1. All moneys of the authority from whatever source derived, except as otherwise authorized
or provided in this title, shall be paid to the authority and shall be deposited forthwith
in a bank or banks in the state 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 The moneys in such accounts shall be withdrawn on the order of such person or persons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, if required by the authority, be secured in such
manner as the authority may determine. 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. Such an examination shall be conducted by the comptroller at least once in every
five years; the comptroller is authorized, however, to accept from the authority,
in lieu of such an examination, an external examination of its books and accounts
made at the request of the authority.
2. Notwithstanding any other provisions of this title related to the investment of
moneys of the authority, the authority shall have power to contract with holders of
any of its bonds, as to the custody, collection, securing, investment, and payment
of any moneys of the authority, of any moneys held in trust or otherwise for the payment
of bonds, and to carry out such contract. 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 invested, secured in such manner as shall
be set forth in such contract or agreement, and all banks and trust companies are
authorized to give such security for such deposits. The authority shall establish and may amend from time to time, guidelines for the
investment of its moneys, including those held in trust for the benefit of the holders
of bonds, and shall file such guidelines in the authority's public records within
sixty days after the adoption of such guidelines or amendments thereto.
3. Subject to the provisions of any agreement with the holders of bonds and to the
approval of the comptroller, the authority shall prescribe a system of accounts.
4. The authority shall submit to the comptroller, within thirty days of the receipt
thereof by the authority, a copy of the report of every external examination of the
books and accounts of the authority.
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