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.