New York Laws
Article 5 - Borrowing by the State
65 - Appointment of Fiscal Agent or Trustee; Powers and Duties.

§ 65. Appointment of fiscal agent or trustee; powers and duties. 1.
Notwithstanding any other provisions of this chapter, the comptroller,
on behalf of the state, may contract from time to time for a period or
periods not exceeding ten years each, except in the case of a bank or
trust company agreeing to act as issuing, paying and/or tender agent
with respect to a particular issue of variable interest rate bonds in
which case the comptroller, on behalf of the state, may contract for a
period not to exceed the term of such particular issue of bonds, with
one or more banks or trust companies located in the city of New York, to
act as fiscal agent, trustee, or agents of the state, and for the
maintenance of an office for the registration, conversion, reconversion
and transfer of the bonds and notes of the state, including the
preparation and substitution of new bonds and notes, for the payment of
the principal thereof and interest thereon, for related services, and to
otherwise effectuate the powers and duties of a fiscal agent or trustee
on behalf of the state in all such respects as may be determined by the
comptroller for such bonds and notes, and for the payment by the state
of such compensation therefor as the comptroller may determine. Any such
fiscal agent or trustee may, where authorized pursuant to the terms of
its contract, accept delivery of obligations purchased by the state and
of securities deposited with the state pursuant to sections one hundred
five and one hundred six of this chapter and hold the same in
safekeeping, make delivery to purchasers of obligations sold by the
state, and accept deposit of such proceeds of sale without securing the
same. Any such contract may also provide that such fiscal agent or
trustee may, upon the written instruction of the comptroller, deposit
any obligations or securities which it receives pursuant to such
contract, in an account with a federal reserve bank, to be held in such
account in the form of entries on the books of the federal reserve bank,
and to be transferred in the event of any assignment, sale, redemption,
maturity or other disposition of such obligations or securities, by
entries on the books of the federal reserve bank. Any such bank or trust
company shall be responsible to the people of this state for the
faithful and safe conduct of the business of said office, for the
fidelity and integrity of its officers and agents employed in such
office, and for all loss or damage which may result from any failure to
discharge their duties, and for any improper and incorrect discharge of
those duties, and shall save the state free and harmless from any and
all loss or damage occasioned by or incurred in the performance of such
services. Any such contract may be terminated by the comptroller at any
time. In the event of any change in any office maintained pursuant to
any such contract, the comptroller shall give public notice thereof in
such form as he may determine appropriate.

2. The comptroller shall prescribe rules and regulations for the
registration, conversion, reconversion and transfer of the bonds and
notes of the state, including the preparation and substitution of new
bonds, for the payment of the principal thereof and interest thereon,
and for other authorized services to be performed by such fiscal agent
or trustee. Such rules and regulations, and all amendments thereof,
shall be prepared in duplicate, one copy of which shall be filed in the
office of the department of audit and control and the other in the
office of the department of state. A copy thereof may be filed as a
public record in such other offices as the comptroller may determine.
Such rules and regulations shall be obligatory on all persons having any
interests in bonds and notes of the state heretofore or hereafter
issued.

Structure New York Laws