N.Y. Public Authorities Law § 660: Moneys of the authority

§ 660. Moneys of the authority. All moneys of the authority shall be

paid to the treasurer of the county 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 by said treasurer on requisition of the

chairman of the authority or of such other person or persons as the

authority may authorize to make such requisitions. All deposits of such

moneys shall, if required by the treasurer 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 of the county is hereby authorized to audit

the accounts of the authority. The authority shall have power,

notwithstanding the provisions of this section, to contract with the

holders of any of its notes and 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 notes and bonds or

in any way to secure notes and 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 notes and bonds or in any way to secure notes and 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.

The accounts of the authority shall be subject to the supervision of

the state comptroller.