§ 87 — Deposits

New York § 87

• Jurisdiction: New York
• Law BNK: Banking
• Art. 2-C: Community Bank Deposit Program

Text

§ 87. Deposits. 1. Notwithstanding any provisions of law to the\ncontrary, the state comptroller and the commissioner of taxation and\nfinance shall, for the purposes of administering moneys in accordance\nwith the provisions of sections ninety-eight-a and one hundred five of\nthe state finance law, give consideration to depositing funds into those\ncommunity banking institutions which are deemed eligible to receive\ndeposits pursuant to section eighty-six of this article.\n 2. The maximum amount of funds which the state comptroller and the\ncommissioner of taxation and finance may deposit under this program\nshall not exceed two hundred fifty million dollars each. The maximum\namount of funds on deposit at a community banking institution shall not\nexceed twenty million dollars.\n 3. Notwithstanding any provision of law to the contrary, any deposits\nmade pursuant to this article shall be made at rates, and for such\nperiods of time, as may be agreed to by the state comptroller or the\ncommissioner of taxation and finance and the eligible community banking\ninstitution.\n 4. Any deposits made pursuant to this article may be secured by an\nirrevocable letter of credit issued by a federal home loan bank.\n