NY Pub Auth L § 1232-J (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 10-D - Nassau County Sewer and Storm Water Finance Authority 1232-J - Moneys of the Authority.

§  1232-j.  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 such bank or banks in the state   designated by the governing body. Moneys derived  from  charges  by  the   authority  related to sewerage services shall be kept separate and shall   not be commingled with moneys from charges by the authority  related  to   storm  water  resources  services.  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 or of the state or of the   county  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 the power, notwithstanding   any other 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  section  ninety-eight-a  of  the  state   finance   law.   Notwithstanding  any  other provision of this title to the contrary, for   the purpose of any such contract with the  holders  of  any  bonds,  any   moneys  of  the  authority  from  whatever source derived may be used in   whole or in part for the payment of bonds or in any way to secure bonds,   and to carry out any such contract. Provided however,  that  any  monies   derived  from  charges  by the authority related to sewerage services or   storm water resources services shall continue to be accounted  for  with   respect  to  their  source  and  any  such monies which are used for the   payment of bonds or in any way to secure bonds, and  to  carry  out  any   contract  with  the  holders  of  any  bonds,  shall  be  accounted  for   separately after reduction by an amount equal  to  the  portion  thereof   applied  to  the  payment of debt service, reserve requirements, if any,   and other costs associated with bond-related payments.  Subject  to  the   provisions of any contract with bondholders and with the approval of the   comptroller, the authority shall prescribe a system of accounts.