N.Y. Public Authorities Law § 1225-h: Resources of the fund

§ 1225-h. Resources of the fund. (a) Subject to the provisions of this

title the trustees of the fund shall receive, accept, invest,

administer, expend and disburse for its corporate purposes all monies

for the transit construction fund from whatever sources derived.

(b) The monies of the fund shall be paid to the comptroller of the

city as agent of the fund, who shall not commingle such monies with any

other monies.

(c) The monies in any of the fund's accounts shall be paid out on

checks signed by the comptroller of the city on requisitions of the

chairman of the trustees of the fund or of such other officer or

employee as the trustees shall authorize to make such requisition.

(d) Subject to the terms of any lease, sublease, or agreement

undertaken by the fund, any such monies of the fund not required for

immediate use may, at the discretion of the fund, be invested in

obligations of the United States, the state or the city or in

obligations the principal and interest of which are guaranteed by the

United States or the state or for the payment of which the faith and

credit of the United States or the state is pledged. The comptroller of

the city, as agent of the fund, shall make the investments when so

requested by the fund.

(e) The comptroller of the city or his legally authorized

representative from time to time may examine the books and accounts of

the fund, including its receipts, disbursements, contracts, reserves,

investments, and any other matters relating to its financial standing.

Such an examination shall be conducted by the comptroller of the city at

least once every five years or, in lieu of such an examination, the

comptroller of the city may accept from the fund an external examination

of the fund's books and accounts made at the request of the trustees of

the fund.