NY State Senate Bill 2009-S1322

Archive: Last Bill Status - On Floor Calendar

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 25, 2010	advanced to third reading
May 24, 2010	2nd report cal.
May 18, 2010	1st report cal.560
Jan 06, 2010	referred to finance
Jan 28, 2009	referred to finance

Votes

- May 18, 2010 - Finance Committee Vote
  S1322
  
  20
  
  Aye
  
  10
  
  Nay
  
  3
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Finance Committee Vote: May 18, 2010
      
      aye (20)
      
      Breslin
      
      Diaz
      
      Dilan
      
      Duane
      
      Espada
      
      Klein
      
      Krueger
      
      Kruger
      
      Montgomery
      
      Oppenheimer
      
      Padavan
      
      Parker
      
      Peralta
      
      Perkins
      
      Robach
      
      Stachowski
      
      Stavisky
      
      Stewart-Cousins
      
      Thompson
      
      Valesky
      
      nay (10)
      
      DeFrancisco
      
      Farley
      
      Johnson
      
      LaValle
      
      Larkin
      
      Marcellino
      
      Maziarz
      
      Nozzolio
      
      Seward
      
      Volker
      
      aye wr (3)
      
      Hannon
      
      Leibell
      
      Saland

co-Sponsors

2009-S1322 (ACTIVE) - Details

Law Section:: State Finance Law
Laws Affected:: Amd §8, St Fin L; add §40, Gen Muni L
Versions Introduced in 2011-2012 Legislative Session:: S2112

2009-S1322 (ACTIVE) - Summary

Requires the state comptroller to adopt comprehensive investment guidelines which detail the department of audit and control's advisory policy and instructions to the chief executive and chief fiscal officers and the finance board, as may be appropriate, of each local government entity which shall include counties, cities, towns, villages, school districts and district corporations, within the meaning of that term as set out in subdivision three of §66 of the general construction law, or any other government subdivision of the state regarding the investing, monitoring and reporting of funds of the applicable local government entity; provides that such investment guidelines approved by the comptroller shall be annually submitted and reviewed by the legislature.

2009-S1322 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S1322

 TITLE OF BILL :
An act to amend the state finance law and the general municipal law,
in relation to the adoption by the state comptroller of investment
guidelines to be disseminated to local government entities


 SUMMARY OF BILL :
The purpose of the bill is to require the Comptroller to establish
investment guidelines for local governments, who subsequently adopt
their own investment guidelines.

The Comptroller shall adopt by April 1, in the year next succeeding
the year in which this bill takes effect, comprehensive investment
guidelines which detail the Department of Audit and Control's advisory
policy and instructions to counties, cities, education services and
district corporations. Local governments shall adopt, by January 1, in
the year next succeeding the year in which this bill takes effect,
comprehensive investment guidelines which conform with those. issued
by the Comptroller.

The investment guidelines shall include:

(1) a detailed list of permitted investments;

(2) procedures and provisions to fully secure the local government's
financial interest in investments;

(3) a requirement that the local government enter into written
contracts pursuant to which investments are made;

(4) standards for the diversification of investments, including
diversification with respect to types of investments and firms with
which the local government entity transacts business;

(5) standards for the qualification of investment agents; and

(6) provisions for reporting on the investments of the local
government including provisions for an annual independent audit of all
investment practices.

This bill requires both the Comptroller and local governments to
review the investment guidelines and procedures at least annually.
The bill amends the State Finance law and the general municipal law to
provide investment guidelines for local governments to reflect
ever-changing market conditions.

 JUSTIFICATION :
With the recent problems of certain local governments facing the
possibility of losing taxpayers' money due to the bankruptcy of an
investment firm, it appears that legislative action is necessary.
Said action should provide and maintain investment guidelines to aid
our local governments in their investment decisions in a rapid
changing marketplace with a variety of investment instruments and a
large and changing group of investment companies.

 FISCAL IMPLICATIONS :
There may be minimal administrative costs, but this is a potential
savings that may be realized from avoidance of future loss due to
bankruptcy of investment firms.

 EFFECTIVE DATE :
Immediately.

