N.Y. Public Authorities Law § 2714: Moneys of the authority

§ 2714. Moneys of the authority. 1. All moneys of the authority from

whatever source derived, except as otherwise authorized or provided in

this title, shall be paid to 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The moneys in such accounts shall be withdrawn on the order of such

person or persons as the authority may authorize. All deposits of such

moneys shall, if required by the authority, be secured in such manner as

the authority may determine. The state 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.

Such an examination shall be conducted by the comptroller at least once

in every five years; the comptroller is authorized, however, to accept

from the authority, in lieu of such an examination, an external

examination of its books and accounts made at the request of the

authority.

2. Notwithstanding any other provisions of this title related to the

investment of moneys of the authority, the authority shall have power to

contract with holders of any of its bonds, 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, and to carry out such contract. 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 invested, secured in such manner as shall be set

forth in such contract or agreement, and all banks and trust companies

are authorized to give such security for such deposits. The authority

shall establish and may amend from time to time, guidelines for the

investment of its moneys, including those held in trust for the benefit

of the holders of bonds, and shall file such guidelines in the

authority's public records within sixty days after the adoption of such

guidelines or amendments thereto.

3. Subject to the provisions of any agreement with the holders of

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

prescribe a system of accounts.

4. The authority shall submit to the comptroller, within thirty days

of the receipt thereof by the authority, a copy of the report of every

external examination of the books and accounts of the authority.