NY State Fin L § 65 (2021)
2021 New York Laws STF - State Finance Article 5 - Borrowing by the State 65 - Appointment of Fiscal Agent or Trustee; Powers and Duties.

§  65.  Appointment  of fiscal agent or trustee; powers and duties. 1.   Notwithstanding any other provisions of this chapter,  the  comptroller,   on  behalf  of the state, may contract from time to time for a period or   periods not exceeding ten years each, except in the case of  a  bank  or   trust  company  agreeing  to  act as issuing, paying and/or tender agent   with respect to a particular issue of variable interest  rate  bonds  in   which  case  the comptroller, on behalf of the state, may contract for a   period not to exceed the term of such particular issue  of  bonds,  with   one or more banks or trust companies located in the city of New York, to   act  as  fiscal  agent,  trustee,  or  agents  of the state, and for the   maintenance of an office for the registration, conversion,  reconversion   and  transfer  of  the  bonds  and  notes  of  the  state, including the   preparation and substitution of new bonds and notes, for the payment  of   the principal thereof and interest thereon, for related services, and to   otherwise  effectuate the powers and duties of a fiscal agent or trustee   on behalf of the state in all such respects as may be determined by  the   comptroller  for  such bonds and notes, and for the payment by the state   of such compensation therefor as the comptroller may determine. Any such   fiscal agent or trustee may, where authorized pursuant to the  terms  of   its  contract, accept delivery of obligations purchased by the state and   of securities deposited with the state pursuant to sections one  hundred   five  and  one  hundred  six  of  this  chapter  and  hold  the  same in   safekeeping, make delivery to purchasers  of  obligations  sold  by  the   state,  and accept deposit of such proceeds of sale without securing the   same. Any such contract may also  provide  that  such  fiscal  agent  or   trustee  may,  upon  the written instruction of the comptroller, deposit   any obligations  or  securities  which  it  receives  pursuant  to  such   contract,  in an account with a federal reserve bank, to be held in such   account in the form of entries on the books of the federal reserve bank,   and to be transferred in the event of any assignment, sale,  redemption,   maturity  or  other  disposition  of  such obligations or securities, by   entries on the books of the federal reserve bank. Any such bank or trust   company shall be responsible  to  the  people  of  this  state  for  the   faithful  and  safe  conduct  of  the  business  of said office, for the   fidelity and integrity of its  officers  and  agents  employed  in  such   office,  and for all loss or damage which may result from any failure to   discharge their duties, and for any improper and incorrect discharge  of   those  duties,  and  shall save the state free and harmless from any and   all loss or damage occasioned by or incurred in the performance of  such   services.  Any such contract may be terminated by the comptroller at any   time. In the event of any change in any office  maintained  pursuant  to   any  such  contract, the comptroller shall give public notice thereof in   such form as he may determine appropriate.2. The comptroller shall  prescribe  rules  and  regulations  for  the   registration,  conversion,  reconversion  and  transfer of the bonds and   notes of the state, including the preparation and  substitution  of  new   bonds,  for  the  payment of the principal thereof and interest thereon,   and for other authorized services to be performed by such  fiscal  agent   or  trustee.  Such  rules  and  regulations, and all amendments thereof,   shall be prepared in duplicate, one copy of which shall be filed in  the   office  of  the  department  of  audit  and control and the other in the   office of the department of state. A copy thereof  may  be  filed  as  a   public  record  in  such other offices as the comptroller may determine.   Such rules and regulations shall be obligatory on all persons having any   interests in bonds and  notes  of  the  state  heretofore  or  hereafter   issued.