N.Y. Public Health Law § 395-a: Designation of depository

§ 395-a. Designation of depository. The board of health of any

consolidated health district may designate by resolution one or more

banks or trust companies in which the moneys paid to the president of

the board as provided herein shall be deposited. Notwithstanding the

provisions of section four hundred ten of the education law, in a

consolidated health district in which there is but one bank or trust

company, the bank or trust company so designated as depository may be

one of which members of such board of health are officers, directors or

stockholders. Such designation and deposit of such moneys shall release

the president of the board from any liability for loss of such moneys by

reason of the default or insolvency of any such depository. The board of

health may require any bank or trust company so designated as a

depository in which such moneys are on deposit or are to be deposited to

deliver to such board a surety bond payable to the consolidated health

district, executed by a surety company authorized to transact business

in this state and securing to such district the payment of such

deposits; or in lieu of such a surety bond, such board may require any

such bank or trust company to deposit with such board obligations of the

United States of America, of the state of New York or of any county,

town, city, village or school district of the state of New York as

security for such moneys so deposited, but such obligations shall be

subject to the approval of such board and shall be held for safekeeping

at such place and under such conditions as such board may determine.