N.Y. State Finance Law § 92-v: Linked deposit program fund

§ 92-v. Linked deposit program fund. 1. There is hereby established in

the sole custody of the commissioner of taxation and finance a special

fund to be known as the "linked deposit program fund".

2. Such fund shall consist of moneys deposited by public authorities

or public benefit corporations created by or pursuant to the laws of the

state of New York pursuant to subdivision three of this section.

3. Notwithstanding any provision of law to the contrary, the public

authorities and public benefit corporations created by or pursuant to

the laws of the state of New York are authorized to invest their moneys

or moneys under their management and control in the fund. Every public

authority or public benefit corporation, a majority of whose members are

appointed by the governor or serve as members by virtue of holding a

civil office to which they were appointed by the governor, or any

combination thereof, shall adopt a resolution on or before April first,

nineteen hundred ninety-seven, either setting forth a plan for

participation in the excelsior linked deposit act as provided in article

fifteen of this chapter or formally resolving not to participate in such

act and setting forth the reason or reasons therefor. Within thirty days

of the adoption of such resolution, every such public authority and

public benefit corporation shall notify the governor, the commissioner

of economic development, the commissioner of taxation and finance, the

temporary president of the senate, and the speaker of the assembly of

plans for participation in the excelsior linked deposit act or the

reason or reasons for not participating therein.

4. Moneys placed in or pledged to the fund may be deposited by the

commissioner of taxation and finance as linked deposits pursuant to

article fifteen of this chapter. Notwithstanding any provision of law to

the contrary, when not deposited as linked deposits pursuant to article

fifteen of this chapter, any such moneys in the fund may, in the

discretion of the commissioner of taxation and finance, be invested in

obligations authorized as investments pursuant to section ninety-eight

of this article or retained by such public authority or public benefit

corporation until such time as the commissioner of taxation and finance

requests such moneys or a portion thereof, to be deposited as a linked

deposit pursuant to article fifteen of this chapter.