Section 1600-HH. Moneys of the authority

All moneys of the authority shall
  be paid to the  village  treasurer  of  the  village  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 the village treasurer
  of the village on requisition of the chairperson of the authority or  of
  such other person or persons as the authority may authorize to make such
  requisitions  after  audit by the village treasurer of the village.  All
  deposits of such moneys shall, if required by the village  treasurer  of
  the  village  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 treasurer of the
  village and his or her 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  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 anyway 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
  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 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  village  board of trustees at its first meeting of
  each year and at such other times as may reasonably be requested by  the
  village board of trustees.