NY Pub Auth L § 880 (2021)
2021 New York Laws PBA - Public Authorities Article 4 - Market Authorities Title 4 - Genesee Valley Regional Market Authority 880 - Moneys of the Authority.

§  880.  Moneys  of  the  authority. 1. The treasurer of the authority   shall demand, collect, receive and have the care and custody  of  moneys   belonging  to or due the authority from every source. Not later than the   business day next following the day of their receipt the treasurer shall   deposit in his name, as treasurer of the authority, all such  moneys  in   such  banks  or  trust  companies  as  shall  have  been  designated  as   depositaries of the moneys of the authority by resolution of the  board.   The  deposit  of  such  moneys  in a bank or trust company so designated   shall release the treasurer and his sureties from any liability for loss   of such moneys by reason of  the  default  or  insolvency  of  any  such   depositary.  The  board  may  require  any  bank  or  trust  company  so   designated in which such moneys are on deposit or are to be deposited to   deliver to the board a surety bond payable to the authority, executed by   a surety company authorized to  transact  business  in  this  state  and   securing  to the authority the payment of such deposits. In lieu of such   a depositary bond, the board may require such bank or trust  company  to   deposit with the board or its authorized agent obligations of the United   States,  of  the  state  of  New  York, or of any municipality or school   district of the state  of  New  York  as  security  for  moneys  of  the   authority  deposited in such bank or trust company.  All banks and trust   companies are hereby authorized and  empowered  to  secure  deposits  of   moneys  of  the  authority as hereinbefore provided in this subdivision.   Moneys of the authority shall be disbursed only on the signature of  the   treasurer  by  checks payable to the person or persons entitled thereto.   No money shall be paid out by the treasurer except  upon  order  of  the   board or of such other person or persons as the board may authorize.2.  Notwithstanding the provisions of subdivision one of this section,   the authority shall have power to contract with the holders  of  any  of   its  bonds  as  to  the  custody,  collection,  securing, 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 any such contract may   be inconsistent with the provisions of subdivision one 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   hereby authorized and empowered to give such security for such deposits.3. The state comptroller and his  legally  authorized  representatives   are  hereby  authorized  and  empowered from time to time to examine the   accounts  and  books  of  the   authority,   including   its   receipts,   disbursements,  contracts, sinking funds, reserve funds, investments and   any other matters relating to its financial standing.