N.Y. Public Authorities Law § 1622-h: Moneys of the authority

§ 1622-h. Moneys of the authority. All moneys of the authority shall

be paid to the village 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

of the village 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 of the village. All

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

the village 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 of the

village 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 or notes 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 notes or in any way to secure

bonds or notes, 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. 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 village board of trustees at such time or times as

required to do so by said village board of trustees.