§ 1500-h. Moneys of the authority. All moneys of the authority from
whatever source derived shall be paid to the treasurer of the city 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 money in such accounts shall be paid out by the
treasurer on requisition of the chair of the authority or of such person
or persons as the authority may authorize to make such requisitions
after audit by and upon the warrant of the city comptroller. All
deposits of such moneys shall, if required by the treasurer or the
authority, be secured by obligations of the United States or the state
of New York or of any municipality 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. To the extent
practicable, consistent with the cash requirements of the authority, all
such monies shall be deposited in interest bearing accounts. The
treasurer and a legally authorized representative of the treasurer 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 account of the authority
shall be subject to the supervision of the New York state comptroller,
and such comptroller or legally authorized representatives of the
comptroller 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 and fiscal
affairs. 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 acquired in the same manner as moneys of
the authority, and all banks and trust companies are authorized to give
such security for such deposits. Any monies of the authority not
required for immediate use or disbursement may, at the discretion of the
authority, be invested pursuant to section ninety-eight-a of the state
finance law in accordance with guidelines established by the board and
amended from time to time. Subject to the provisions of any contract
with bondholders and with the approval of the state comptroller, the
authority shall prescribe a system of accounts, provided however, the
authority shall render a complete annual account of its proceedings to
the common council at its first meeting in January of each and every
year. The authority shall enter into agreement with the city to pay and
transfer a certain portion of excess revenues of the authority to the
city each fiscal year. Within ninety days after the end of each fiscal
year, an annual financial and management audit of the authority's
performance and operations shall be prepared by an independent certified
public accountancy firm. Such firm shall be chosen from an approved list
of auditors prescribed by the city comptroller, the expense of which
shall be treated as an expense of the authority.