N.Y. Public Officers Law § 69-a: Interest to be paid and collected on all deposits of public moneys amounting to one thousand dollars or more

§ 69-a. Interest to be paid and collected on all deposits of public

moneys amounting to one thousand dollars or more. Within twenty days of

the taking effect of this section, interest shall be required to be

paid, if not already so provided by law, on all deposits of public

moneys amounting to one thousand dollars or more made by a state, local

or other public officer or employee for or on behalf of the state or the

county, city, town, village, school district or other public

instrumentality or for or on behalf of any pension system or fund

maintained by law for any of the employees of the state, county, city,

town, village, school district or other public instrumentality, as the

case may be, to which such moneys belong. Within twenty days after this

section takes effect and, in the case of public officers or employees

hereafter elected or appointed within twenty days after entering upon

the duties of his office or employment, every public officer or employee

charged with the care and custody of public moneys and/or of moneys

entrusted to his care and custody by virtue of his office or employment

shall agree with the depositary thereof upon the rate of interest to be

paid thereon and such rate of interest shall thereupon and thereafter be

paid by said depositary at such time or times as shall be agreed upon.

All interest on such deposits shall be accounted for by the depositing

officer or employee in the same manner as other moneys received by such

officer or employee by virtue of his office or employment.

Nothing contained in this section or in any other general or special

law shall authorize, enable or require any state, local or other public

officer or employee, to demand or require of any banking corporation or

private banker, any agreement to pay, or payment of, interest upon any

deposit of public moneys or any deposit made for or on behalf of the

state or the county, city, town, village, school district or other

public instrumentality, board, agency or authority, or for or on behalf

of any pension system or fund maintained by law for any of the employees

of the state, county, city, town, village, school district or other

public board, agency, instrumentality or authority, as the case may be,

if payment of interest upon any such deposit is at the time prohibited

by state or federal law or by any regulation of either the

superintendent of financial services of this state, or of the board of

governors of the federal reserve system, or of the board of directors of

the Federal Deposit Insurance Corporation.