§ 87-b. Investments in obligations of the city of Yonkers;\nindemnification.
1.The state insurance fund, and all state officers\nwith responsibility for the custody or investment thereof, are\nauthorized and directed to take any and all actions necessary or\nappropriate to cause such fund to make purchases as soon as possible,\nbut in no event later than December first, nineteen hundred\nseventy-five, of obligations of the city of Yonkers in the aggregate\nprincipal amount of fifteen million dollars, provided, however, that at\nthe date of any such purchase the city of Yonkers has not defaulted in\nthe payment of any of its outstanding bonds or notes. The terms and\nconditions of such obligations, including the rates of interest thereon,\nshall be determined by the city of Yonkers, aft
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§ 87-b. Investments in obligations of the city of Yonkers;\nindemnification. 1. The state insurance fund, and all state officers\nwith responsibility for the custody or investment thereof, are\nauthorized and directed to take any and all actions necessary or\nappropriate to cause such fund to make purchases as soon as possible,\nbut in no event later than December first, nineteen hundred\nseventy-five, of obligations of the city of Yonkers in the aggregate\nprincipal amount of fifteen million dollars, provided, however, that at\nthe date of any such purchase the city of Yonkers has not defaulted in\nthe payment of any of its outstanding bonds or notes. The terms and\nconditions of such obligations, including the rates of interest thereon,\nshall be determined by the city of Yonkers, after consultation with the\ncommissioners of the fund, provided such terms and conditions are found\nto be fair and reasonable by the state comptroller.\n 2. It is hereby found and declared that obligations of the city of\nYonkers are reasonable, prudent, proper and legal investments for the\nstate insurance fund or for any state officer with custody or\nresponsibility for the investment of the assets thereof.\n 3. Notwithstanding any other provision of law, including the\nprovisions of section seventeen of the public officers law, no state\nofficer with custody or responsibility for the investment of the assets\nthereof shall incur or suffer any liability whatsoever to any person\nbeneficially interested in such system by reason of actions taken\npursuant to the authorization and direction of subdivision one and such\nfund shall save harmless and indemnify all such officers and any\ninvestment advisors from financial loss arising out of any claim,\ndemand, suit, action or judgment for alleged negligence, waste or breach\nof fiduciary duty by reason of any investment of any monies of the state\ninsurance fund in obligations of the city of Yonkers provided that such\nperson shall, within five days after the date on which he is served with\nany summons, complaint, process, notice, demand, claim or pleading,\ndeliver the original or a true copy thereof to the legal advisor of such\nsystem. Upon such delivery the legal advisor of the state insurance fund\nmay assume control of the representation of such person in connection\nwith such claim, demand, suit, action or proceeding. Such person shall\ncooperate fully with the legal advisor of the system or any other person\ndesignated to assume such defense in respect of such representation or\ndefense.\n 4. In order to obtain the funds necessary to purchase the bonds\nrequired by this chapter, the commissioners of the state insurance fund\nin accordance with rules and regulations adopted by such commissioners\nshall have the right to borrow an amount not exceeding the obligation\nincurred by such fund pursuant to this chapter and to pledge as\ncollateral therefor such assets as they may deem advisable.\n