N.Y. Public Authorities Law § 1596-h: Moneys of the authority

§ 1596-h. Moneys of the authority. All moneys of the authority shall

be paid to the comptroller 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 moneys in such

accounts shall be paid out by the comptroller of the city 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

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

by the comptroller of the city 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 of the city 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. The authority shall render a complete account of its

proceedings to the common council at such time or times as requested to

do so by said common council.