N.Y. Public Authorities Law § 1957: Moneys of the authority

§ 1957. Moneys of the authority. All moneys of the authority, from

whatever source derived, shall be paid to the authority's appointed

chief financial officer 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 authority's appointed chief financial

officer on requisition of the chair of the authority or of such person

as the authority may authorize to make such requisitions. All deposits

of such moneys shall, if required by the authority, be secured by

obligations 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 or her

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 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 and he or she or his

or her 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 city council at its first

meeting in April of each and every year.