Section 1681. Moneys of the authority

1. The moneys of the authority shall,
  except  as otherwise provided in this section, be deposited in a general
  account and such other accounts as the authority may deem necessary  for
  the  transaction  of its business and shall be paid out on checks signed
  by the chairman of the authority or by such other person or  persons  as
  the authority may authorize.
    2.  All  moneys  of the authority derived from state appropriations or
  the sale of bonds and all moneys constituting  reserve  funds  shall  be
  paid  to  the  comptroller  of  the state as agent of the authority, who
  shall not commingle such moneys with other moneys. Such moneys shall  be
  deposited  in  a  separate  bank account or accounts. The moneys in such
  accounts shall be paid out on check of the comptroller on requisition of
  the chairman of the authority or of such other person or persons as  the
  authority  may authorize to make such requisitions. All deposits of such
  moneys shall, if required  by  the  comptroller  or  the  authority,  be
  secured  by  obligations of the United States of America 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.
    3. The authority shall have power notwithstanding  the  provisions  of
  this title, to contract with or for the benefit of 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 other provisions of this title. In any  contract  with
  or for the benefit of the holders of any of its bonds, the authority may
  pledge  or  assign  any  moneys  payable  or  to  become  payable to the
  authority and, upon notification by the authority to any public  officer
  directed  or  authorized  by  law  to pay to the authority any moneys so
  pledged or assigned of the existence and the  terms  and  conditions  of
  such  pledge or assignment, such public officer shall thereafter pay any
  such moneys otherwise payable directly to the  authority  in  accordance
  with  the  terms of such pledge and assignment.  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.
    4.  Notwithstanding  any  other  provision of law to the contrary, the
  authority  shall  have  the  power,  for  more  efficient  and  economic
  management  of its affairs, to establish one or more accounts from which
  to pay moneys and into which it may temporarily transfer moneys  of  the
  authority  held  in  various  accounts  or  funds  for  the providing of
  dormitories or other facilities and, subject to such use, maintained for
  the benefit of various bond and noteholders; provided that (a) any  such
  account  or accounts shall be under the exclusive management and control
  of the authority and shall be kept separate and  apart  from  any  other
  moneys  or  assets  of  the  authority;  (b)  the authority shall keep a
  separate accounting and accurate records of the  various  moneys  to  be
  transferred into such account or accounts and that any moneys to be paid
  from any such account to meet such liabilities of the authority shall be
  derived  from  the  appropriate  account  or  fund  held  to  meet  such
  liability; and (c) any pledge  or  security  interest  created  for  the
  benefit  of others in the moneys to be transferred into any such account
  shall continue to exist while such moneys are in such account until such
  moneys are  paid  by  the  authority  for  the  appropriate  contractual
  liability  and,  prior  to such payment by the authority, such moneys so

  transferred shall not be subject to the claims of others  who  were  not
  previously the beneficiary of any such pledge or security interest.
    5.   The   comptroller   of  the  state  and  his  legally  authorized
  representatives are hereby authorized and empowered from time to time to
  examine the accounts and books of the authority, including its receipts,
  disbursements, contracts,  sinking  funds,  investments  and  any  other
  matters relating to its financial standing.