Section 1407. Moneys of the authority

All moneys of the authority shall be
  paid to the treasurer of the city or deposited directly  in  a  separate
  bank  account  in the name of the treasurer of the city, as agent of the
  authority, who shall not comingle 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  treasurer  on
  requisition  of  the  chairman  of  the  authority  or of such person or
  persons as the authority may authorize to make such  requisitions  after
  audit  by  the treasurer. All deposits of such moneys shall, if required
  by the treasurer 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
  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  and  the  authority
  shall  render a complete annual account of its proceedings to the common
  council at its first meeting in January of each and every year.