N.Y. Public Authorities Law § 3239: Resources of the corporation

§ 3239. Resources of the corporation. 1. 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:

(a) payments by the state pursuant to the provisions of section three

thousand two hundred forty of this title; and

(b) any other payments, gifts, or appropriations to the corporation

from any other source.

2. The monies of the corporation shall be held by the corporation and

may be invested as provided in subdivision ten of section thirty-two

hundred thirty-five of this title. Subject to provisions of any contract

with bondholders or noteholders, all monies received by the corporation

other than as proceeds of its bonds or notes which, together with other

monies of the corporation available for the operating expenses of the

corporation, the payment of debt service and the other purposes listed

in section thirty-two hundred forty of this title, exceed the amount

required for such purposes shall be applied by the corporation to the

acceleration of the payment of principal on the bonds or notes of the

corporation or to the redemption thereof.

3. The comptroller or 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

should be conducted by the comptroller or such legally authorized

representative 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.