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.