N.Y. Private Housing Finance Law § 666: Moneys of the corporation

§ 666. Moneys of the corporation. 1. All moneys of the corporation,

except as otherwise authorized or provided in this article, 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 doing business in the city. The moneys in

such accounts shall be paid out on checks signed by such officer or

employee of the corporation as the corporation shall authorize. All

deposits of such moneys shall, if required by the corporation, be

secured by obligations of the United States or of the state or of the

city 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 corporation 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 corporation 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 corporation, and all banks

and trust companies are authorized to give such security for such

deposits.

2. Subject to the provisions of any contract with noteholders and

bondholders and the approval of the comptroller, the corporation 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 corporation 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 corporation, in

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

accounts made at the request of the corporation.

4. The corporation shall submit to the mayor and the comptroller

within thirty days of the receipt thereof by the corporation a copy of

the report of every external examination of the books and accounts of

the corporation other than copies of the reports of such examinations

made by the comptroller.