Opening the bank account
Compiled text through Sep 15, 2021
Register checked through Jul 29, 2026
No later Register activity identified in this check.
Dates and status
- Compiling agency
- Executive Department
- Text status
- Westlaw Inline Boundary Correction
- Compiled text through
- Sep 15, 2021
- Register checked through
- July 29, 2026/Vol. XLVIII, Issue 30 (2026-07-29)
- Activity status
- No later Register activity identified in this check.
- Source snapshot
- Jun 6, 2026
No account shall be opened in any bank without the commissioner's prior approval of the depositary. Such depositary shall be a member of the Federal Deposit Insurance Corporation or such other bank as the commissioner shall approve. The first step by the local agency is*opening a bank account will therefore be to submit the name of the depositary to the division with a request for the commissioner's approval.
With the approval of the depositary, the local agency then passes an appropriate resolution opening the bank account. A model resolution is illustrated at Exhibit 31 of Appendix S-8. Certified copies of the resolution, in duplicate, shall be filed with the division together with the depositary's letter of acceptance.
The local agency shall secure from the depositary a letter, in triplicate, accepting the account. Two copies of this letter shall be filed with the division together with the certified copies of the bank resolution. A specimen letter of acceptance will be supplied by the division.
The designation of each bank account, as reflected in the bank resolution and printed on the face of the check, shall include the name of the local agency, the name of the project, the number of the project, the name of the applicable fund and the phrase “in trust under New York State Loan and Subsidy Contract NYS__,” as per the following example:
Yorkburgh Housing Authority
Sunshine Courts, Project NYS-999
Development Fund
In trust under New York State Loan and Subsidy
Contract NYS-999