Sec. 38.8. Rights and remedies of the State Comptroller

(a) The State Comptroller undertakes to perform such duties and only such duties as are specifically set forth in section 22.10 of the Local Finance Law, this Part or any agreement with the issuer and no implied covenants or obligations shall be read into such section 22.10, this Part or into any agreement with the issuer.

(b) The State Comptroller may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the State Comptroller and conforming to the requirements of section 22.10 of the Local Finance Law, this Part and any agreement with the issuer; but in the case of any such certificates or opinions which are specifically required to be furnished to the State Comptroller pursuant to section 22.10(c) of the Local Finance Law, the State Comptroller shall examine the contents of the same to determine whether or not they conform to the requirements of section 22.10 of the Local Finance Law, this Part and any agreement with the issuer.

(c) The State Comptroller shall not be liable for any error of judgment made in good faith by him.

(d) The State Comptroller shall not be liable with respect to any action taken or omitted to be taken by him in good faith in accordance with the direction of the issuer.

(e) The State Comptroller may rely, and shall be protected in acting or refraining from acting in reliance, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document believed by him to be genuine and to have been signed or presented by the proper party or parties.

(f) Any request or direction of the issuer shall be sufficiently evidenced by a certificate signed by an authorized official of the issuer and any resolution of the governing body of the issuer may be sufficiently evidenced by a copy of such resolution certified by the appropriate official of the issuer.

(g) Whenever the State Comptroller shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action, the State Comptroller (unless other evidence be specifically prescribed) may, in the absence of bad faith on the Comptroller's part, rely upon a certificate signed by an authorized official of the issuer.

(h) The State Comptroller may consult with counsel, including the Attorney General, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by him in good faith and in reliance thereon.

(i) The State Comptroller shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond or other paper or document, but the State Comptroller, in his discretion, may make such further inquiry or investigation into such facts or matters as the State Comptroller may see fit, and, if the State Comptroller shall determine to make such further inquiry or investigation, he shall be entitled to examine the books, records and premises of the issuer personally or by agent or attorney. The issuer shall cooperate in any such investigation, audit or inquiry and make available to the State Comptroller such premises, books, records and any other documents as the State Comptroller reasonably requests.

(j) The State Comptroller shall make no representations as to the validity or sufficiency of the sinking fund bonds.

(k) The State Comptroller shall not be accountable for the use or application by the issuer of the proceeds of the bonds or for compliance by the issuer with provisions relating to the nonincludability of interest on the sinking fund bonds in the gross income of owners of the bonds for purposes of Federal income taxation; provided, however, that the State Comptroller shall be obligated to follow the procedures set forth in section 38.16 of this Part.

(l) The State Comptroller shall not be obligated to obtain any particular rate of return on investments (subject to section 38.16 of this Part).

(m) The State Comptroller shall not be liable for any monetary loss resulting from the default or insolvency of any depository holding investments in a sinking fund, so long as the depository is an institution described in section 22.10(d)(1)(a) of the Local Finance Law, or from any loss on an investment made in accordance with section 22.10 of the Local Finance Law, this Part and any agreement with the issuer.