§ 51 — Monies of the agency

§ 51. Monies of the agency. 1. All monies of the agency, except as\notherwise authorized or provided in this article, shall be paid to the\ncommissioner of taxation and finance as agent of the agency, who shall\nnot commingle such monies with any other monies. Such monies shall be\ndeposited in a separate bank account or accounts. The monies in such\naccounts shall be paid out on checks signed by the commissioner of\ntaxation and finance on requisition of the chairman of the agency or of\nsuch other officer or employee or officers or employees as the agency\nshall authorize to make such requisition. All deposits of such monies\nshall, if required by the commissioner of taxation and finance or the\nagency, be secured by obligations of the United States or of the state\nof a market value equal at all times to the amount of the deposit and\nall banks and trust companies are authorized to give such security for\nsuch deposits.\n Notwithstanding the provisions of this section, the agency shall have\npower, subject to the approval of the commissioner of taxation and\nfinance, to contract with the holders of any of its notes or bonds, as\nto the custody, collection, securing, investment, and payment of any\nmonies of the agency, of any monies held in trust or otherwise for the\npayment of notes or bonds, and to carry out such contract. Monies held\nin trust or otherwise for the payment of notes or bonds or in any way to\nsecure notes or bonds and deposits of such monies may be secured in the\nsame manner as monies of the agency, and all banks and trust companies\nare authorized to give such security for such deposits.\n 2. Subject to agreements with noteholders and bondholders and the\napproval of the comptroller, the agency shall prescribe a system of\naccounts.\n 3. The comptroller, or his legally authorized representative, is\nhereby authorized and empowered from time to time to examine the books\nand accounts of the agency including its receipts, disbursements,\ncontracts, reserve funds, sinking funds, investments, and any other\nmatters relating to its financial standing. Such an examination shall be\nconducted by the comptroller at least once in every five years; the\ncomptroller is authorized, however, to accept from the agency, in lieu\nof such an examination, an external examination of its books and\naccounts made at the request of the agency.\n 4. The agency shall submit to the governor, chairman of the senate\nfinance committee, chairman of the assembly ways and means committee and\nthe comptroller, within thirty days of the receipt thereof by the\nagency, a copy of the report of every external examination of the books\nand accounts of the agency other than copies of the reports of such\nexaminations made by the comptroller.\n