(1) All moneys of the authority except as otherwise authorized or provided in this act shall be deposited as soon as practicable in a separate account or accounts in banks or trust companies organized under the laws of the state or national banking association. The moneys in such accounts shall be paid out on checks signed by the executive director or such other officers or employees of the authority as the authority shall authorize. All deposits of such moneys shall, if required by the authority, be secured by obligations of the United States, of the state or of any municipalities or political subdivisions or agencies of the state at 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.
(2) Notwithstanding the provisions of this section, the authority shall have power to contract with the holders of any of its notes or bonds 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 notes or bonds, and to carry out such contract. Moneys held in trust or otherwise for the payment of notes or bonds 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.