§ 92-v. Linked deposit program fund.
1.There is hereby established in\nthe sole custody of the commissioner of taxation and finance a special\nfund to be known as the "linked deposit program fund".\n 2. Such fund shall consist of moneys deposited by public authorities\nor public benefit corporations created by or pursuant to the laws of the\nstate of New York pursuant to subdivision three of this section.\n 3. Notwithstanding any provision of law to the contrary, the public\nauthorities and public benefit corporations created by or pursuant to\nthe laws of the state of New York are authorized to invest their moneys\nor moneys under their management and control in the fund. Every public\nauthority or public benefit corporation, a majority of whose members are\nappointed by the governor
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§ 92-v. Linked deposit program fund. 1. There is hereby established in\nthe sole custody of the commissioner of taxation and finance a special\nfund to be known as the "linked deposit program fund".\n 2. Such fund shall consist of moneys deposited by public authorities\nor public benefit corporations created by or pursuant to the laws of the\nstate of New York pursuant to subdivision three of this section.\n 3. Notwithstanding any provision of law to the contrary, the public\nauthorities and public benefit corporations created by or pursuant to\nthe laws of the state of New York are authorized to invest their moneys\nor moneys under their management and control in the fund. Every public\nauthority or public benefit corporation, a majority of whose members are\nappointed by the governor or serve as members by virtue of holding a\ncivil office to which they were appointed by the governor, or any\ncombination thereof, shall adopt a resolution on or before April first,\nnineteen hundred ninety-seven, either setting forth a plan for\nparticipation in the excelsior linked deposit act as provided in article\nfifteen of this chapter or formally resolving not to participate in such\nact and setting forth the reason or reasons therefor. Within thirty days\nof the adoption of such resolution, every such public authority and\npublic benefit corporation shall notify the governor, the commissioner\nof economic development, the commissioner of taxation and finance, the\ntemporary president of the senate, and the speaker of the assembly of\nplans for participation in the excelsior linked deposit act or the\nreason or reasons for not participating therein.\n 4. Moneys placed in or pledged to the fund may be deposited by the\ncommissioner of taxation and finance as linked deposits pursuant to\narticle fifteen of this chapter. Notwithstanding any provision of law to\nthe contrary, when not deposited as linked deposits pursuant to article\nfifteen of this chapter, any such moneys in the fund may, in the\ndiscretion of the commissioner of taxation and finance, be invested in\nobligations authorized as investments pursuant to section ninety-eight\nof this article or retained by such public authority or public benefit\ncorporation until such time as the commissioner of taxation and finance\nrequests such moneys or a portion thereof, to be deposited as a linked\ndeposit pursuant to article fifteen of this chapter.\n