N.Y. State Fin. Law § 65

§ 65. Appointment of fiscal agent or trustee; 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, trustee, or agents of the state, and for the\nmaintenance of an office for the registration, conversion, reconversion\nand transfer of the bonds and notes of the state, including the\npreparation and substitution of new bonds and notes, for the payment of\nthe principal thereof and interest thereon, for related services, and to\notherwise effectuate the powers and duties of a fiscal agent or trustee\non behalf of the state in all such respects as may be determined by the\ncomptroller for such bonds and notes, and for the payment by the state\nof such compensation therefor as the comptroller may determine. Any such\nfiscal agent or trustee may, where authorized pursuant to the terms of\nits contract, accept delivery of obligations purchased by the state and\nof securities deposited with the state pursuant to sections one hundred\nfive and one hundred six of this chapter and hold the same in\nsafekeeping, make delivery to purchasers of obligations sold by the\nstate, and accept deposit of such proceeds of sale without securing the\nsame. Any such contract may also provide that such fiscal agent or\ntrustee may, upon the written instruction of the comptroller, deposit\nany obligations or securities which it receives pursuant to such\ncontract, in an account with a federal reserve bank, to be held in such\naccount in the form of entries on the books of the federal reserve bank,\nand to be transferred in the event of any assignment, sale, redemption,\nmaturity or other disposition of such obligations or securities, by\nentries on the books of the federal reserve bank. Any such bank or trust\ncompany shall be responsible to the people of this state for the\nfaithful and safe conduct of the business of said office, for the\nfidelity and integrity of its officers and agents employed in such\noffice, and for all loss or damage which may result from any failure to\ndischarge their duties, and for any improper and incorrect discharge of\nthose duties, and shall save the state free and harmless from any and\nall loss or damage occasioned by or incurred in the performance of such\nservices. Any such contract may be terminated by the comptroller at any\ntime. In the event of any change in any office maintained pursuant to\nany such contract, the comptroller shall give public notice thereof in\nsuch form as 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\nor trustee. Such rules and regulations, and all amendments thereof,\nshall be prepared in duplicate, one copy of which shall be filed in the\noffice of the department of audit and control and the other in the\noffice of the department of state. A copy thereof may be filed as a\npublic record in such other offices as the comptroller may determine.\nSuch rules and regulations shall be obligatory on all persons having any\ninterests in bonds and notes of the state heretofore or hereafter\nissued.\n