§ 666 — Moneys of the corporation

§ 666. Moneys of the corporation. 1. All moneys of the corporation,\nexcept as otherwise authorized or provided in this article, shall be\ndeposited as soon as practicable in a separate account or accounts in\nbanks or trust companies organized under the laws of the state or\nnational banking association doing business in the city. The moneys in\nsuch accounts shall be paid out on checks signed by such officer or\nemployee of the corporation as the corporation shall authorize. All\ndeposits of such moneys shall, if required by the corporation, be\nsecured by obligations of the United States or of the state or of the\ncity of a market value equal at all times to the amount of the deposit\nand all banks and trust companies are authorized to give such security\nfor such deposits.\n Notwithstanding the provisions of this section, the corporation shall\nhave power to contract with the holders of any of its notes or bonds as\nto the custody, collection, securing, investment and payment of any\nmoneys of the corporation and of any moneys held in trust or otherwise\nfor the payment of notes or bonds, and to carry out such contract.\nMoneys held in trust or otherwise for the payment of notes or bonds or\nin any way to secure notes or bonds and deposits of such moneys may be\nsecured in the same manner as moneys of the corporation, and all banks\nand trust companies are authorized to give such security for such\ndeposits.\n 2. Subject to the provisions of any contract with noteholders and\nbondholders and the approval of the comptroller, the corporation shall\nprescribe a system of accounts.\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 corporation 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 corporation, in\nlieu of such an examination, an external examination of its books and\naccounts made at the request of the corporation.\n 4. The corporation shall submit to the mayor and the comptroller\nwithin thirty days of the receipt thereof by the corporation a copy of\nthe report of every external examination of the books and accounts of\nthe corporation other than copies of the reports of such examinations\nmade by the comptroller.\n