New York Laws
Article 2-A - Powers of Cities
20-C - Temporary Investment of Certain City Funds in Obligations of the United States.

§ 20-c. Temporary investment of certain city funds in obligations of
the United States. Notwithstanding any other provision of law, each city
of the state, acting through its board of estimate or other analogous
governing body, may authorize its comptroller or other chief fiscal
officer, to set aside in a special fund, all or part of the proceeds of
the sale of serial or other city bonds sold prior to February first,
nineteen hundred forty-five, which such comptroller or other chief
fiscal officer may determine, in his discretion, not to be needed
immediately for making payments for the purposes for which such bonds
were issued, and may authorize such comptroller or other chief fiscal
officer to invest such fund in direct obligations of the United States
which may be issued in registered or inscribed form until such time as
funds are needed or should be available for the purposes for which such
bonds were issued. Such comptroller or other chief fiscal officer may
thereupon invest such fund in such obligations and may thereafter sell
all or any of such obligations whenever he deems such sale advisable.
Nothing in this section contained shall be deemed to refer to refunding
bonds.

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