N.Y. Private Housing Finance Law § 51: Monies of the agency

§ 51. Monies of the agency. 1. All monies of the agency, except as

otherwise authorized or provided in this article, shall be paid to the

commissioner of taxation and finance as agent of the agency, who shall

not commingle such monies with any other monies. Such monies shall be

deposited in a separate bank account or accounts. The monies in such

accounts shall be paid out on checks signed by the commissioner of

taxation and finance on requisition of the chairman of the agency or of

such other officer or employee or officers or employees as the agency

shall authorize to make such requisition. All deposits of such monies

shall, if required by the commissioner of taxation and finance or the

agency, be secured by obligations of the United States or of the state

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.

Notwithstanding the provisions of this section, the agency shall have

power, subject to the approval of the commissioner of taxation and

finance, to contract with the holders of any of its notes or bonds, as

to the custody, collection, securing, investment, and payment of any

monies of the agency, of any monies held in trust or otherwise for the

payment of notes or bonds, and to carry out such contract. Monies 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 monies may be secured in the

same manner as monies of the agency, and all banks and trust companies

are authorized to give such security for such deposits.

2. Subject to agreements with noteholders and bondholders and the

approval of the comptroller, the agency shall prescribe a system of

accounts.

3. The comptroller, or his legally authorized representative, is

hereby authorized and empowered from time to time to examine the books

and accounts of the agency including its receipts, disbursements,

contracts, reserve funds, sinking funds, investments, and any other

matters relating to its financial standing. Such an examination shall be

conducted by the comptroller at least once in every five years; the

comptroller is authorized, however, to accept from the agency, in lieu

of such an examination, an external examination of its books and

accounts made at the request of the agency.

4. The agency shall submit to the governor, chairman of the senate

finance committee, chairman of the assembly ways and means committee and

the comptroller, within thirty days of the receipt thereof by the

agency, a copy of the report of every external examination of the books

and accounts of the agency other than copies of the reports of such

examinations made by the comptroller.