2023 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.