Section 2490-H. Moneys of the authority

1. All moneys of the authority
  shall be paid to the commissioner of finance of  the  city  of  Saratoga
  Springs as agent for the authority, who shall designate depositories and
  who shall not commingle such moneys with any other moneys. The moneys in
  such accounts shall be paid out on checks of the commissioner of finance
  on  requisition of the chairman of the authority or of such other person
  or persons as the authority may authorize upon proper audit of the city.
    2. At the end of every fiscal year, the authority shall pay all excess
  funds to the city  for  its  use.  The  term  excess  funds  shall  mean
  authority  moneys  not  required  for the authority's budget in the next
  fiscal year. In addition, the authority, with the consent  of  the  city
  council, can retain funds in a special capital account as a reserve fund
  for   possible   future   capital   projects   such  as  major  repairs,
  reconstruction or renovation of the civic center,  additional  equipment
  or  replacement  of  existing  fixtures  and  equipment. The size of the
  capital account shall be mutually agreed to by  the  authority  and  the
  city,  and  no  funds  shall  be  expended from the said capital account
  without the consent of the city council.
    3. All deposits of such moneys shall, if required by the  commissioner
  of  finance,  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 the deposits.
    4.  The  city  of  Saratoga  Springs  commissioner  of finance and his
  legally authorized representative are authorized and empowered from time
  to time to examine the accounts and books of  the  authority,  including
  all   receipts,   disbursements,   contracts,   leases,  sinking  funds,
  investments and any other records and papers relating to  its  financial
  standing.
    5.  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 and the 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.