N.Y. Banking Law § 87: Deposits

§ 87. Deposits. 1. Notwithstanding any provisions of law to the

contrary, the state comptroller and the commissioner of taxation and

finance shall, for the purposes of administering moneys in accordance

with the provisions of sections ninety-eight-a and one hundred five of

the state finance law, give consideration to depositing funds into those

community banking institutions which are deemed eligible to receive

deposits pursuant to section eighty-six of this article.

2. The maximum amount of funds which the state comptroller and the

commissioner of taxation and finance may deposit under this program

shall not exceed two hundred fifty million dollars each. The maximum

amount of funds on deposit at a community banking institution shall not

exceed twenty million dollars.

3. Notwithstanding any provision of law to the contrary, any deposits

made pursuant to this article shall be made at rates, and for such

periods of time, as may be agreed to by the state comptroller or the

commissioner of taxation and finance and the eligible community banking

institution.

4. Any deposits made pursuant to this article may be secured by an

irrevocable letter of credit issued by a federal home loan bank.