Section 531. Moneys of the authority

1. All moneys of the authority from
  whatever source derived shall be paid to the comptroller 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 moneys  in  such  accounts  shall  be  paid  out  on  check  of  the
  comptroller  on  requisition of the chairman of the authority or of such
  other person as the authority may authorize to  make  such  requisition.
  All deposits of such moneys shall, if required by the comptroller or the
  authority,  be  secured  by  obligations  of the United States or of the
  state of New York 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.  The  comptroller  and  his  legally
  authorized representatives are hereby 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 matters relating to its financial standing.
    2. The authority shall have power notwithstanding  the  provisions  of
  this  section, to contract with the holders of any of its bonds or notes
  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 notes or in any way to secure  bonds  or  notes,
  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 notes or  in  any
  way  to secure bonds or notes and deposits of such moneys may be secured
  in the same manner as moneys of the authority, and all banks  and  trust
  companies are authorized to give such security for such deposits.
    3.  After  reserving  sufficient  moneys to provide for payment of the
  cost of improvement and repair of the existing  bridges,  the  authority
  shall  apply  the  remainder  of  its  funds  not otherwise obligated in
  reduction or extinguishment of any bonds of the authority outstanding at
  the time this act takes effect.
    4. Except as otherwise  provided  by  this  act,  any  moneys  of  the
  authority  which  are  not  immediately  required  may  be  invested  in
  obligations of the categories specified in  subdivisions  one  to  five,
  both  inclusive,  of  section  ninety-eight  of  the  state  finance law
  maturing or redeemable at the option of the holder within two  years  of
  the date of such investments or in a certificate of deposit of a bank or
  trust company in this state.