§ 13-138 — Fund for current needs
New York City Administrative Code (current through L.L. 2026/147, enacted September 12, 2026, and amendments effective through October 10, 2026) · NYC Admin. Code § 13-138
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§ 13-138 Fund for current needs.
For the purpose of meeting disbursements for pensions, pensions-providing-for-increased-take-home-pay, annuities and other payments, there may be kept an available fund, not exceeding ten per cent of the total amount in the several funds provided for by this chapter, on deposit in any bank in this state organized under the laws thereof or under the laws of the United States, or in any trust company incorporated by any law of this state, provided such bank or trust company shall furnish adequate security for such fund, and further provided that the sum deposited in any one bank or trust company shall not exceed twenty-five per cent of the paid-up capital and surplus of such bank or trust company.