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The commissioner shall charge, receive and collect the interest and penalties upon taxes on real estate not paid when due and payable in such manner and at such rates as shall be provided by law, provided, however, where such taxes are not escrowed, and where such interest does not exceed five dollars, it shall be forgiven.
The commissioner or any assessor may, in accordance with law, enter upon real property and into buildings and structures at all reasonable times to ascertain the character of the property. Refusal by the owner or the agent of such owner to permit such entry shall be a misdemeanor triable by a judge of the criminal court of the city of New York and punishable by not more than thirty days' imprisonment or a fine of not more than fifty dollars, or both.
No money shall be paid out of the treasury except on a warrant authorized by law, signed by the comptroller and countersigned by the commissioner of finance which shall refer to the law under and to the appropriation against which it is drawn. No warrant shall be paid on account of any appropriation after the amount authorized to be raised for the purpose specified in the appropriation shall have been expended. In counter-signing warrants drawn by the comptroller, the commissioner shall be under no duty of inquiring as to the legality or propriety thereof but may rely on the comptroller's signature thereto.
1. The commissioner shall deposit all moneys which shall come into the commissioner's hands on account of the city on the day of receipt thereof, or on the business day next succeeding, in such banks and trust companies as shall have been designated as deposit banks, but no amount shall be on deposit at any one time in any one bank or trust company exceeding one-half of the amount of the capital and net surplus of such bank or trust company. The moneys so deposited shall be placed to the account of the commissioner who shall keep a record in which shall be entered the commissioner's accounts of deposits in, and moneys drawn from, the banks and trust companies in which the deposits shall be made. Each such bank and trust company shall transmit to the comptroller a weekly statement of the moneys which shall be received and paid by it on account of the commissioner.
2. The commissioner shall draw moneys of the city from said banks or trust companies only by checks subjoined and attached to warrants and subscribed by the commissioner or by payment orders duly authorized by the comptroller and the commissioner, and no moneys shall be paid by any such banks or trust companies on account of the commissioner except upon such checks or orders; but this provision shall not apply to transfers of such funds from one city depository to another.
3. The commissioner of finance, in consultation with agency heads, shall by rule establish criteria by which to evaluate whether banks are using the means at their disposal to comply with the embargo on trade and financial transactions with Burma and any other sanctions imposed by the United States government with regard to Burma, including but not limited to:
a. withdrawal of operations from Burma;
b. the denial of loans, letters of credit and other correspondent banking services to Burmese entities;
c. restrictions on the rescheduling of loans owed by Burmese entities, and on conversion of outstanding loans to instruments having longer maturity dates; and
d. divestiture of outstanding debt owed by Burmese entities.
The commissioner shall, after offering banks designated pursuant to section fifteen hundred twenty-four and the public an opportunity to be heard, classify such banks according to such criteria and publish notice of such classification in the City Record. The commissioner may at any time, upon the request of a bank or at his or her own initiative and after offering the public and the bank an opportunity to be heard, change the classification of a bank and publish notice of such change. The failure of a bank to provide information requested by the commissioner for the purposes of this subdivision shall be grounds for the commissioner to lower the classification of the bank. When choosing among banks offering comparable services at a comparable cost, city agencies shall, in a manner consistent with guidelines established by the commissioner of finance, seek to deposit or invest funds at, and obtain services from, the available banks that have received the highest classification.
Editor's note: For related unconsolidated provisions, see Administrative Code Appendix A at L.L. 1990/049, L.L. 1993/075 and L.L. 1997/033.
1. The banking commission which consists of the mayor, the commissioner and the comptroller shall, by majority vote, by written notice to the commissioner, designate the banks or trust companies in which all moneys of the city shall be deposited, and may by like notice in writing from time to time change the banks and trust companies thus designated. The banking commission shall notify the council within thirty days of receiving an application for designation or redesignation, and shall also notify the council within thirty days of approving or denying such application and, if designation or redesignation was denied, the basis for denial.
2. a. No bank or trust company shall be designated pursuant to this section unless:
(1) it shall agree to pay into the city treasury interest or to provide the city with equivalent value on the daily balances at a rate which the banking commission shall negotiate according to the current rate of interest upon like balances deposited in banks and trust companies in the city by private persons or corporations; and
(2) it shall file with the banking commission and city clerk a certificate signed by the president or other duly authorized officer of such bank setting forth that its board of directors has established and will adhere to a policy of hiring and promotion of employees and officers without regard to sex, race, color, religion, religious affiliation, national origin, disability, age, marital status, or sexual orientation, which certificate shall further set forth affirmatively the steps taken by the bank or trust company to implement said policy.
(3) it does not provide the following services, either directly or through a subsidiary or agent, to the Government of Burma; (a) advertising or otherwise promoting the sale, outside of Burma, coins minted in Burma. (b) underwriting securities of the Government of Burma, or (c) making loans to the Government of Burma.
(4) it has certified that neither it nor any of its affiliates is or will become a predatory lender or an affiliate thereof, as such terms are defined in section 6-128 of the administrative code of the city of New York.
b. If the banking commission by a majority vote shall decide that a requirement or condition contained in paragraph a of this subdivision has been violated after giving the bank or trust company an opportunity to be heard, then upon thirty days' notice to the bank or trust company such designation may be revoked. The banking commission shall post notice of such revocation and the reason for such revocation on the department's website.
3. The commissioner may, with the approval of the comptroller, make time deposits of city moneys, for a period not to exceed six months, in any bank or trust company designated for deposit of city funds. Each such bank or trust company shall before deposits are made, other than such as are of a temporary character and specifically relate to the current business of the city, execute and file with the commissioner a bond to the city in such form and in such amount as may be prescribed and approved by the commissioner and the comptroller for the safekeeping and prompt payment of city moneys on demand with interest at the rate agreed upon and, as security for such funds, shall deposit with the comptroller outstanding unmatured obligations of the United States of America, or any obligation fully guaranteed or insured as to interest and principal by the United States of America acting through an agency, subdivision, department or division thereof, obligations of the state of New York or obligations of the city of New York, the value of which at the existing prices on the open market shall be equal to the estimated amount of the proposed deposit, for which the comptroller shall deliver a certificate of deposit containing the condition of such bond.
4. On the withdrawal of all or a part of the funds deposited in any depository and a closing or depleting of the account thereof, or in the event of the deposit actually made being less than the estimated amount of such deposit, the commissioner and the comptroller shall certify to such settlement or depletion of difference and direct the surrender of the whole or a proportionate share of the securities so deposited to the owner or owners thereof.
Editor's note: For related unconsolidated provisions, see Administrative Code Appendix A at L.L. 1985/019, L.L. 1990/049, L.L. 1993/075, L.L. 1997/033 and L.L. 2002/036.
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