Section 92-V. Linked deposit program fund

1. There is hereby established in
  the  sole  custody of the commissioner of taxation and finance a special
  fund to be known as the "linked deposit program fund".
    2. Such fund shall consist of moneys deposited by  public  authorities
  or public benefit corporations created by or pursuant to the laws of the
  state of New York pursuant to subdivision three of this section.
    3.  Notwithstanding  any  provision of law to the contrary, the public
  authorities and public benefit corporations created by  or  pursuant  to
  the  laws of the state of New York are authorized to invest their moneys
  or moneys under their management and control in the fund.  Every  public
  authority or public benefit corporation, a majority of whose members are
  appointed  by  the  governor  or serve as members by virtue of holding a
  civil office to which they  were  appointed  by  the  governor,  or  any
  combination  thereof, shall adopt a resolution on or before April first,
  nineteen  hundred  ninety-seven,  either  setting  forth  a   plan   for
  participation in the excelsior linked deposit act as provided in article
  fifteen of this chapter or formally resolving not to participate in such
  act and setting forth the reason or reasons therefor. Within thirty days
  of  the  adoption  of  such  resolution, every such public authority and
  public benefit corporation shall notify the governor,  the  commissioner
  of  economic  development, the commissioner of taxation and finance, the
  temporary president of the senate, and the speaker of  the  assembly  of
  plans  for  participation  in  the  excelsior  linked deposit act or the
  reason or reasons for not participating therein.
    4. Moneys placed in or pledged to the fund may  be  deposited  by  the
  commissioner  of  taxation  and  finance  as linked deposits pursuant to
  article fifteen of this chapter. Notwithstanding any provision of law to
  the contrary, when not deposited as linked deposits pursuant to  article
  fifteen  of  this  chapter,  any  such  moneys  in  the fund may, in the
  discretion of the commissioner of taxation and finance, be  invested  in
  obligations  authorized  as investments pursuant to section ninety-eight
  of this article or retained by such public authority or  public  benefit
  corporation  until such time as the commissioner of taxation and finance
  requests such moneys or a portion thereof, to be deposited as  a  linked
  deposit pursuant to article fifteen of this chapter.