N.Y. Public Authorities Law § 1599-h*4: Moneys of the authority

* § 1599-h. Moneys of the authority. All moneys of the authority shall

be paid to the director of finance 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 director of finance

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 and upon the warrant of the director of finance. All deposits

of such moneys shall, to the extent required by section two thousand

nine hundred twenty-five of this chapter be secured by obligations of

the United States or the state of New York at 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

director of finance and his legally authorized representative 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

account 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 Mayor and the city council at or prior to its first meeting of the

city council in March of each and every year and at such other times as

may reasonably be requested by the city council.

* NB Authority ceased to exist 08/05/2002

* NB There are 4 § 1599-h's