N.Y. Public Authorities Law § 156: Moneys of the authority

* § 156. Moneys of the authority. All moneys of the authority from

whatever source derived shall be paid to the comptroller 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 on check of the

comptroller on requisition of the president of the authority or of such

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

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

comptroller 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 comptroller and

his legally authorized representatives are hereby authorized and

empowered from time to time to examine the accounts and books of the

parkway authority, including its receipts, disbursements, contracts,

leases, sinking funds, investments and any other matters 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 secured in the same manner as moneys of

the authority, and all banks and trust companies are authorized to give

such security for such deposits.

* NB (Authority abolished June 30, 1978)