§ 70.00 Fiscal agent.
a.The term "fiscal agent" as used in this\ntitle shall mean:\n 1. In counties, the chief fiscal officer thereof, unless the finance\nboard shall designate a different officer.\n 2. In cities, the chief fiscal officer thereof.\n 3. In towns and villages, the clerk thereof.\n 4. In school districts and district corporations, the clerk or\nsecretary or such other officer thereof as the finance board shall\ndesignate, except that in a river improvement or drainage district\nestablished by or under the supervision of the department of\nconservation the state comptroller shall act as fiscal agent. However, a\nfinance board on behalf of any municipality, school district or district\ncorporation, or in the case of the city of New York the chief fiscal\nofficer thereof
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§ 70.00 Fiscal agent. a. The term "fiscal agent" as used in this\ntitle shall mean:\n 1. In counties, the chief fiscal officer thereof, unless the finance\nboard shall designate a different officer.\n 2. In cities, the chief fiscal officer thereof.\n 3. In towns and villages, the clerk thereof.\n 4. In school districts and district corporations, the clerk or\nsecretary or such other officer thereof as the finance board shall\ndesignate, except that in a river improvement or drainage district\nestablished by or under the supervision of the department of\nconservation the state comptroller shall act as fiscal agent. However, a\nfinance board on behalf of any municipality, school district or district\ncorporation, or in the case of the city of New York the chief fiscal\nofficer thereof, may contract from time to time, with any bank or banks\nor trust company or trust companies located and authorized to do\nbusiness in this state for the purpose of having such bank or trust\ncompany act, in connection with all its obligations, or any specific\nissue or issues of its obligations, or any specific type or types of its\nobligations, as the fiscal agent for such municipality, school district\nor district corporation, including the maintenance of an office for the\nregistration, conversion, reconversion and transfer of bonds and notes,\nthe preparation and substitution of new bonds and notes, and for the\npayment of the principal thereof, redemption premium, if any, interest\nthereon, and for related services, and for the payment by such\nmunicipality, school district or district corporation of a reasonable\ncompensation to any such bank or trust company for the services to be\nperformed by it pursuant to such contract. Any such bank or trust\ncompany shall be responsible to the municipality, school district or\ndistrict corporation for the faithful and safe conduct of the services\nto be performed by it as such fiscal agent, or services related thereto;\nfor the fidelity and integrity of the officers and agents of such bank\nor trust company performing the duties of a fiscal agent, or services\nrelated thereto; and for all loss or damage which may result from any\nfailure of such officers or agents to discharge their duties and for any\nimproper or incorrect discharge of those duties; and shall save the\nmunicipality, school district or district corporation free and harmless\nfrom any and all loss or damage occasioned by or incurred in the\nperformance of such services. Such contracts may be terminated by the\nfinance board of the municipality, school district or district\ncorporation, or in the case of the city of New York the chief fiscal\nofficer thereof, at any time.\n b. The fiscal agent, if not already under bond, shall execute a bond\nin such form, in such sum and with such sureties as the finance board,\nor in the case of the city of New York the chief fiscal officer thereof,\nshall direct and approve, and such approval shall be indicated upon the\nbond. Such bond shall then be filed in the office of the clerk of the\ncounty in which the municipality, school district or district\ncorporation is located. If the municipality, school district or district\ncorporation is located in more than one county, a duplicate original of\nsuch bond, approved by the finance board, or in the case of the city of\nNew York the chief fiscal officer thereof, shall be filed in the office\nof the clerk of each county in which the municipality, school district\nor district corporation is located, except that in a city containing\nmore than one county such bond shall be filed only in the office of the\ncity clerk. The expense of such bond shall be a charge upon the\nmunicipality, school district or district corporation. The provisions of\nthis paragraph shall not apply to a bank or trust company which has been\ndesignated as fiscal agent of a municipality, school district or\ndistrict corporation pursuant to the provisions of paragraph a of this\nsection, unless the finance board of such municipality, school district\nor district corporation, or in the case of the city of New York the\nchief fiscal officer thereof, shall by resolution determine that such\nbank or trust company shall be required to furnish a bond for the\nfaithful performance of its duties as fiscal agent.\n c. No municipality, school district or district corporation, or any\nfiscal agent thereof, shall charge, impose, collect, or receive from the\nholder of any obligation issued pursuant to this chapter, or issued\npursuant to laws in effect prior to the effective date of this chapter,\nany fee or consideration for any services required to be performed by a\nfiscal agent pursuant to the provisions of this chapter. However, the\nholder of an obligation shall bear the expense of preparing new bonds or\ncoupons which he shall request to be issued pursuant to the provisions\nof title five of this article, also the actual and necessary expenses\nfor the mailing, shipping or the insuring of obligations incurred in\nconnection with the rendition of services performed by a fiscal agent at\nhis request. At least annually every fiscal agent shall render to and\nfile with the finance board of the municipality, school district or\ndistrict corporation, or in the case of the city of New York the chief\nfiscal officer thereof, for which he or it acts a statement of all\nmoneys received and disbursed by such agent for the expenses mentioned\nin this paragraph. Notwithstanding the foregoing provisions of this\nparagraph, if the finance board of a municipality, school district or\ndistrict corporation, or in the case of the city of New York the chief\nfiscal officer thereof, shall determine that it would be to the\nfinancial advantage of the municipality, school district or district\ncorporation not to impose and collect such mailing, shipping or\ninsurance charges, it may adopt a resolution directing its fiscal agent\nnot to impose and collect any or all of such charges.\n d. Notwithstanding any other provisions of law, the comptroller of the\ncity of New York may prescribe rules and regulations for the\nregistration, conversion, reconversion and transfer of the bonds and\nnotes of the city of New York, including the preparation and\nsubstitution of new bonds, for the payment of the principal thereof,\nredemption premium, if any, and interest thereon, and for other\nauthorized services to be performed by such fiscal agent.\n e. Any bank or trust company acting as the fiscal agent of a\nmunicipality, school district or district corporation may bid for,\npurchase, acquire, hold, sell or dispose of obligations of the\nmunicipality, school district or district corporation for which it acts\nas such agent, and may enter into other service contracts with the\nmunicipality, school district or district corporation. No bank or trust\ncompany acting as such fiscal agent shall print, engrave, or otherwise\nprepare, new bonds or coupons required in connection with the conversion\nand reconversion of bonds as provided in title five of this article, if\nsuch bank or trust company acts as fiscal agent in such conversion or\nreconversion.\n