N.Y. PBA Law § 3611

§ 3611. Monies of the corporation. All monies of the corporation from\nwhatever source derived shall be paid to the treasurer of the\ncorporation and shall be deposited forthwith in a bank or banks\ndesignated by the corporation. The monies in such accounts shall be paid\nout or withdrawn on the order of such person or persons as the\ncorporation may authorize to make such requisitions. All deposits of\nsuch monies shall be secured by obligations of the United States or of\nthe state or of any municipality of a market value equal at all times to\nthe amount on deposit and all banks and trust companies are authorized\nto give such security for such deposits. Alternatively, monies of the\ncorporation may be deposited in money market funds rated in the highest\nshort term or long term rating category by at least one nationally\nrecognized rating agency. To the extent practicable, consistent with the\ncash requirements of the corporation, all such monies shall be deposited\nin interest bearing accounts. The corporation shall have power,\nnotwithstanding the provisions of this section, to contract with the\nholders of any bonds as to the custody, collection, security, investment\nand payment of any monies of the corporation or any monies held in trust\nor otherwise for the payment of bonds or any way to secure bonds, and\ncarry out any such contract notwithstanding that such contract may be\ninconsistent with the provisions of this section. Monies held in trust\nor otherwise for the payment of bonds or in any way to secure bonds and\ndeposits of such monies may be secured in the same manner as monies of\nthe corporation and all banks and trust companies are authorized to give\nsuch security for such deposits. Any monies of the corporation not\nrequired for immediate use or disbursement may, at the discretion of the\ncorporation, be invested in accordance with guidelines established by\nthe corporation's board and amended from time to time. Subject to the\nprovisions of any contract with bondholders and with the approval of the\nstate comptroller, the corporation shall prescribe a system of accounts.\n