N.Y. Public Authorities Law § 1475-h: Moneys of the authority

§ 1475-h. Moneys of the authority. All moneys of the authority from

whatever source derived 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 chair of the authority

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

make such requisitions after audit by and upon the warrant of the

commissioner of finance of the city. All deposits of such moneys shall,

if required by the commissioner of finance or the authority, be secured

by obligations of the United States or of the state of New York or of

any municipality 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. To the extent practicable, consistent

with the cash requirements of the authority, all such moneys shall be

deposited in interest bearing accounts. The city commissioner of finance

and his or her 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 acquired in the same manner as

moneys of the authority, and all banks and trust companies are

authorized to give such security for such deposits. Any monies of the

authority not required for immediate use or disbursement may, at the

discretion of the authority, be invested pursuant to section

ninety-eight-a of the state finance law in accordance with guidelines

established by the authority's board and amended from time to time.

Subject to the provisions of any contract with bondholders and with the

approval of the state comptroller, the authority shall prescribe a

system of accounts.