N.Y. Public Authorities Law § 1493-h: Moneys of the authority

§ 1493-h. Moneys of the authority. All moneys of the authority shall

be paid to the treasurer 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 money in such

accounts shall be paid out by the treasurer on requisition of the

chairman of the authority or of such person or persons as the authority

may authorize to make such requisitions after audit by and upon the

warrant of the city comptroller. All deposits of such moneys shall, if

required by the treasurer or the authority, be secured by obligations of

the United States or the state of New York at 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

treasurer and his legally authorized representative 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. The account of the

authority shall be subject to the supervision of the state comptroller

and he or 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, sinking

funds, investments and any other matter relating to its financial

standing and fiscal affairs. The authority shall render a complete

annual account of its proceedings to the common council at its first

meeting in January of each and every year.