2023 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  The  moneys in such accounts shall be withdrawn on the order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.