N.Y. General City Law § 20-c: Temporary investment of certain city funds in obligations of the United States

§ 20-c. Temporary investment of certain city funds in obligations of

the United States. Notwithstanding any other provision of law, each city

of the state, acting through its board of estimate or other analogous

governing body, may authorize its comptroller or other chief fiscal

officer, to set aside in a special fund, all or part of the proceeds of

the sale of serial or other city bonds sold prior to February first,

nineteen hundred forty-five, which such comptroller or other chief

fiscal officer may determine, in his discretion, not to be needed

immediately for making payments for the purposes for which such bonds

were issued, and may authorize such comptroller or other chief fiscal

officer to invest such fund in direct obligations of the United States

which may be issued in registered or inscribed form until such time as

funds are needed or should be available for the purposes for which such

bonds were issued. Such comptroller or other chief fiscal officer may

thereupon invest such fund in such obligations and may thereafter sell

all or any of such obligations whenever he deems such sale advisable.

Nothing in this section contained shall be deemed to refer to refunding

bonds.