hempstead solid waste management authority. See N.Y. Public Authorities Law 2049-B
  • Bonds: shall mean the bonds, notes or other evidences of indebtedness issued by the authority pursuant to this title and the provisions of this title relating to bonds and bondholders shall apply with equal force and effect to notes and noteholders, respectively, unless the context otherwise clearly requires. See N.Y. Public Authorities Law 2049-B
  • Contract: A legal written agreement that becomes binding when signed.
  • Governing body: shall mean the members of the authority constituting and acting as the governing body of the authority. See N.Y. Public Authorities Law 2049-B
  • Person: shall mean any natural person, partnership, association, joint venture or corporation, exclusive of a public corporation. See N.Y. Public Authorities Law 2049-B
  • State: shall mean the state of New York. See N.Y. Public Authorities Law 2049-B
  • Town: shall mean the town of North Hempstead. See N.Y. Public Authorities Law 2049-B