US Laws, Codes, Statutes & Cases

 
    * §  1524.  Deposit banks. 1. The banking commission which consists of
  the mayor, the commissioner and the comptroller shall, by majority vote,
  by written notice to the commissioner,  designate  the  banks  or  trust
  companies in which all moneys of the city shall be deposited, and may by
  like  notice  in  writing  from  time to time change the banks and trust
  companies thus designated.
    2. a. No bank or trust company shall be designated  pursuant  to  this
  section unless:
    (1)  it  shall  agree  to  pay  into  the city treasury interest or to
  provide the city with equivalent value on the daily balances at  a  rate
  which  the  banking  commission shall negotiate according to the current
  rate of interest  upon  like  balances  deposited  in  banks  and  trust
  companies in the city by private persons or corporations; and
    (2)  it  shall  file  with  the  banking  commission  and city clerk a
  certificate signed by the president or other duly authorized officer  of
  such  bank setting forth that its board of directors has established and
  will adhere to a  policy  of  hiring  and  promotion  of  employees  and
  officers  without  regard  to  sex,  race,  color,  religion,  religious
  affiliation, national origin, disability, age, marital status, or sexual
  orientation, which certificate shall further set forth affirmatively the
  steps taken by the bank or trust company to implement said policy.
    (3) it does not provide the following  services,  either  directly  or
  through  a  subsidiary  or  agent,  to  the  Government  of  Burma;  (a)
  advertising or otherwise promoting the sale,  outside  of  Burma,  coins
  minted in Burma, (b) underwriting securities of the Government of Burma,
  or (c) making loans to the Government of Burma.
    (4)  it  has certified that neither it nor any of its affiliates is or
  will become a predatory lender or an affiliate thereof,  as  such  terms
  are  defined  in section 6-128 of the administrative code of the city of
  New York.
    b. If the banking commission by a majority vote shall  decide  that  a
  requirement  or  condition  contained in paragraph a of this subdivision
  has been violated after giving the bank or trust company an  opportunity
  to  be heard, then upon thirty days' notice to the bank or trust company
  such designation may be revoked.
    3. The commissioner may, with the approval of  the  comptroller,  make
  time  deposits of city moneys, for a period not to exceed six months, in
  any bank or trust company designated for deposit  of  city  funds.  Each
  such  bank  or  trust company shall before deposits are made, other than
  such as are of a temporary character  and  specifically  relate  to  the
  current  business  of the city, execute and file with the commissioner a
  bond to the city in such form and in such amount as  may  be  prescribed
  and approved by the commissioner and the comptroller for the safekeeping
  and  prompt  payment  of city moneys on demand with interest at the rate
  agreed upon and, as security for such  funds,  shall  deposit  with  the
  comptroller  outstanding  unmatured  obligations of the United States of
  America, or any obligation fully guaranteed or insured  as  to  interest
  and  principal by the United States of America acting through an agency,
  subdivision, department or division thereof, obligations of the state of
  New York or obligations of the city of New York, the value of  which  at
  the  existing  prices on the open market shall be equal to the estimated
  amount of the proposed deposit, for which the comptroller shall  deliver
  a certificate of deposit containing the condition of such bond.
    4.  On  the  withdrawal of all or a part of the funds deposited in any
  depository and a closing or depleting of the account thereof, or in  the
  event  of the deposit actually made being less than the estimated amount
  of such deposit, the commissioner and the comptroller shall  certify  to
  such  settlement  or depletion or difference and direct the surrender of

  the whole or a proportionate share of the securities so deposited to the
  owner or owners thereof.
    * The  validity  of  local  law  36  of 2002 is currently a subject of
  disagreement between the Mayor and the City Council. This  certification
  is  not  intended as a legal opinion as to the validity of the local law
  other than certifying the truth of the facts presented herein.