§ 92-v. Linked deposit program fund. 1. There is hereby established in
the sole custody of the commissioner of taxation and finance a special
fund to be known as the "linked deposit program fund".

2. Such fund shall consist of moneys deposited by public authorities
or public benefit corporations created by or pursuant to the laws of the
state of New York pursuant to subdivision three of this section.

3. Notwithstanding any provision of law to the contrary, the public
authorities and public benefit corporations created by or pursuant to
the laws of the state of New York are authorized to invest their moneys
or moneys under their management and control in the fund. Every public
authority or public benefit corporation, a majority of whose members are
appointed by the governor or serve as members by virtue of holding a
civil office to which they were appointed by the governor, or any
combination thereof, shall adopt a resolution on or before April first,
nineteen hundred ninety-seven, either setting forth a plan for
participation in the excelsior linked deposit act as provided in article
fifteen of this chapter or formally resolving not to participate in such
act and setting forth the reason or reasons therefor. Within thirty days
of the adoption of such resolution, every such public authority and
public benefit corporation shall notify the governor, the commissioner
of economic development, the commissioner of taxation and finance, the
temporary president of the senate, and the speaker of the assembly of
plans for participation in the excelsior linked deposit act or the
reason or reasons for not participating therein.

4. Moneys placed in or pledged to the fund may be deposited by the
commissioner of taxation and finance as linked deposits pursuant to
article fifteen of this chapter. Notwithstanding any provision of law to
the contrary, when not deposited as linked deposits pursuant to article
fifteen of this chapter, any such moneys in the fund may, in the
discretion of the commissioner of taxation and finance, be invested in
obligations authorized as investments pursuant to section ninety-eight
of this article or retained by such public authority or public benefit
corporation until such time as the commissioner of taxation and finance
requests such moneys or a portion thereof, to be deposited as a linked
deposit pursuant to article fifteen of this chapter.