New York Codes Rules Regulations (Last Updated: March 27,2024) |
TITLE 2. Department of Audit and Control |
Chapter II. Municipal Affairs |
Subchapter A. Sales of Bonds and Notes; Debt Statements |
Part 38. Sinking Funds for Bonds of Municipalities and School Districts |
Sec. 38.11. Custodians
Latest version.
- Unless the agreement between the issuer and the State Comptroller provides otherwise, the State Comptroller may contract with a bank or trust company for the establishment, maintenance and custody of sinking funds. Such bank or trust company shall meet the requirements of section 22.10(d)(1)(a) of the Local Finance Law and shall be selected on the basis of its reliability, experience, overall ability to provide high-quality service, cost and any other factors deemed relevant by the State Comptroller.