§ 70.00 Fiscal agent. a. The term "fiscal agent" as used in this\ntitle shall mean:\n 1. In counties, the chief fiscal officer thereof, unless the finance\nboard shall designate a different officer.\n 2. In cities, the chief fiscal officer thereof.\n 3. In towns and villages, the clerk thereof.\n 4. In school districts and district corporations, the clerk or\nsecretary or such other officer thereof as the finance board shall\ndesignate, except that in a river improvement or drainage district\nestablished by or under the supervision of the department of\nconservation the state comptroller shall act as fiscal agent. However, a\nfinance board on behalf of any municipality, school district or district\ncorporation, or in the case of the city of New York the chief fiscal\nofficer thereof, may contract from time to time, with any bank or banks\nor trust company or trust companies located and authorized to do\nbusiness in this state for the purpose of having such bank or trust\ncompany act, in connection with all its obligations, or any specific\nissue or issues of its obligations, or any specific type or types of its\nobligations, as the fiscal agent for such municipality, school district\nor district corporation, including the maintenance of an office for the\nregistration, conversion, reconversion and transfer of bonds and notes,\nthe preparation and substitution of new bonds and notes, and for the\npayment of the principal thereof, redemption premium, if any, interest\nthereon, and for related services, and for the payment by such\nmunicipality, school district or district corporation of a reasonable\ncompensation to any such bank or trust company for the services to be\nperformed by it pursuant to such contract. Any such bank or trust\ncompany shall be responsible to the municipality, school district or\ndistrict corporation for the faithful and safe conduct of the services\nto be performed by it as such fiscal agent, or services related thereto;\nfor the fidelity and integrity of the officers and agents of such bank\nor trust company performing the duties of a fiscal agent, or services\nrelated thereto; and for all loss or damage which may result from any\nfailure of such officers or agents to discharge their duties and for any\nimproper or incorrect discharge of those duties; and shall save the\nmunicipality, school district or district corporation free and harmless\nfrom any and all loss or damage occasioned by or incurred in the\nperformance of such services. Such contracts may be terminated by the\nfinance board of the municipality, school district or district\ncorporation, or in the case of the city of New York the chief fiscal\nofficer thereof, at any time.\n b. The fiscal agent, if not already under bond, shall execute a bond\nin such form, in such sum and with such sureties as the finance board,\nor in the case of the city of New York the chief fiscal officer thereof,\nshall direct and approve, and such approval shall be indicated upon the\nbond. Such bond shall then be filed in the office of the clerk of the\ncounty in which the municipality, school district or district\ncorporation is located. If the municipality, school district or district\ncorporation is located in more than one county, a duplicate original of\nsuch bond, approved by the finance board, or in the case of the city of\nNew York the chief fiscal officer thereof, shall be filed in the office\nof the clerk of each county in which the municipality, school district\nor district corporation is located, except that in a city containing\nmore than one county such bond shall be filed only in the office of the\ncity clerk. The expense of such bond shall be a charge upon the\nmunicipality, school district or district corporation. The provisions of\nthis paragraph shall not apply to a bank or trust company which has been\ndesignated as fiscal agent of a municipality, school district or\ndistrict corporation pursuant to the provisions of paragraph a of this\
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