N.Y. Public Authorities Law § 1557*2: Moneys of the authority

* § 1557. 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 village treasurer 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

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

village 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 village

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.

* NB Dissolved December 31, 1977

* NB There are 2 § 1557's