NY Pub Auth L § 1021-E (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 1-B - North Country Power Authority 1021-E - Deposit and Investment of Moneys of the Authority.

§  1021-e.  Deposit  and investment of moneys of the authority. 1. All   moneys of  the  authority,  from  whatever  source  derived,  except  as   otherwise  authorized  or  provided in this title, shall upon receipt be   deposited forthwith in a bank or banks designated by the  directors,  to   be selected in accordance with such standards as the directors shall set   forth  in  the  by-laws or investment guidelines of the authority, which   standards shall take  into  account  the  creditworthiness  and  capital   position  of  the  depositary bank or banks. The moneys in such accounts   may be invested in obligations of the state or  the  United  States,  or   guaranteed  by  either  in  accordance with practices that the directors   shall  set  forth  in  the  by-laws  or  investment  guidelines  of  the   authority.  The  moneys in such accounts shall be withdrawn on the order   of such person or persons  as  the  directors  shall  authorize  in  the   by-laws  of  the  authority  and  shall  be  applied  to  the use of the   authority as the  directors  shall  authorize  in  the  by-laws  of  the   authority.  All  deposits  of such moneys shall be secured in accordance   with section twenty-nine hundred twenty-five of this chapter. The  state   comptroller  and  his  legally authorized representatives are authorized   and empowered from time to time to examine the accounts and books of the   authority, including its  receipts,  disbursements,  contracts,  leases,   sinking  funds, investments and any other records and papers relating to   its financial standing; the authority shall not be required to pay a fee   for any such examination.2. The authority shall have power to contract with holders of  any  of   its  bonds or notes or other obligations, or any trustee therefor, as to   the custody, collection, securing, investment and payment of any  moneys   of  the  authority  and of any moneys held in trust or otherwise for the   payment of bonds or notes or other obligations, and  to  carry  out  any   such  contract.  Moneys  held  in  trust or otherwise for the payment of   bonds or notes or other obligations or in any way  to  secure  bonds  or   notes  or  obligations  and  deposits of such moneys shall be secured in   full in direct obligations of the  federal  government  the  payment  of   which  is  guaranteed  by the United States of America. Such investments   shall be held on deposit only in banks having a  minimum  credit  rating   and a minimum accumulated capital, as the directors shall specify in the   by-laws or investment guidelines of the authority.3.  Subject  to  agreements  with  noteholders  and bondholders or any   trustee therefor, the authority shall  prescribe  a  uniform  system  of   accounts in accordance with generally accepted accounting principles.4.  The  directors  shall adopt investment guidelines and standards to   implement the foregoing provisions of this section, which guidelines and   standards shall be reviewed annually by the directors and shall be  made   available to state and municipal officials and to the public.