2023 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.