N.Y. Public Housing Law Section 53
Depositories of authority funds

In order to protect funds deposited by an authority all banks, bankers, trust companies or other persons carrying on a banking business, organized under the laws of the state, are authorized to give to the authority an undertaking with such sureties as shall be approved by the authority, faithfully to keep and pay over upon the order of the authority any such deposits and agreed interest thereon, or in lieu of said sureties, to deposit as collateral such securities and in such amounts as may be agreed upon with the authority pursuant to a collateral deposit agreement in form and terms satisfactory to the authority. The collateral to be deposited shall consist of securities in which savings banks may legally invest funds within their control.

Source: Section 53 — Depositories of authority funds, https://www.­nysenate.­gov/legislation/laws/PBG/53 (updated Sep. 22, 2014; accessed Mar. 9, 2025).

30
Organization of authorities 31
Scope of authority’s jurisdiction 32
Officers and employees 33
Transfer of officers and employees 34
Vacancies and removals 35
Non-liability of authority members 36
Disqualification of members and employees of authorities 37
Powers of authority 38
An authority shall file with the commissioner a copy of each proposed project embodying the plans, layout, estimated costs and proposed m... 39
Projects financed solely by authorities 40
Aid from and cooperation with federal government 41
Power to issue authority bonds 42
Provisions of authority bonds 44
Signature on authority bonds 45
Repurchase of authority bonds 46
Suit on authority bonds 47
Bond covenants of an authority 48
Guaranteed indebtedness of an authority 49
Authority obligations as legal investments and legal security for deposits by public officers 50
Foreclosure and other remedies against an authority 51
Liability of state or municipality 52
Tax exemptions of an authority 53
Depositories of authority funds 54
Filing by authority of by-laws, rules and regulations 55
Projects undertaken by municipalities 55–A
Facilities incidental or appurtenant to a project 56
Authorities created prior to the enactment of this chapter 57
Dissolution of authorities 58
Sale or lease of municipal projects by authorities 58–A
Sale of dwelling units by authorities 58–B
Sale or lease of project in connection with federal program of assistance for low income housing 59
Disposal of records 60
Reproduction of records 61
Tenant meetings in common areas
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Accessed:
Mar. 9, 2025

Last modified:
Sep. 22, 2014

§ 53’s source at nysenate​.gov

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