NY Work Comp L § 87-B (2021)
2021 New York Laws WKC - Workers' Compensation Article 6 - State Insurance Fund. 87-B - Investments in Obligations of the City of Yonkers; Indemnification.

§   87-b.   Investments   in  obligations  of  the  city  of  Yonkers;   indemnification.  1. The state insurance fund, and  all  state  officers   with   responsibility   for  the  custody  or  investment  thereof,  are   authorized and directed  to  take  any  and  all  actions  necessary  or   appropriate  to  cause  such fund to make purchases as soon as possible,   but  in  no  event  later  than   December   first,   nineteen   hundred   seventy-five,  of  obligations  of  the city of Yonkers in the aggregate   principal amount of fifteen million dollars, provided, however, that  at   the  date  of any such purchase the city of Yonkers has not defaulted in   the payment of any of its outstanding bonds  or  notes.  The  terms  and   conditions of such obligations, including the rates of interest thereon,   shall  be determined by the city of Yonkers, after consultation with the   commissioners of the fund, provided such terms and conditions are  found   to be fair and reasonable by the state comptroller.2.  It  is  hereby  found and declared that obligations of the city of   Yonkers are reasonable, prudent, proper and legal  investments  for  the   state   insurance  fund  or  for  any  state  officer  with  custody  or   responsibility for the investment of the assets thereof.3.  Notwithstanding  any  other  provision  of  law,   including   the   provisions  of  section  seventeen  of the public officers law, no state   officer with custody or responsibility for the investment of the  assets   thereof  shall  incur  or  suffer any liability whatsoever to any person   beneficially interested in  such  system  by  reason  of  actions  taken   pursuant  to the authorization and direction of subdivision one and such   fund shall save  harmless  and  indemnify  all  such  officers  and  any   investment  advisors  from  financial  loss  arising  out  of any claim,   demand, suit, action or judgment for alleged negligence, waste or breach   of fiduciary duty by reason of any investment of any monies of the state   insurance fund in obligations of the city of Yonkers provided that  such   person shall, within five days after the date on which he is served with   any  summons,  complaint,  process,  notice,  demand, claim or pleading,   deliver the original or a true copy thereof to the legal advisor of such   system. Upon such delivery the legal advisor of the state insurance fund   may assume control of the representation of such  person  in  connection   with  such  claim, demand, suit, action or proceeding. Such person shall   cooperate fully with the legal advisor of the system or any other person   designated to assume such defense in respect of such  representation  or   defense.4.  In  order  to  obtain  the  funds  necessary to purchase the bonds   required by this chapter, the commissioners of the state insurance  fund   in  accordance  with rules and regulations adopted by such commissioners   shall have the right to borrow an amount not  exceeding  the  obligation   incurred  by  such  fund  pursuant  to  this  chapter  and  to pledge as   collateral therefor such assets as they may deem advisable.