N.Y. PBA Law § 1225-H

§ 1225-h. Resources of the fund. (a) Subject to the provisions of this\ntitle the trustees of the fund shall receive, accept, invest,\nadminister, expend and disburse for its corporate purposes all monies\nfor the transit construction fund from whatever sources derived.\n (b) The monies of the fund shall be paid to the comptroller of the\ncity as agent of the fund, who shall not commingle such monies with any\nother monies.\n (c) The monies in any of the fund's accounts shall be paid out on\nchecks signed by the comptroller of the city on requisitions of the\nchairman of the trustees of the fund or of such other officer or\nemployee as the trustees shall authorize to make such requisition.\n (d) Subject to the terms of any lease, sublease, or agreement\nundertaken by the fund, any such monies of the fund not required for\nimmediate use may, at the discretion of the fund, be invested in\nobligations of the United States, the state or the city or in\nobligations the principal and interest of which are guaranteed by the\nUnited States or the state or for the payment of which the faith and\ncredit of the United States or the state is pledged. The comptroller of\nthe city, as agent of the fund, shall make the investments when so\nrequested by the fund.\n (e) The comptroller of the city or his legally authorized\nrepresentative from time to time may examine the books and accounts of\nthe fund, including its receipts, disbursements, contracts, reserves,\ninvestments, and any other matters relating to its financial standing.\nSuch an examination shall be conducted by the comptroller of the city at\nleast once every five years or, in lieu of such an examination, the\ncomptroller of the city may accept from the fund an external examination\nof the fund's books and accounts made at the request of the trustees of\nthe fund.\n