§ 2927. Investment of funds by public authorities and public benefit
corporations in deposits insured by the federal deposit insurance
corporation.

Notwithstanding any inconsistent provision of this chapter or any
other general, special or local law, every corporation whether or not
such corporation is otherwise governed by this chapter, may temporarily
invest moneys not required for immediate expenditure in accordance with
the following conditions:

1. the moneys are invested through a bank or trust company located and
authorized to do business in this state selected by the corporation;

2. the selected bank or trust company arranges for the redeposit of
the moneys in certificates of deposit and other deposit accounts in one
or more banking institutions, as defined in section nine-r of the
banking law, for the account of the corporation;

3. the full amount of principal and accrued interest of each such
deposit is insured by the federal deposit insurance corporation;

4. the selected bank or trust company in this state acts as custodian
for the corporation with respect to the funds redeposited pursuant to
this section; and

5. at the same time that the corporation's moneys are redeposited
pursuant to this section, the selected bank or trust company in this
state receives an amount of deposits from customers of other financial
institutions equal to or greater than the amount of the moneys invested
by the corporation through the selected bank or trust company in this
state.