N.Y. Public Housing Law § 53: Depositories of authority funds

§ 53. Depositories of authority funds. In order to protect funds

deposited by an authority all banks, bankers, trust companies or other

persons carrying on a banking business, organized under the laws of the

state, are authorized to give to the authority an undertaking with such

sureties as shall be approved by the authority, faithfully to keep and

pay over upon the order of the authority any such deposits and agreed

interest thereon, or in lieu of said sureties, to deposit as collateral

such securities and in such amounts as may be agreed upon with the

authority pursuant to a collateral deposit agreement in form and terms

satisfactory to the authority. The collateral to be deposited shall

consist of securities in which savings banks may legally invest funds

within their control.