T A B L E O F C O N T E N T S P RT I A ... - Broome County

§ A505 BROOME COUNTY CHARTER AND CODE § A507
as to amount and sufficiency by the Commissioner of Finance. The depositary shall
deposit with the Commissioner of Finance an assignment in blank of each collateral. The
Commissioner of Finance shall deliver to the depositary a certificate of deposit
containing the description of the bonds or other securities so deposited as collateral. In
the event of a default on the undertaking of any depositary and the consequent necessity
to complete the assignment in blank, the Commissioner of Finance shall complete the
assignment and shall be deemed to be the agent of the assignor for such purpose. The
Commissioner of Finance may from time to time release securities whenever the amount
of the balance on deposit shall be lawfully reduced. Upon the withdrawal of all moneys
from any depositary and the closing and settlement of the account therefor, the
Commissioner of Finance may require the surrender of the certificate of deposit and
thereupon shall return the security so deposited as collateral. Whenever in the judgment
of the Commissioner of Finance it appears that additional facilities for the safeguarding
of the securities deposited with him are essential, he may lease or rent a safe-deposit box,
and the cost thereof shall be audited and paid as a County charge. The depositary, with
the consent of the Commissioner of Finance, may deposit such securities in a
safe-deposit box maintained by the depositary under the joint control of the depositary
and the Commissioner of Finance, or, if such depositary has and maintains a separate
trust department, said depositary may with like consent deliver such securities to said
trust department or may with like consent deposit said securities in escrow in the trust
department of any other bank within the State of New York, to be held by and subject to
the joint order of the depositary and the Commissioner of Finance, and all expenses in
connection therewith shall be borne by the depositary.
(D) The Commissioner of Finance shall not be liable for the loss of public funds of the
County by reason of the default or insolvency of a designated depositary, provided that
such funds have been deposited in accordance with the provisions of this section. In the
event that securities have not been deposited as provided in Subsection (C) of this
section, the Commissioner of Finance shall be liable to the extent of any loss sustained.
§ A506. Sale of bonds.
The Commissioner of Finance shall be responsible for the conduct of the sale of all bonds or
other obligations as prescribed by the Local Finance Law.
§ A507. Preparation and signing of checks.
The Commissioner shall sign all checks for the payment of payroll and all other lawful claims
against the County or against funds for which the County is responsible. No check shall be
executed by him for the payment of any claim against or obligation of the County unless the
check states the funds against which it is drawn and the appropriation account chargeable
therewith. No fund or appropriation account shall be overdrawn, nor shall any check be drawn
against a fund or appropriation account to pay a claim properly chargeable to another fund or
appropriation account. All County officers and employees shall be paid biweekly.
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