N.Y. Public Authorities Law § 2446: Moneys of the agency

§ 2446. Moneys of the agency. (1) Subject to any agreement with

bondholders or noteholders or except as otherwise authorized or provided

in this act, all moneys of the agency from whatever source derived shall

be paid to the comptroller of the agency and shall be invested in any

investments approved or authorized in accordance with the provisions of

section ninety-eight of the state finance law. The moneys in such

accounts shall be paid by the comptroller or other agent duly designated

by the agency on requisition of the chairman of the agency or of such

other person or persons as the agency may authorize to make such

requisitions. All deposits of such moneys, shall, if required by the

agency, be secured by (i) obligations of the United States of America or

of 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 or (ii) in such other manner as the agency

may require. The obligations securing such deposits shall either be

deposited with the comptroller of the agency or be held by a trustee or

agent satisfactory to the agency. The comptroller or his legally

authorized representatives are authorized and empowered from time to

time to examine the accounts and books of the agency, including its

receipts, disbursements, contracts, leases, sinking funds, investments

and any other records and papers relating to its financial standing.

(2) The agency 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 agency, 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 agency, and all banks

and trust companies are authorized to give such security for such

deposits.

(3) Subject to the provisions of any contract with bondholders or

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

prescribe a system of accounts.

(4) The agency shall submit to the governor, chairman of the senate

finance committee, chairman of the assembly ways and means committee and

the comptroller, within thirty days of the receipt thereof by the

agency, a copy of the report of every external examination of the books

and accounts of the agency other than copies of the reports of such

examinations made by the comptroller.