9 CRR-NY 1642-1.2NY-CRR
STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 9. EXECUTIVE DEPARTMENT
SUBTITLE S. DIVISION OF HOUSING AND COMMUNITY RENEWAL
CHAPTER III. LOW RENT HOUSING
SUBCHAPTER D. ACCOUNTING MANUAL FOR PUBLIC HOUSING AGENCIES
PART 1642. BASIC INSTRUCTIONS
SUBPART 1642-1. BANK ACCOUNTS
9 CRR-NY 1642-1.2
9 CRR-NY 1642-1.2
1642-1.2 Opening the bank account.
(a) Prior approval of commissioner required.
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.
(b) Passage of bank resolution.
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.
(c) 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.
(d) Designation of bank account.
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
Footnotes
*
So in original. Apparently should be “in”.
9 CRR-NY 1642-1.2
Current through September 15, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.