------
------
header

Collateralization of Public Funds

header

NBT Bank collateralizes a Local Government's deposits with securities, as required by the State under Chapter 708 of the NYS Laws of 1992, which provides that General Municipal Law sections 10 and 11 are the controlling statutes for the deposit, investing, and securing of public funds by Local Governments.

NBT Bank uses the Bank of New York as its third-party custodian, and the Bank of NY will monitor the Local Government's balances and adjust its collateral daily to ensure that these public deposits are always adequately collateralized. The Local Government will receive collateral reports directly from BNY, providing the independent reporting recommended by the State Comptroller's Office.

-- New York State Law
 

spacer
Fun Facts: Vail Family