New York § 92-V - 92-VLinked deposit program fund

§ 92-V. 92-VLinked 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.