N.Y. Public Authorities Law § 2314: Moneys of the authority

§ 2314. Moneys of the authority. All moneys of the authority, from

whatever source derived, shall be paid to the treasurer 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

treasurer on requisition of the chairman 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 treasurer or the

authority, be secured by obligations of the United States or the state

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 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 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 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 city council at its first meeting in February of each and every

year.