2015 New York Laws
BNK - Banking
Article 2-C - (Banking) COMMUNITY BANK DEPOSIT PROGRAM
87 - Deposits.

  87.  Deposits.  1.  Notwithstanding  any  provisions  of law to the
  contrary, the state comptroller and the  commissioner  of  taxation  and
  finance  shall,  for  the purposes of administering moneys in accordance
  with the provisions of sections ninety-eight-a and one hundred  five  of
  the state finance law, give consideration to depositing funds into those
  community  banking  institutions  which  are  deemed eligible to receive
  deposits pursuant to section eighty-six of this article.
2. The maximum amount of funds which the  state  comptroller  and  the
  commissioner  of  taxation  and  finance  may deposit under this program
  shall not exceed two hundred fifty million  dollars  each.  The  maximum
  amount  of funds on deposit at a community banking institution shall not
  exceed twenty million dollars.
3. Notwithstanding any provision of law to the contrary, any  deposits
  made  pursuant  to  this  article  shall  be made at rates, and for such
  periods of time, as may be agreed to by the  state  comptroller  or  the
  commissioner  of taxation and finance and the eligible community banking
  institution.
4. Any deposits made pursuant to this article may  be  secured  by  an
  irrevocable letter of credit issued by a federal home loan bank.