N.Y. Public Authorities Law § 560: Moneys of the authority

§ 560. Moneys of the authority. All moneys of the authority from

whatever source derived shall be deposited as soon as practicable in

banks or trust companies to be designated by the authority. All deposits

of such moneys shall, if required by the authority, be secured by

obligations of the United States or of the state of New York or of the

city 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.

The authority shall have power notwithstanding the provisions of this

section, to contract with the holders of any of its bonds 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 in any way to secure bonds, 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 in any way to secure bonds 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.