N.Y. Public Authorities Law § 1432: Moneys of the authority

§ 1432. Moneys of the authority. All moneys of the authority shall be

paid to the commissioner of finance of the city 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 by the commissioner of

finance on requisition of the chairman of the authority or of such other

person or persons as the authority may authorize to make such

requisitions after audit by the commissioner of finance. All deposits of

such moneys shall, if required by the commissioner of finance or the

authority, be secured by direct or guaranteed obligations of the United

States or its agencies 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

commissioner of finance and his legally authorized representatives are

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 records and

papers 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, securing,

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 previous 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.

The accounts of the authority shall be subject to the supervision of

the state comptroller.