N.Y. EDN Law § 459

§ 459. Resources of the fund. 1. The fund may receive, accept,\ninvest, administer, expend and disburse for its corporate purposes\nappropriations or advances from the city of New York, and other revenues\nand moneys made available or to be made available to the fund from any\nor all sources, including gifts, grants, loans and payments from the\nfederal government, any state agency, any private foundation,\norganization or individual, or any other source, for the construction,\nacquisition, reconstruction, rehabilitation and improvement of combined\noccupancy structures, for the maintenance and repair of such structures,\nor for the costs of personal service and maintenance and operation of\nthe fund.\n 2. All moneys of the fund, except as otherwise authorized or provided\nin this article, shall be paid to the comptroller of the city of New\nYork as agent of the fund, who shall not commingle such moneys with any\nother moneys. Such moneys shall be deposited in two or more separate\nbank accounts. The moneys in any account shall be paid out of checks\nsigned by the comptroller on requisition of the chairman of the fund or\nof such other officer or employee or officers or employees as the fund\nshall authorize to make such requisition. All deposits of such money\nshall, if required by the comptroller or the trustees of the fund, be\nsecured by obligations of the United States or of the city or the state\nof a market value equal at all times to the amount of the deposit and\nall banks and trust companies are authorized to give such security for\nsuch deposits.\n 3. Subject to the terms of any lease, sublease or other agreement\nundertaken by the fund, any such moneys of the fund not required for\nimmediate use may, at the discretion of the fund, be invested by the\ncomptroller in obligations of the United States, the state or the city\nor in obligations the principal and interest of which are guaranteed by\nthe United States, the state or the city.\n 4. The chairman of the fund shall annually, on or before January\nfirst, prepare and submit to the mayor and the director of the budget of\nthe city of New York, on behalf of the trustees of the fund, an itemized\nbudget for the administration of the fund during the city's next\nsucceeding fiscal year and information as to the payment or provision\nfor payment of obligations of the fund expected to be required during\nsuch year.\n 5. The city comptroller, or his legally authorized representative, is\nhereby authorized and empowered from time to time to examine the books\nand accounts of the fund including its receipts, disbursements,\ncontracts, reserves, investments, and any other matters relating to its\nfinancial standing. Such an examination shall be conducted by the\ncomptroller at least once in every five years; the comptroller is\nauthorized, however, to accept from the fund, in lieu of such an\nexamination, an external examination of its books and accounts made at\nthe request of the trustees of the fund.\n