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This entry was published on 2014-09-22
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SECTION 87
Deposits
Banking (BNK) CHAPTER 2, ARTICLE 2-C
§ 87. Deposits. 1. Notwithstanding any provisions of law to the
contrary, the state comptroller and the commissioner of taxation and
finance shall, for the purposes of administering moneys in accordance
with the provisions of sections ninety-eight-a and one hundred five of
the state finance law, give consideration to depositing funds into those
community banking institutions which are deemed eligible to receive
deposits pursuant to section eighty-six of this article.

2. The maximum amount of funds which the state comptroller and the
commissioner of taxation and finance may deposit under this program
shall not exceed two hundred fifty million dollars each. The maximum
amount of funds on deposit at a community banking institution shall not
exceed twenty million dollars.

3. Notwithstanding any provision of law to the contrary, any deposits
made pursuant to this article shall be made at rates, and for such
periods of time, as may be agreed to by the state comptroller or the
commissioner of taxation and finance and the eligible community banking
institution.

4. Any deposits made pursuant to this article may be secured by an
irrevocable letter of credit issued by a federal home loan bank.