§ 27-a. Investments in obligations of designated public benefit\ncorporations; indemnifications. 1. The aggregate trust fund, and all\nstate officers with responsibility for the custody or investment of such\nfund or of its assets, are authorized and directed to take any and all\nactions necessary or appropriate to cause such fund to make purchases,\nin accordance with a schedule to be established, subject to amendment\nfrom time to time, by the state director of the budget in the aggregate\nprincipal amount of seventy-five million dollars, of obligations of the\nstate of New York and of any one or more of the following public benefit\ncorporations: the New York state housing finance agency, including, but\nnot limited to, obligations secured by second mortgages on housing\nprojects insured by the Federal government or an agency thereof, the New\nYork state medical care facilities finance agency, the dormitory\nauthority and the New York state environmental facilities corporation.\nThe schedule of obligations to be purchased pursuant to this section may\ninclude, but shall not be limited to, short term obligations of the\nhousing finance agency for purposes of proviving a bridge loan for the\nfinancing of housing projects, in anticipation of the receipt of\nproceeds from Federal mortgage insurance on such housing projects or\nsuch other proceeds as may become available. Such schedule may be\namended from time to time to provide for the renewal, refunding,\nredemption or repayment of notes purchased by the aggregate trust fund\nin accordance with the schedule, or for the conversion of such notes\ninto bonds or other long term obligations, provided that at no time\nshall the total aggregate amount of obligations held by the aggregate\ntrust fund pursuant to the provisions of this section exceed\nseventy-five million dollars. The terms and conditions of such\nobligations, including the times of purchase and maturities thereof and\nthe rates of interest thereon, shall be determined by the state\ncomptroller in the case of state obligations or by the public benefit\ncorporation issuing the obligations, provided such terms and obligations\nare found to be fair and reasonable by the state superintendent of\nfinancial services.\n 2. Notwithstanding any general or special provision of law to the\ncontrary, in order to obtain the monies necessary to purchase the\nobligations required by subdivision one of this section, the\ncommissioners of the state insurance fund, in accordance with rules and\nregulations adopted by such commissioners, shall have the right (i) to\nborrow an amount not exceeding the obligation incurred by the aggregate\ntrust fund pursuant to this section, and to pledge as collateral\ntherefor such assets as they may deem advisable, (ii) to sell any fund\nassets under an agreement or option for the repurchase thereof from\nmonies or assets in the fund or (iii) to sell fund assets on such terms\nand conditions as are found to be fair and reasonable by the state\nsuperintendent of financial services.\n 3. It is hereby found and declared that any and all obligations of the\nstate of New York, the New York state housing finance agency, the New\nYork state medical care facilities finance agency, the dormitory\nauthority and the New York state environmental facilities corporation,\nare reasonable, prudent, proper and legal investments for the aggregate\ntrust fund and for all state officers with responsibility for the\ncustody or investment of such fund or of its assets.\n 4. Notwithstanding any other provision of law, no state officer with\nresponsibility for the custody or investment of the aggregate trust fund\nor of its assets, or for the approval of the sale or investment of such\nassets, nor any investment advisor, attorney, accountant or actuary who\nshall have been employed by or shall have advised such officer, shall\nincur or suffer any liability whatsoever to any person by reason of\nactions taken pursuant to t
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.