2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 9 - New York State Energy Research and Development Authority › 1859 - Deposit, Investment and Accounting of Moneys of the Authority.

§ 1859. Deposit, investment and accounting of moneys of the authority.
1.  (a) All moneys of the authority, from whatever source derived, shall
be paid to the commissioner of taxation and  finance  as  agent  of  the
authority,  who  shall  not commingle such moneys with any other moneys.
Such moneys shall be deposited in a separate bank account  or  accounts.
Such bank account or accounts known as the "atomic and space development
operating  fund"  are  hereby  continued  and  shall be known and hereby
designated as the energy research and development operating fund.    The
moneys in such fund may be expended for payment of any and all costs and
expenditures  as  required  for the corporate purposes of the authority;
provided, until such time as the state of New York is reimbursed in full
for all moneys repayable to the state by the authority, all expenditures
from this fund shall be subject to the prior approval of the director of
the budget of the state of New York.  The moneys in such fund when  made
available shall be paid out on check of the commissioner of taxation and
finance on requisition of the chairman of the authority or of such other
person  as  the  authority shall authorize to make such requisition. All
deposits of such moneys  shall,  if  required  by  the  commissioner  of
taxation  and finance or the authority, be secured by obligations of the
United States or of the state of New York of a market value equal at all
times to the amount of the deposit and all banks and trust companies are
authorized to give such security for such deposits.
(b) All funds collected by the authority as a requirement of contracts
for the procurement of renewable energy certificates that are related to
renewables development on  viable  agricultural  lands,  as  defined  in
section  three  hundred one of the agriculture and markets law, shall be
deposited in the agricultural and  farmland  viability  protection  fund
pursuant to section ninety-nine-pp of the state finance law.
2.  Notwithstanding the provisions of subdivision one of this section,
the  authority  shall  have  power,  subject  to  the  approval  of  the
commissioner  of  taxation  and finance, to contract with the holders of
any of its bonds or notes, as  to  the  custody,  collection,  securing,
investment  and payment of any moneys of the authority, or of any moneys
held in trust or otherwise for the payment of bonds or notes or  in  any
way  to  secure  notes  or  bonds,  and  to carry out any such contract.
Moneys held in trust or otherwise for the payment of bonds or  notes  or
in  any  way to secure notes or 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.
3. Any moneys of the authority not required for immediate use may,  at
the  discretion  of  the  authority,  be invested by the commissioner of
taxation and finance in obligations of the state or of the United States
of  America,  obligations  the  principal  and  interest  of  which  are
guaranteed  by the state or the United States of America or certificates
of deposit of banks or trust companies in this state.  The authority may
also allocate to one or more reserve funds such moneys or  other  assets
of  the  authority  as the authority may deem necessary or convenient to
carry out its corporate purposes and to exercise  its  corporate  powers
and,  upon  direction by the authority, the commissioner of taxation and
finance shall invest all or part of the  moneys  in  any  such  fund  in
securities  in  which moneys of the authority not required for immediate
use may be invested or in securities in which the trustee or trustees of
any public retirement system or pension fund shall  have  the  power  to
invest  the  moneys thereof pursuant to article four-a of the retirement
and social security law, in each case  in  such  securities  as  may  be
specifically  designated by the authority. Each reserve fund established
pursuant to this subdivision shall be deemed a separate fund as  defined
in  and  for  purposes  of  article  four-a of the retirement and social

security law. All  certificates  of  deposit  in  which  moneys  of  the
authority  are  invested pursuant to this subdivision shall, if required
by the commissioner of taxation and finance or the authority, 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 certificates.
4. Subject to the provisions of  any  contract  with  bondholders  and
noteholders  and to the approval of the comptroller, the authority shall
prescribe a system of accounts.