N.Y. Public Authorities Law § 1975: Moneys of the authority

§ 1975. Moneys of the authority. 1. All moneys of the authority from

whatever source derived shall be paid to the treasurer of the authority

and shall be deposited forthwith in a bank or banks in the state

designated by the authority. The moneys in such accounts shall be paid

by the treasurer or other agent duly designated by the authority on

requisition of the chairman 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 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 obligations shall either be deposited with the treasurer

or be held by a trustee or agent satisfactory to the authority. The

comptroller 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.

2. Notwithstanding any provision of law to the contrary, the authority

is hereby authorized to contribute two hundred million dollars to the

state treasury to the credit of the general fund.

3. Any moneys of the authority, including the proceeds of bonds or

notes, not required for immediate use may, at the discretion of the

authority be invested in obligations of the state or of the United

States of America or obligations the principal of and interest on which

are guaranteed by the state or the United States of America, or in any

other obligations in which the comptroller of the state of New York is

authorized to invest pursuant to section ninety-eight of the state

finance law.

4. The authority shall have power to contract with holders of any of

its bonds or notes, as to the custody, collection, securing, investment,

and payment of any moneys of the authority, of any moneys held in trust

or otherwise for the payment of bonds or notes, and to carry out such

contract. Moneys held in trust or otherwise for the payment of bonds or

notes or in any way to secure bonds or notes 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.

5. Subject to the provisions of any contract with bondholders or

noteholders and to the approval of the comptroller, the authority shall

prescribe a system of accounts.