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In order to protect funds deposited by the Utica transit authority all banks, bankers, trust companies or other persons carrying on a banking business, organized under the laws of the state, are authorized to give to the authority an undertaking with such sureties as shall be approved by the Utica transit authority, faithfully to keep and pay over upon the order of the Utica transit authority any such deposits and agreed interest thereon, or in lieu of said sureties, to deposit as collateral such securities and in such amounts as may be agreed upon with the Utica transit authority pursuant to a collateral deposit agreement in form and terms satisfactory to the Utica transit authority. The collateral to be deposited shall consist of securities in which savings banks may legally invest funds within their control.