ยง 53. Depositories of authority funds. In order to protect funds
deposited by an authority all banks, bankers, trust companies or other
persons carrying on a banking business, organized under the laws of the
state, are authorized to give to the authority an undertaking with such
sureties as shall be approved by the authority, faithfully to keep and
pay over upon the order of the authority any such deposits and agreed
interest thereon, or in lieu of said sureties, to deposit as collateral
such securities and in such amounts as may be agreed upon with the
authority pursuant to a collateral deposit agreement in form and terms
satisfactory to the authority. The collateral to be deposited shall
consist of securities in which savings banks may legally invest funds
within their control.
Structure New York Laws
Article 3 - Municipal Housing Authorities
30 - Organization of Authorities.
31 - Scope of Authority's Jurisdiction.
32 - Officers and Employees; Compensation and Expenses.
33 - Transfer of Officers and Employees.
35 - Non-Liability of Authority Members.
36 - Disqualification of Members and Employees of Authorities.
39 - Projects Financed Solely by Authorities.
40 - Aid From and Cooperation With Federal Government.
41 - Power to Issue Authority Bonds.
42 - Provisions of Authority Bonds.
44 - Signature on Authority Bonds.
45 - Repurchase of Authority Bonds.
47 - Bond Covenants of an Authority.
48 - Guaranteed Indebtedness of an Authority.
49 - Authority Obligations as Legal Investments and Legal Security for Deposits by Public Officers.
50 - Foreclosure and Other Remedies Against an Authority.
51 - Liability of State or Municipality.
52 - Tax Exemptions of an Authority.
53 - Depositories of Authority Funds.
54 - Filing by Authority of By-Laws, Rules and Regulations.
55 - Projects Undertaken by Municipalities.
55-A - Facilities Incidental or Appurtenant to a Project.
56 - Authorities Created Prior to the Enactment of This Chapter.
57 - Dissolution of Authorities.
58 - Sale or Lease of Municipal Projects by Authorities.