Section 70.00. Fiscal agent

a. The term "fiscal agent" as used in this
  title shall mean:
    1. In counties, the chief fiscal officer thereof, unless  the  finance
  board shall designate a different officer.
    2. In cities, the chief fiscal officer thereof.
    3. In towns and villages, the clerk thereof.
    4.  In  school  districts  and  district  corporations,  the  clerk or
  secretary or such other officer  thereof  as  the  finance  board  shall
  designate,  except  that  in  a  river  improvement or drainage district
  established  by  or  under  the  supervision  of   the   department   of
  conservation the state comptroller shall act as fiscal agent. However, a
  finance board on behalf of any municipality, school district or district
  corporation,  or  in  the  case of the city of New York the chief fiscal
  officer thereof, may contract from time to time, with any bank or  banks
  or  trust  company  or  trust  companies  located  and  authorized to do
  business in this state for the purpose of  having  such  bank  or  trust
  company  act,  in  connection  with all its obligations, or any specific
  issue or issues of its obligations, or any specific type or types of its
  obligations, as the fiscal agent for such municipality, school  district
  or  district corporation, including the maintenance of an office for the
  registration, conversion, reconversion and transfer of bonds and  notes,
  the  preparation  and  substitution  of new bonds and notes, and for the
  payment of the principal thereof, redemption premium, if  any,  interest
  thereon,  and  for  related  services,  and  for  the  payment  by  such
  municipality, school district or district corporation  of  a  reasonable
  compensation  to  any  such bank or trust company for the services to be
  performed by it pursuant to  such  contract.  Any  such  bank  or  trust
  company  shall  be  responsible  to the municipality, school district or
  district corporation for the faithful and safe conduct of  the  services
  to be performed by it as such fiscal agent, or services related thereto;
  for  the  fidelity and integrity of the officers and agents of such bank
  or trust company performing the duties of a fiscal  agent,  or  services
  related  thereto;  and  for all loss or damage which may result from any
  failure of such officers or agents to discharge their duties and for any
  improper or incorrect discharge of those  duties;  and  shall  save  the
  municipality,  school district or district corporation free and harmless
  from any and all loss  or  damage  occasioned  by  or  incurred  in  the
  performance  of  such  services. Such contracts may be terminated by the
  finance  board  of  the  municipality,  school  district   or   district
  corporation,  or  in  the  case of the city of New York the chief fiscal
  officer thereof, at any time.
    b. The fiscal agent, if not already under bond, shall execute  a  bond
  in  such  form, in such sum and with such sureties as the finance board,
  or in the case of the city of New York the chief fiscal officer thereof,
  shall direct and approve, and such approval shall be indicated upon  the
  bond.  Such  bond  shall then be filed in the office of the clerk of the
  county  in  which  the  municipality,  school   district   or   district
  corporation is located. If the municipality, school district or district
  corporation  is located in more than one county, a duplicate original of
  such bond, approved by the finance board, or in the case of the city  of
  New  York the chief fiscal officer thereof, shall be filed in the office
  of the clerk of each county in which the municipality,  school  district
  or  district  corporation  is  located, except that in a city containing
  more than one county such bond shall be filed only in the office of  the
  city  clerk.  The  expense  of  such  bond  shall  be  a charge upon the
  municipality, school district or district corporation. The provisions of
  this paragraph shall not apply to a bank or trust company which has been
  designated as  fiscal  agent  of  a  municipality,  school  district  or

  district  corporation  pursuant to the provisions of paragraph a of this
  section, unless the finance board of such municipality, school  district
  or  district  corporation,  or  in  the case of the city of New York the
  chief  fiscal  officer  thereof, shall by resolution determine that such
  bank or trust company shall be  required  to  furnish  a  bond  for  the
  faithful performance of its duties as fiscal agent.
    c.  No  municipality,  school district or district corporation, or any
  fiscal agent thereof, shall charge, impose, collect, or receive from the
  holder of any obligation issued pursuant  to  this  chapter,  or  issued
  pursuant  to laws in effect prior to the effective date of this chapter,
  any fee or consideration for any services required to be performed by  a
  fiscal  agent  pursuant to the provisions of this chapter.  However, the
  holder of an obligation shall bear the expense of preparing new bonds or
  coupons which he shall request to be issued pursuant to  the  provisions
  of  title  five  of this article, also the actual and necessary expenses
  for the mailing, shipping or the insuring  of  obligations  incurred  in
  connection with the rendition of services performed by a fiscal agent at
  his  request.  At  least annually every fiscal agent shall render to and
  file with the finance board of  the  municipality,  school  district  or
  district  corporation,  or in the case of the city of New York the chief
  fiscal officer thereof, for which he or  it  acts  a  statement  of  all
  moneys  received  and disbursed by such agent for the expenses mentioned
  in this paragraph. Notwithstanding  the  foregoing  provisions  of  this
  paragraph,  if  the  finance board of a municipality, school district or
  district corporation, or in the case of the city of New York  the  chief
  fiscal  officer  thereof,  shall  determine  that  it  would  be  to the
  financial advantage of the municipality,  school  district  or  district
  corporation  not  to  impose  and  collect  such  mailing,  shipping  or
  insurance charges, it may adopt a resolution directing its fiscal  agent
  not to impose and collect any or all of such charges.
    d. Notwithstanding any other provisions of law, the comptroller of the
  city   of   New  York  may  prescribe  rules  and  regulations  for  the
  registration, conversion, reconversion and transfer  of  the  bonds  and
  notes   of   the  city  of  New  York,  including  the  preparation  and
  substitution of new bonds, for the payment  of  the  principal  thereof,
  redemption  premium,  if  any,  and  interest  thereon,  and  for  other
  authorized services to be performed by such fiscal agent.
    e. Any bank  or  trust  company  acting  as  the  fiscal  agent  of  a
  municipality,  school  district  or  district  corporation  may bid for,
  purchase,  acquire,  hold,  sell  or  dispose  of  obligations  of   the
  municipality,  school district or district corporation for which it acts
  as such agent, and may enter  into  other  service  contracts  with  the
  municipality,  school district or district corporation. No bank or trust
  company acting as such fiscal agent shall print, engrave,  or  otherwise
  prepare, new bonds or coupons required in connection with the conversion
  and  reconversion of bonds as provided in title five of this article, if
  such bank or trust company acts as fiscal agent in  such  conversion  or
  reconversion.