New York Consolidated Laws, Public Authorities Law - PBA § 1020-n. Deposit and investment of 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 treasurer of the authority and shall be deposited forthwith in a bank or banks 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  The moneys in such accounts shall be withdrawn on the order of such person or persons as the authority may authorize.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 be secured in accordance with section two thousand nine hundred twenty-five of this chapter.  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;  the authority shall not be required to pay a fee for any such examination.

2. The authority shall have power to contract with holders of any of its bonds or notes, or any trustee therefor, as to the custody, collection, securing, investment and payment of any moneys of the authority and of any moneys held in trust or otherwise for the payment of bonds or notes, and to carry out any such contract.  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 shall be secured in accordance with section two thousand nine hundred twenty-five of this chapter, and all banks and trust companies in the state are authorized to give such security for such deposits.

3. Subject to agreements with noteholders and bondholders or any trustee therefor, the authority shall prescribe a uniform system of accounts in accordance with generally accepted accounting principles.