N.Y. State Fin. Law § 65

§ 65. Appointment of fiscal agent; powers and duties. 1.\nNotwithstanding any other provisions of this chapter, the comptroller,\non behalf of the state, may contract from time to time for a period or\nperiods not exceeding ten years each, except in the case of a bank or\ntrust company agreeing to act as issuing, paying and/or tender agent\nwith respect to a particular issue of variable interest rate bonds in\nwhich case the comptroller, on behalf of the state, may contract for a\nperiod not to exceed the term of such particular issue of bonds, with\none or more banks or trust companies located in the city of New York, to\nact as fiscal agent or agents of the state, and for the maintenance of\nan office for the registration, conversion, reconversion and transfer of\nthe bonds and notes of the state, including the preparation and\nsubstitution of new bonds and notes, for the payment of the principal\nthereof and interest thereon, and for related services, and for the\npayment by the state of such compensation therefor as the comptroller\nmay determine. Any such fiscal agent may, where authorized pursuant to\nthe terms of its contract, accept delivery of obligations purchased by\nthe state and of securities deposited with the state pursuant to\nsections one hundred five and one hundred six of this chapter and hold\nthe same in safekeeping, make delivery to purchasers of obligations sold\nby the state, and accept deposit of such proceeds of sale without\nsecuring the same. Any such contract may also provide that such fiscal\nagent may, upon the written instruction of the comptroller, deposit any\nobligations or securities which it receives pursuant to such contract,\nin an account with a federal reserve bank, to be held in such account in\nthe form of entries on the books of the federal reserve bank, and to be\ntransferred in the event of any assignment, sale, redemption, maturity\nor other disposition of such obligations or securities, by entries on\nthe books of the federal reserve bank. Any such bank or trust company\nshall be responsible to the people of this state for the faithful and\nsafe conduct of the business of said office, for the fidelity and\nintegrity of its officers and agents employed in such office, and for\nall loss or damage which may result from any failure to discharge their\nduties, and for any improper and incorrect discharge of those duties,\nand shall save the state free and harmless from any and all loss or\ndamage occasioned by or incurred in the performance of such services.\nAny such contract may be terminated by the comptroller at any time. In\nthe event of any change in any office maintained pursuant to any such\ncontract, the comptroller shall give public notice thereof in such form\nas he may determine appropriate.\n 2. The comptroller shall prescribe rules and regulations for the\nregistration, conversion, reconversion and transfer of the bonds and\nnotes of the state, including the preparation and substitution of new\nbonds, for the payment of the principal thereof and interest thereon,\nand for other authorized services to be performed by such fiscal agent.\nSuch rules and regulations, and all amendments thereof, shall be\nprepared in duplicate, one copy of which shall be filed in the office of\nthe department of audit and control and the other in the office of the\ndepartment of state. A copy thereof may be filed as a public record in\nsuch other offices as the comptroller may determine. Such rules and\nregulations shall be obligatory on all persons having any interests in\nbonds and notes of the state heretofore or hereafter issued.\n