Assembly Bill A9789A

2013-2014 Legislative Session

Relates to the special powers of the environmental facilities corporation

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2013-A9789 - Details

Current Committee:
Assembly Rules
Law Section:
Public Authorities Law
Laws Affected:
Amd §§1285-j & 1285-m, Pub Auth L

2013-A9789 - Summary

Relates to the special powers of the environmental facilities corporation.

2013-A9789 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9789

                          I N  A S S E M B L Y

                              May 22, 2014
                               ___________

Introduced  by  M.  of  A.  SWEENEY  -- (at request of the Environmental
  Facilities Corporation) -- read once and referred to the Committee  on
  Environmental Conservation

AN  ACT  to amend the public authorities law, in relation to the special
  powers of the New York state environmental facilities corporation

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subdivision 6 of section 1285-j of the public authorities
law, as amended by chapter 307 of the laws of 2005, is amended  to  read
as follows:
  6.  Moneys  in  the  water  pollution  control  revolving  fund may be
invested as provided in  subdivision  four  of  section  twelve  hundred
eighty-four  of this title and may be further invested (a) in investment
agreements continuously secured by obligations  with  any  insurance  or
reinsurance company or corporate affiliate thereof rated by a nationally
recognized rating agency in one of its two highest categories, any bank,
trust company or broker or dealer, as defined by the securities exchange
act  of  1934,  which is a dealer in government bonds, which reports to,
trades with and is recognized as a primary dealer by a  federal  reserve
bank and is a member of the securities investors protection corporation,
if,  (i)  such obligations securing such investment agreements are obli-
gations as set forth in section ten of the general municipal  law,  (ii)
such  obligations  are  delivered  to  a  trustee for the benefit of the
corporation or, with respect to moneys pledged  under  an  indenture  of
trust  relating  to  bonds  or  notes of the corporation, to the trustee
under such indenture, or are supported by a safe keeping receipt  issued
by  a depository satisfactory to the corporation as applicable, provided
that such investment agreements must  provide  that  the  value  of  the
underlying  obligations  shall  be maintained at a current market value,
calculated no less frequently than monthly, of not less than the  amount
deposited  thereunder,  (iii) a prior perfected security interest in the
obligations which are securing such agreement has been  granted  to  the
corporation, as applicable, and (iv) such obligations are free and clear
of  adverse  third  party  claims, or (b) in obligations as set forth in

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

2013-A9789A (ACTIVE) - Details

Current Committee:
Assembly Rules
Law Section:
Public Authorities Law
Laws Affected:
Amd §§1285-j & 1285-m, Pub Auth L

2013-A9789A (ACTIVE) - Summary

Relates to the special powers of the environmental facilities corporation.

2013-A9789A (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 9789--A

                          I N  A S S E M B L Y

                              May 22, 2014
                               ___________

Introduced  by  M.  of  A.  SWEENEY  -- (at request of the Environmental
  Facilities Corporation) -- read once and referred to the Committee  on
  Environmental  Conservation  -- reported and referred to the Committee
  on Ways and Means -- reported and referred to the Committee  on  Rules
  --  Rules  Committee  discharged,  bill  amended, ordered reprinted as
  amended and recommitted to the Committee on Rules

AN ACT to amend the public authorities law, in relation to  the  special
  powers of the New York state environmental facilities corporation; and
  providing for the repeal of such provisions upon the expiration there-
  of

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 6 of section 1285-j of the  public  authorities
law,  as  amended by chapter 307 of the laws of 2005, is amended to read
as follows:
  6. Moneys in  the  water  pollution  control  revolving  fund  may  be
invested  as  provided  in  subdivision  four  of section twelve hundred
eighty-four of this title and may be further invested (a) in  investment
agreements  continuously  secured  by  obligations with any insurance or
reinsurance company or corporate affiliate thereof rated by a nationally
recognized rating agency in one of its two highest categories, any bank,
trust company or broker or dealer, as defined by the securities exchange
act of 1934, which is a dealer in government bonds,  which  reports  to,
trades  with  and is recognized as a primary dealer by a federal reserve
bank and is a member of the securities investors protection corporation,
if, (i) such obligations securing such investment agreements  are  obli-
gations  as  set forth in section ten of the general municipal law, (ii)
such obligations are delivered to a  trustee  for  the  benefit  of  the
corporation  or,  with  respect  to moneys pledged under an indenture of
trust relating to bonds or notes of  the  corporation,  to  the  trustee
under  such indenture, or are supported by a safe keeping receipt issued
by a depository satisfactory to the corporation as applicable,  provided
that  such  investment  agreements  must  provide  that the value of the
underlying obligations shall be maintained at a  current  market  value,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

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