N.Y. Public Authorities Law § 531: Moneys of the authority

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

whatever source derived shall be paid to the comptroller as agent of the

authority, 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 accounts shall be paid out on check of the

comptroller on requisition of the chairman of the authority or of such

other person as the authority may authorize to make such requisition.

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 of New York 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. The comptroller and his legally

authorized representatives are hereby 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 matters relating to its financial standing.

2. The authority shall have power notwithstanding the provisions of

this section, to contract with the holders of any of its bonds or notes

as to the custody, collection, securing, investment and payment of any

moneys of the authority, or any moneys held in trust or otherwise for

the payment of bonds or notes or in any way to secure bonds or notes,

and to carry out any such contract notwithstanding that such contract

may be inconsistent with the previous provisions of this section. 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 authority, and all banks and trust

companies are authorized to give such security for such deposits.

3. After reserving sufficient moneys to provide for payment of the

cost of improvement and repair of the existing bridges, the authority

shall apply the remainder of its funds not otherwise obligated in

reduction or extinguishment of any bonds of the authority outstanding at

the time this act takes effect.

4. Except as otherwise provided by this act, any moneys of the

authority which are not immediately required may be invested in

obligations of the categories specified in subdivisions one to five,

both inclusive, of section ninety-eight of the state finance law

maturing or redeemable at the option of the holder within two years of

the date of such investments or in a certificate of deposit of a bank or

trust company in this state.