N.Y. Public Authorities Law § 1097: Moneys of the authority

§ 1097. Moneys of the authority. All moneys of the authority from

whatever source derived shall be paid to the treasurer of the authority

and shall be deposited forthwith in a bank or banks in the state of New

York designated by the authority. The moneys in such accounts shall be

paid out on check of the treasurer on requisition by the authority or of

such other person or persons as the authority may authorize to make such

requisitions. 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 or of the county of a market value

equal at all times to the amount of deposit and all banks and trust

companies are authorized to give such security for such deposits. The

comptroller and his legally authorized representatives, and the director

of finance of the county of Monroe, if he so elect, 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. The authority shall have power,

notwithstanding the provisions of this section, to contract with the

holders of any of its bonds as to the custody, collection, security,

investment and payment of any moneys of the authority, or any moneys

held in trust or otherwise for the payment of bonds or in any way to

secure bonds, and to carry out any such contract notwithstanding that

such contract may be inconsistent with the provisions of this section.

Moneys held in trust or otherwise for the payment of bonds or in any way

to secure 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.