US Laws, Codes, Statutes & Cases

 
    §  1523.  Deposits. 1. The commissioner shall deposit all moneys which
  shall come into the commissioner's hands on account of the city  on  the
  day  of receipt thereof, or on the business day next succeeding, in such
  banks and trust companies as  shall  have  been  designated  as  deposit
  banks, but no amount shall be on deposit at any one time in any one bank
  or trust company exceeding one-half of the amount of the capital and net
  surplus  of such bank or trust company. The moneys so deposited shall be
  placed to the account of the commissioner who shall  keep  a  record  in
  which  shall  be entered the commissioner's accounts of deposits in, and
  moneys drawn from, the banks and trust companies in which  the  deposits
  shall  be  made.  Each such bank and trust company shall transmit to the
  comptroller a weekly statement of the moneys which shall be received and
  paid by it on account of the commissioner.
    2. The commissioner shall draw moneys of the city from said  banks  or
  trust  companies  only  by checks subjoined and attached to warrants and
  subscribed by the commissioner or by payment orders duly  authorized  by
  the comptroller and the commissioner, and no moneys shall be paid by any
  such banks or trust companies on account of the commissioner except upon
  such  checks  or orders; but this provision shall not apply to transfers
  of such funds from one city depository to another.
    3. The commissioner of finance, in  consultation  with  agency  heads,
  shall  by rule establish criteria by which to evaluate whether banks are
  using the means at their disposal to comply with the  embargo  on  trade
  and financial transactions with Burma and any other sanctions imposed by
  the  United  States  government  with regard to Burma, including but not
  limited to:
    a. withdrawal of operations from Burma;
    b. the denial of loans, letters  of  credit  and  other  correspondent
  banking services to Burmese entities;
    c. restrictions on the rescheduling of loans owed by Burmese entities,
  and  on  conversion  of  outstanding  loans to instruments having longer
  maturity dates; and
    d. divestiture of outstanding debt owed by Burmese entities.
    The commissioner shall, after offering banks  designated  pursuant  to
  section  fifteen hundred twenty-four and the public an opportunity to be
  heard, classify such banks according to such criteria and publish notice
  of such classification in the City Record. The commissioner may  at  any
  time,  upon  the  request  of a bank or at his or her own initiative and
  after offering the public and the  bank  an  opportunity  to  be  heard,
  change  the  classification of a bank and publish notice of such change.
  The  failure  of  a  bank  to  provide  information  requested  by   the
  commissioner  for  the purposes of this subdivision shall be grounds for
  the commissioner to lower the classification of the bank. When  choosing
  among  banks  offering  comparable  services  at a comparable cost, city
  agencies shall, in a manner consistent with  guidelines  established  by
  the  commissioner  of  finance,  seek to deposit or invest funds at, and
  obtain services from, the available banks that have received the highest
  classification.