N.Y. Public Authorities Law § 1552: Moneys of the authority

* § 1552. Moneys of the authority. All moneys of the authority shall

be paid to the treasurer of the village 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 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 the treasurer.

All deposits of such moneys shall, if required by the treasurer or the

authority, be secured by obligations of the United States 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 treasurer 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 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 accounts 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 board of trustees at its first meeting in January

of each and every year.

* NB Dissolved December 1977

* NB There are 2 § 1552's