New York Laws
Article 12 - New York City Housing Development Corporation
666 - Moneys of the Corporation.

§ 666. Moneys of the corporation. 1. All moneys of the corporation,
except as otherwise authorized or provided in this article, shall be
deposited as soon as practicable in a separate account or accounts in
banks or trust companies organized under the laws of the state or
national banking association doing business in the city. The moneys in
such accounts shall be paid out on checks signed by such officer or
employee of the corporation as the corporation shall authorize. All
deposits of such moneys shall, if required by the corporation, be
secured by obligations of the United States or of the state or of the
city 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.

Notwithstanding the provisions of this section, the corporation shall
have power to contract with the holders of any of its notes or bonds as
to the custody, collection, securing, investment and payment of any
moneys of the corporation and of any moneys held in trust or otherwise
for the payment of notes or bonds, and to carry out such contract.
Moneys held in trust or otherwise for the payment of notes or bonds or
in any way to secure notes or bonds and deposits of such moneys may be
secured in the same manner as moneys of the corporation, and all banks
and trust companies are authorized to give such security for such
deposits.

2. Subject to the provisions of any contract with noteholders and
bondholders and the approval of the comptroller, the corporation shall
prescribe a system of accounts.

3. The comptroller, or his legally authorized representative, is
hereby authorized and empowered from time to time to examine the books
and accounts of the corporation including its receipts, disbursements,
contracts, reserve funds, sinking funds, investments, and any other
matters relating to its financial standing. Such an examination shall be
conducted by the comptroller at least once in every five years; the
comptroller is authorized, however, to accept from the corporation, in
lieu of such an examination, an external examination of its books and
accounts made at the request of the corporation.

4. The corporation shall submit to the mayor and the comptroller
within thirty days of the receipt thereof by the corporation a copy of
the report of every external examination of the books and accounts of
the corporation other than copies of the reports of such examinations
made by the comptroller.