So it view represents this new viewpoints of Work environment of one’s County Comptroller at the time it had been rendered

The view ong whatever else, there had been further legal times otherwise statutory amendments one to incur on facts talked about in the view.

Standard Municipal Law §§10(3), 11(2): The brand new conditions regarding General Civil Laws §10(1)(h) that restriction to 3 months the term away from an “eligible page off credit” given while the shelter to own state dumps and you may financial investments don’t apply at a keen irrevocable page regarding credit approved of the a qualifying federal financial bank.

Specifically, you may well ask perhaps the provisions out-of Standard Municipal Laws §10(1)(h) you to definitely essentially restrict so you’re able to 90 days the phrase from a keen “qualified page off credit” granted because protection to have local government deposits and you may investment applies to an enthusiastic irrevocable letter out-of borrowing from the bank provided because of the an FHLB.

General Civil Rules §§10 and you will 11 regulate the fresh new deposit and you can brief financial support away from monies because of the local governing bodies, in addition to areas. Not as much as General Municipal Legislation §§ten and you will eleven, all deposits and you can assets in excess of the total amount insured below arrangements of one’s Government Deposit Insurance rates Act 1 have to be secured relative to General Municipal Law §10(3) (Standard Civil Rules §§ ten, 11).

This can be responding into inquiry regarding your accessibility a letter from borrowing given of the a federal financial financial (hereinafter “FHLB”) while the defense having condition dumps

Standard Municipal Legislation §10(3) provides numerous alternatives for securing such as for instance too much amounts, for instance the greet off an enthusiastic “eligible page clickcashadvance.com personal loan rate? out-of borrowing from the bank”, payable to your state government, since the safety “toward percentage of a single hundred or so 40 per cent, of the aggregate quantity of social places” from the state government, and arranged interest (Standard Municipal Legislation § 10[c][i]). Continue reading →