N.Y. Retirement & Social Security Law § 178: Additional limitations on eligible investments

§ 178. Additional limitations on eligible investments.

Notwithstanding any other provision of law, including the provisions of

the administrative code of the city of New York, the trustee or trustees

of a fund shall not have the power to invest in any insured mortgage or

conventional mortgage of an unpaid principal amount at the time of

investment of less than two hundred fifty thousand dollars; provided,

however, that this limitation shall be inapplicable as to those

mortgages pledged, assigned or transferred to the fund as collateral

security for the unpaid balance of the bonds and notes purchased from

any bank, trust company, savings bank or savings and loan association

authorized by subdivision four of section one hundred seventy-seven of

this chapter; and provided further that, with respect to any fund

administered for employees of the city of New York, the trustee or

trustees of such a fund shall be authorized to invest in any insured

mortgage or conventional mortgage of an unpaid principal amount at the

time of investment of not less than one hundred thousand dollars.