Section 1420-I. Moneys of the authority

All moneys of the authority shall
  be paid to the chief financial officer of the  municipality  within  the
  district  chosen by the board for deposit of such moneys 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 by  such  chief  financial
  officer on requisition of the chairman of the authority or of such other
  person   or  persons  as  the  authority  may  authorize  to  make  such
  requisitions after audit by such chief financial officer.  All  deposits
  of such moneys shall, if required by such chief financial officer 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 chief  financial  officer  and  his
  legally  authorized  representatives  are  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 records and papers relating to its financial
  standing. The authority shall have power, notwithstanding the provisions
  of this section, 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 such  contract  may  be  inconsistent
  with  the  previous  provisions 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 acquired in the same manner as moneys of
  the authority, and all banks and trust companies are authorized to  give
  such  security for such deposits. The accounts of the authority shall be
  subject to the supervision of the  state  comptroller.    The  authority
  shall  render a complete account of its proceedings to the participating
  municipalities at such time or times as  requested  to  do  so  by  said
  municipalities.