N.Y. Public Authorities Law § 1500-h: Moneys of the authority

§ 1500-h. Moneys of the authority. All moneys of the authority from

whatever source derived 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 chair 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 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 monies shall be deposited in interest bearing accounts. The

treasurer and a legally authorized representative of the treasurer 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 account of the authority

shall be subject to the supervision of the New York state comptroller,

and such comptroller or legally authorized representatives of the

comptroller 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 and fiscal

affairs. 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 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, provided however, 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. The authority shall enter into agreement with the city to pay and

transfer a certain portion of excess revenues of the authority to the

city each fiscal year. Within ninety days after the end of each fiscal

year, an annual financial and management audit of the authority's

performance and operations shall be prepared by an independent certified

public accountancy firm. Such firm shall be chosen from an approved list

of auditors prescribed by the city comptroller, the expense of which

shall be treated as an expense of the authority.