N.Y. Public Officers Law 69-A – Interest to be paid and collected on all deposits of public moneys amounting to one thousand dollars or more
§ 69-a. Interest to be paid and collected on all deposits of public moneys amounting to one thousand dollars or more. Within twenty days of the taking effect of this section, interest shall be required to be paid, if not already so provided by law, on all deposits of public moneys amounting to one thousand dollars or more made by a state, local or other public officer or employee for or on behalf of the state or the county, city, town, village, school district or other public instrumentality or for or on behalf of any pension system or fund maintained by law for any of the employees of the state, county, city, town, village, school district or other public instrumentality, as the case may be, to which such moneys belong. Within twenty days after this section takes effect and, in the case of public officers or employees hereafter elected or appointed within twenty days after entering upon the duties of his office or employment, every public officer or employee charged with the care and custody of public moneys and/or of moneys entrusted to his care and custody by virtue of his office or employment shall agree with the depositary thereof upon the rate of interest to be paid thereon and such rate of interest shall thereupon and thereafter be paid by said depositary at such time or times as shall be agreed upon. All interest on such deposits shall be accounted for by the depositing officer or employee in the same manner as other moneys received by such officer or employee by virtue of his office or employment.
Terms Used In N.Y. Public Officers Law 69-A
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
Nothing contained in this section or in any other general or special law shall authorize, enable or require any state, local or other public officer or employee, to demand or require of any banking corporation or private banker, any agreement to pay, or payment of, interest upon any deposit of public moneys or any deposit made for or on behalf of the state or the county, city, town, village, school district or other public instrumentality, board, agency or authority, or for or on behalf of any pension system or fund maintained by law for any of the employees of the state, county, city, town, village, school district or other public board, agency, instrumentality or authority, as the case may be, if payment of interest upon any such deposit is at the time prohibited by state or federal law or by any regulation of either the superintendent of financial services of this state, or of the board of governors of the federal reserve system, or of the board of directors of the Federal Deposit Insurance Corporation.