Section 1225-H. Resources of the fund

(a) Subject to the provisions of this
  title   the   trustees  of  the  fund  shall  receive,  accept,  invest,
  administer, expend and disburse for its corporate  purposes  all  monies
  for the transit construction fund from whatever sources derived.
    (b)  The  monies  of  the fund shall be paid to the comptroller of the
  city as agent of the fund, who shall not commingle such monies with  any
  other monies.
    (c)  The  monies  in  any  of the fund's accounts shall be paid out on
  checks signed by the comptroller of the  city  on  requisitions  of  the
  chairman  of  the  trustees  of  the  fund  or  of such other officer or
  employee as the trustees shall authorize to make such requisition.
    (d) Subject  to  the  terms  of  any  lease,  sublease,  or  agreement
  undertaken  by  the  fund,  any such monies of the fund not required for
  immediate use may, at  the  discretion  of  the  fund,  be  invested  in
  obligations  of  the  United  States,  the  state  or  the  city  or  in
  obligations the principal and interest of which are  guaranteed  by  the
  United  States  or  the  state or for the payment of which the faith and
  credit of the United States or the state is pledged.  The comptroller of
  the city, as agent of the fund,  shall  make  the  investments  when  so
  requested by the fund.
    (e)   The   comptroller   of   the  city  or  his  legally  authorized
  representative from time to time may examine the books and  accounts  of
  the  fund,  including  its receipts, disbursements, contracts, reserves,
  investments, and any other matters relating to its  financial  standing.
  Such an examination shall be conducted by the comptroller of the city at
  least  once  every  five  years  or, in lieu of such an examination, the
  comptroller of the city may accept from the fund an external examination
  of the fund's books and accounts made at the request of the trustees  of
  the fund.