N.Y. Public Authorities Law § 1010-a: Deposit and investment of moneys of the authority

§ 1010-a. Deposit and investment of moneys of the authority. All

moneys of the authority from whatever source derived shall be paid to

the comptroller as agent of the authority, who shall not commingle such

moneys with any other moneys. Such moneys shall be deposited in a

separate bank account or accounts. The moneys in such accounts shall be

paid out on check of the comptroller on requisition of the chairman of

the authority or of such other person as the authority may authorize to

make such requisition. All deposits of such moneys shall, if required by

the comptroller or the authority, be secured by obligations of the

United States or of the state of New York 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. The comptroller and

his legally authorized representatives are hereby authorized and

empowered from time to time to examine the accounts and books of the

authority, including its receipts, disbursements, contracts, leases,

sinking funds, investments and any other matters relating to its

financial standing.

Notwithstanding the provisions of this section, the authority shall

have power, subject to the approval of the comptroller, 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, or any

moneys held in trust or otherwise for the payment of notes or bonds or

in any way to secure notes or bonds, and to carry out any 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.

Moneys of the authority not required for immediate use may, in the

discretion of the authority, be invested by the comptroller in

obligations of the United States government or of the state of New York.

Subject to agreements with noteholders and bondholders and the

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

accounts.