N.Y. Public Authorities Law § 2506: Moneys of the authority

* § 2506. Moneys of the authority. 1. Subject to the provisions of

this title, the members of the authority shall receive, accept, invest,

administer, expend and disburse for its corporate purposes all monies

for the authority from whatever sources derived.

2. The monies of the authority shall be paid to the comptroller as the

agent of the authority, who shall designate depositories and 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

account or accounts shall be paid out on checks by the comptroller on

requisitions of the chairman of the board of directors of the authority

or of such other person or persons as the authority may authorize to

make such requisitions after audit by the comptroller in the manner

provided by the New York city charter. All deposits of such moneys

shall, if required by the comptroller or the authority, be secured by

obligations of the United States or of the state or of the city of a

market value equal at all times to the amount of the deposit, and all

bank and trust companies are authorized to give such security for such

deposits. The comptroller and his legally authorized representative are

authorized and empowered from time to time to examine the accounts and

books of the authority, including its receipts, disbursements,

contracts, leases, investments and any other records and papers relating

to its financial standing.

* NB (Discontinued-Board of Directors never appointed)