N.Y. GCT Law § 20-C

§ 20-c. Temporary investment of certain city funds in obligations of\nthe United States. Notwithstanding any other provision of law, each city\nof the state, acting through its board of estimate or other analogous\ngoverning body, may authorize its comptroller or other chief fiscal\nofficer, to set aside in a special fund, all or part of the proceeds of\nthe sale of serial or other city bonds sold prior to February first,\nnineteen hundred forty-five, which such comptroller or other chief\nfiscal officer may determine, in his discretion, not to be needed\nimmediately for making payments for the purposes for which such bonds\nwere issued, and may authorize such comptroller or other chief fiscal\nofficer to invest such fund in direct obligations of the United States\nwhich may be issued in registered or inscribed form until such time as\nfunds are needed or should be available for the purposes for which such\nbonds were issued. Such comptroller or other chief fiscal officer may\nthereupon invest such fund in such obligations and may thereafter sell\nall or any of such obligations whenever he deems such sale advisable.\nNothing in this section contained shall be deemed to refer to refunding\nbonds.\n