§ 10. Deposits of public money; security. 1. For purposes of this\nsection:\n a. "Local government" shall mean any municipal corporation, school\ndistrict, board of cooperative educational services, district\ncorporation, special improvement district governed by a separate board\nof commissioners, industrial development agency or authority or a public\nlibrary.\n b. "Public funds" shall mean funds of a local government.\n c. "Public deposits" shall mean deposits of public funds in a bank or\ntrust company which are available for all uses generally permitted by\nthe bank or trust company to the depositing local government for\nactually and finally collected funds under the bank's or trust company's\naccount agreement or policies.\n d. "Bank" shall mean a bank as defined by the banking law or a\nnational banking association located and authorized to do business in\nNew York.\n e. "Trust company" shall mean a trust company as defined by the\nbanking law and located and authorized to do business in New York.\n f. "Eligible securities" shall mean any of the following:\n (i) Obligations issued by the United States of America, an agency\nthereof or a United States government sponsored corporation or\nobligations fully insured or guaranteed as to the payment of principal\nand interest by the United States of America, an agency thereof or a\nUnited States government sponsored corporation.\n (ii) Obligations issued or fully guaranteed by the International Bank\nfor Reconstruction and Development, the Inter-American Development Bank,\nthe Asian Development Bank, and the African Development Bank.\n (iii) Obligations partially insured or guaranteed by any agency of the\nUnited States of America, at a proportion of the market value of the\nobligation that represents the amount of the insurance or guaranty.\n (iv) Obligations issued or fully insured or guaranteed by this state,\nobligations issued by a municipal corporation, school district or\ndistrict corporation of this state or obligations of any public benefit\ncorporation which under a specific state statute may be accepted as\nsecurity for deposit of public moneys.\n (v) Obligations issued by states (other than this state) of the United\nStates rated in one of the three highest rating categories by at least\none nationally recognized statistical rating organization.\n (vi) Obligations of Puerto Rico rated in one of the three highest\nrating categories by at least one nationally recognized statistical\nrating organization.\n (vii) Obligations of counties, cities and other governmental entities\nof another state having the power to levy taxes that are backed by the\nfull faith and credit of such governmental entity and rated in one of\nthe three highest rating categories by at least one nationally\nrecognized statistical rating organization.\n (viii) Obligations of domestic corporations rated in one of the four\nhighest rating categories by at least one nationally recognized\nstatistical rating organization.\n (ix) Any mortgage related securities, as defined in the Securities\nExchange Act of 1934, as amended, which may be purchased by banks under\nthe limitations established by federal bank regulatory agencies.\n (x) Commercial paper and bankers' acceptances issued by a bank (other\nthan the bank with which the money is being deposited or invested) rated\nin the highest short-term category by at least one nationally recognized\nstatistical rating organization and having maturities of not longer than\nsixty days from the date they are pledged.\n (xi) Zero-coupon obligations of the United States government marketed\nas "Treasury STRIPS".\n g. "Eligible surety bond" shall mean a bond executed by an insurance\ncompany authorized to do business in this state, the claims-paying\nability of which is rated in the highest rating category by at least two\nnationally recognized statistical rating organizations.\n h. "Eligible letter of credit" shall mean an irrevocable letter o
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