The treasurer of such commission shall, before entering upon the discharge of his duties, execute and file in the office of the commission his bond or undertaking in the penal sum of twenty-five thousand dollars, conditioned for the faithful performance of his duties and the lawful application of all moneys which may come into his hands as such treasurer. He shall keep a full and accurate account of all moneys received and paid out by the commission and such account shall at all times be open to inspection. The treasurer, shall, in the month of July each year, make and file with the clerk of each such municipality, a detailed verified report of all receipts and disbursements for the preceding fiscal year.
N.Y. Port of Albany Law § 3