N.Y. Public Authorities Law § 2539: Resources of the corporation

§ 2539. Resources of the corporation. (a) Subject to the provisions of

this title, the directors of the corporation shall receive, accept,

invest, administer, expend and disburse for its corporate purposes all

monies for the corporation from whatever sources derived including (1)

payments by the city or by the state comptroller pursuant to the

provisions of sections twenty-five hundred thirty-seven and twenty-five

hundred forty of this title; and (2) any other payments, gifts, or

appropriations to the fund from any other source.

(b) The monies of the corporation shall be paid to the comptroller as

agent of the corporation who shall not commingle such monies with any

other monies. Subject to the provisions of any contract with noteholders

or bondholders, all corporation monies received by the corporation

which, together with other monies of the corporation available for the

operating expenses of the corporation including the payment of debt

service and payments to the capital reserve fund, exceed the amount

required for such purposes shall be transferred to the city on the

fifteenth day of February.

(c) The monies in any of the corporation's accounts shall be paid out

on checks signed by the comptroller on requisitions of the chairman of

the directors of the corporation or of such other officer or employee as

the directors shall authorize to make such requisition.

(d) The comptroller or his legally authorized representative, from

time to time may examine the books and accounts of the corporation,

including its receipts, disbursements, contracts, reserves, investments,

and any other matters relating to its financial standing. Such an

examination shall be conducted by the comptroller at least once every

five years; in lieu of such an examination, the comptroller may accept

from the corporation an external examination of the books and accounts

made at the request of the directors of the corporation.