Section 880. Moneys of the authority

1. The treasurer of the authority
  shall demand, collect, receive and have the care and custody  of  moneys
  belonging  to or due the authority from every source. Not later than the
  business day next following the day of their receipt the treasurer shall
  deposit in his name, as treasurer of the authority, all such  moneys  in
  such  banks  or  trust  companies  as  shall  have  been  designated  as
  depositaries of the moneys of the authority by resolution of the  board.
  The  deposit  of  such  moneys  in a bank or trust company so designated
  shall release the treasurer and his sureties from any liability for loss
  of such moneys by reason of  the  default  or  insolvency  of  any  such
  depositary.  The  board  may  require  any  bank  or  trust  company  so
  designated in which such moneys are on deposit or are to be deposited to
  deliver to the board a surety bond payable to the authority, executed by
  a surety company authorized to  transact  business  in  this  state  and
  securing  to the authority the payment of such deposits. In lieu of such
  a depositary bond, the board may require such bank or trust  company  to
  deposit with the board or its authorized agent obligations of the United
  States,  of  the  state  of  New  York, or of any municipality or school
  district of the state  of  New  York  as  security  for  moneys  of  the
  authority  deposited in such bank or trust company.  All banks and trust
  companies are hereby authorized and  empowered  to  secure  deposits  of
  moneys  of  the  authority as hereinbefore provided in this subdivision.
  Moneys of the authority shall be disbursed only on the signature of  the
  treasurer  by  checks payable to the person or persons entitled thereto.
  No money shall be paid out by the treasurer except  upon  order  of  the
  board or of such other person or persons as the board may authorize.
    2.  Notwithstanding the provisions of subdivision one of this section,
  the authority shall have power 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 any such contract may
  be inconsistent with the provisions of subdivision one 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 secured in the same
  manner as moneys of the authority, and all banks and trust companies are
  hereby authorized and empowered to give such security for such deposits.
    3. The state 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, sinking funds, reserve funds, investments and
  any other matters relating to its financial standing.