NY Work Comp L § 27-A (2021)
2021 New York Laws WKC - Workers' Compensation Article 2 - Compensation 27-A - Investments in Obligations of Designated Public Benefit Corporations; Indemnifications.

§  27-a.  Investments  in  obligations  of  designated  public benefit   corporations; indemnifications. 1. The aggregate  trust  fund,  and  all   state officers with responsibility for the custody or investment of such   fund  or  of its assets, are authorized and directed to take any and all   actions necessary or appropriate to cause such fund to  make  purchases,   in  accordance  with  a schedule to be established, subject to amendment   from time to time, by the state director of the budget in the  aggregate   principal  amount of seventy-five million dollars, of obligations of the   state of New York and of any one or more of the following public benefit   corporations: the New York state housing finance agency, including,  but   not  limited  to,  obligations  secured  by  second mortgages on housing   projects insured by the Federal government or an agency thereof, the New   York  state  medical  care  facilities  finance  agency,  the  dormitory   authority  and  the New York state environmental facilities corporation.   The schedule of obligations to be purchased pursuant to this section may   include, but shall not be limited to,  short  term  obligations  of  the   housing  finance  agency for purposes of proviving a bridge loan for the   financing of  housing  projects,  in  anticipation  of  the  receipt  of   proceeds  from  Federal  mortgage  insurance on such housing projects or   such other proceeds as  may  become  available.  Such  schedule  may  be   amended  from  time  to  time  to  provide  for  the renewal, refunding,   redemption or repayment of notes purchased by the aggregate  trust  fund   in  accordance  with  the  schedule, or for the conversion of such notes   into bonds or other long term obligations,  provided  that  at  no  time   shall  the  total  aggregate amount of obligations held by the aggregate   trust  fund  pursuant  to  the  provisions  of   this   section   exceed   seventy-five   million   dollars.  The  terms  and  conditions  of  such   obligations, including the times of purchase and maturities thereof  and   the  rates  of  interest  thereon,  shall  be  determined  by  the state   comptroller in the case of state obligations or by  the  public  benefit   corporation issuing the obligations, provided such terms and obligations   are  found  to  be  fair  and  reasonable by the state superintendent of   financial services.2. Notwithstanding any general or special  provision  of  law  to  the   contrary,  in  order  to  obtain  the  monies  necessary to purchase the   obligations  required  by  subdivision  one   of   this   section,   the   commissioners  of the state insurance fund, in accordance with rules and   regulations adopted by such commissioners, shall have the right  (i)  to   borrow  an amount not exceeding the obligation incurred by the aggregate   trust fund pursuant  to  this  section,  and  to  pledge  as  collateral   therefor  such  assets as they may deem advisable, (ii) to sell any fund   assets under an agreement or option  for  the  repurchase  thereof  from   monies  or assets in the fund or (iii) to sell fund assets on such terms   and conditions as are found to be  fair  and  reasonable  by  the  state   superintendent of financial services.3. It is hereby found and declared that any and all obligations of the   state  of  New  York, the New York state housing finance agency, the New   York  state  medical  care  facilities  finance  agency,  the  dormitory   authority  and  the New York state environmental facilities corporation,   are reasonable, prudent, proper and legal investments for the  aggregate   trust  fund  and  for  all  state  officers  with responsibility for the   custody or investment of such fund or of its assets.4. Notwithstanding any other provision of law, no state  officer  with   responsibility for the custody or investment of the aggregate trust fund   or  of its assets, or for the approval of the sale or investment of such   assets, nor any investment advisor, attorney, accountant or actuary  who   shall  have  been  employed by or shall have advised such officer, shall   incur or suffer any liability whatsoever to  any  person  by  reason  of    actions taken pursuant to the authorization and direction of subdivision   one  or  two  of  this section. Any action which could have been brought   against any aforementioned state officer, investment advisor,  attorney,   accountant  or  actuary,  except for the provisions of this subdivision,   may be brought against the aggregate trust fund.5. a. Notwithstanding  any  other  provision  of  law,  including  the   provisions  of  section  seventeen  of  the  public  officers  law,  the   aggregate trust fund and the state, jointly and  severally,  shall  save   harmless  and indemnify each and every state officer with responsibility   for the custody or investment of such fund or of its assets or  for  the   approval  of  the  sale or investment of such assets, and any investment   advisor, attorney, accountant or actuary who shall have been employed by   or who shall have  advised  such  officer,  and  the  state  shall  save   harmless  and  indemnify  the  aggregate  trust  fund,  from any and all   financial loss and expense arising out of  or  in  connection  with  any   claim,   demand,  suit,  action,  proceeding  or  judgment  for  alleged   negligence, gross negligence, waste or  breach  of  fiduciary  duty,  or   incapacity  of  any  kind  by  reason of any transaction pursuant to the   authorization and direction of subdivision one or two of  this  section,   provided  that such officer, investment advisor, attorney, accountant or   actuary shall, within five days after the date on which he is personally   served with, or receives  actual  notice  of,  any  summons,  complaint,   process,  notice, demand, claim or pleading, give notice thereof to such   fund or the attorney general. Upon such notice the aggregate trust  fund   and  the  attorney general shall, if so requested, assume control of the   representation  of  such  officer  or  investment   advisor,   attorney,   accountant  or  actuary,  in  connection  with such claim, demand, suit,   action or proceeding. Each person so represented shall  cooperate  fully   with the fund and the attorney general or any other person designated to   assume such defense in respect of such representation or defense.b.  Notwithstanding  any  provision  of law to the contrary, the state   shall also save harmless and indemnify the aggregate trust fund for  any   and  all financial loss and expense arising out of or in connection with   any  claim,  demand,  suit,  action,  proceeding  or  judgment  rendered   thereupon  against  such  fund  pursuant  to  subdivision  four  hereof,   provided that such fund shall, within five days after the date on  which   it is served with, or receives actual notice of, any summons, complaint,   process,  notice,  demand, claim or pleading, give notice thereof to the   attorney general. Upon such notice the  attorney  general  shall  assume   control  of  the  representation  of  such  fund in connection with such   claim, demand, suit, action or  proceeding.  The  fund  shall  cooperate   fully with the attorney general or any other person designated to assume   such defense in respect of such representation or defense.