New York § 116 - 116Certificates of deposit
Full text of New York New York Consolidated Laws § 116 — 116Certificates of deposit, with citation guidance and answers to common questions.
§ 116. 116Certificates of deposit
§ 116. Certificates of deposit. The legislative body of a city may authorize and empower its chief fiscal officer, in his discretion, to issue certificates of deposit, each in the sum of ten dollars, or any multiple thereof, and at such a rate of interest, if any, as he shall prescribe and to sell the same for not less than their face value at private sale, in such manner and at such times as he deems best for the public interest so to do. The proceeds of such sales shall be used only for the purpose for which such certificates of deposit are issued. The certificates so sold as aforesaid may be used only by the holders thereof for the payment of taxes and/or assessments levied by the city when such taxes and/or assessments are or shall become due and payable, and such certificates shall be taken by the treasurer of such city for the payment of such taxes and/or assessments at the par value thereof and any accrued interest thereon, provided, however, that each such certificate shall cease to bear interest after the expiration of two years from the date thereof.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 116
What does New York Consolidated Laws § 116 cover?
Section 116 ("116Certificates of deposit") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 116?
A common citation format is "New York Consolidated Laws § 116" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 116 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.