2009-S1322 (ACTIVE) - Bill Text download pdf

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

                                  1322

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            January 28, 2009
                               ___________

Introduced  by  Sen.  KRUGER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

AN ACT to amend the state finance law and the general municipal law,  in
  relation to the adoption by the state comptroller of investment guide-
  lines to be disseminated to local government entities

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

  Section 1. Section 8 of the state finance law is amended by  adding  a
new subdivision 21 to read as follows:
  21.  A.  ADOPT RULES AND REGULATIONS NOT LATER THAN APRIL FIRST IN THE
YEAR NEXT SUCCEEDING THE YEAR IN WHICH THIS  SUBDIVISION  TAKES  EFFECT,
WITH RESPECT TO COMPREHENSIVE INVESTMENT GUIDELINES AND PROCEDURES WHICH
SHALL  INCLUDE  THE INVESTING, MONITORING AND REPORTING OF FUNDS OF EACH
LOCAL GOVERNMENT ENTITY. FOR PURPOSES OF THIS SECTION, "LOCAL GOVERNMENT
ENTITY"  SHALL  INCLUDE  COUNTIES,  CITIES,  TOWNS,   VILLAGES,   SCHOOL
DISTRICTS  INCLUDING  BOARDS  OF  COOPERATIVE  EDUCATIONAL  SERVICES AND
DISTRICT CORPORATIONS, WITHIN THE MEANING OF THAT TERM  AS  SET  OUT  IN
SUBDIVISION  THREE OF SECTION SIXTY-SIX OF THE GENERAL CONSTRUCTION LAW,
OR ANY OTHER GOVERNMENT SUBDIVISION OF THE STATE. SUCH INVESTMENT GUIDE-
LINES AND PROCEDURES SHALL BE REVIEWED BY THE COMPTROLLER AT LEAST ANNU-
ALLY.
  B. FUNDS OF THE LOCAL GOVERNMENT ENTITY, FOR PURPOSES OF THIS SUBDIVI-
SION, SHALL CONSIST OF ALL MONEYS AND OTHER FINANCIAL  RESOURCES  AVAIL-
ABLE FOR INVESTMENT BY SUCH ENTITY ON ITS OWN BEHALF OR ON BEHALF OF ANY
OTHER LOCAL GOVERNMENT ENTITY.
  C. SUCH INVESTMENT GUIDELINES AND PROCEDURES SHALL INCLUDE, BUT NOT BE
LIMITED TO THE FOLLOWING:
  (1)  A DETAILED LIST OF THE PERMITTED INVESTMENTS OF THE LOCAL GOVERN-
MENT ENTITY, WHICH SHALL BE CONSISTENT WITH THE  APPROPRIATE  PROVISIONS
OF LAW RELATING TO THE APPLICABLE LOCAL GOVERNMENT ENTITY.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06800-01-9

S. 1322                             2

  (2)  PROCEDURES  AND  PROVISIONS  TO FULLY SECURE THE LOCAL GOVERNMENT
ENTITY'S FINANCIAL INTEREST IN INVESTMENTS.
  (3)  A REQUIREMENT THAT THE LOCAL GOVERNMENT ENTITY ENTER INTO WRITTEN
CONTRACTS PURSUANT TO WHICH INVESTMENTS ARE MADE. SUCH  CONTRACTS  SHALL
INCLUDE, BUT NOT NECESSARILY BE LIMITED TO PROVISIONS:
  (I) DEEMED NECESSARY AND SUFFICIENT TO SECURE IN A SATISFACTORY MANNER
THE LOCAL GOVERNMENT ENTITY'S FINANCIAL INTEREST IN EACH INVESTMENT;
  (II)  COVERING THE USE, TYPE AND AMOUNT OF COLLATERAL OR INSURANCE FOR
EACH INVESTMENT AND ESTABLISHING THE CONDITIONS, IF ANY, UPON WHICH  THE
SUBSTITUTION  OF  TYPES  OR  AMOUNTS  OF COLLATERAL MAY BE MADE FOR EACH
INVESTMENT;
  (III) ESTABLISHING A METHOD FOR VALUATION OF  COLLATERAL,  AND  PROCE-
DURES  FOR MONITORING AND ADJUSTING WHEN NECESSARY THE VALUATION OF SUCH
COLLATERAL ON A REGULAR BASIS;
  (IV) REQUIRING THAT THE OBLIGATIONS BE DELIVERED TO THE LOCAL  GOVERN-
MENT  ENTITY  OR  TO  THE LOCAL GOVERNMENT ENTITY'S ACCOUNT AT A BANK OR
TRUST COMPANY WITH WHICH THE LOCAL  GOVERNMENT  ENTITY  HAS  EXECUTED  A
WRITTEN  CONTRACT  FOR THE CUSTODY OF OBLIGATIONS AND COLLATERAL. IN THE
CASE OF OBLIGATIONS OF THE TYPE  THE  OWNERSHIP  OF  WHICH  IS  RECORDED
THROUGH  A BOOK ENTRY MAINTAINED BY THE FEDERAL RESERVE SYSTEM, DELIVERY
OF SUCH OBLIGATIONS SHALL  BE  MADE  BY  TRANSFER  THROUGH  THE  FEDERAL
RESERVE  SYSTEM'S "BOOK-ENTRY SYSTEM" TO THE BANK OR TRUST COMPANY TO AN
ACCOUNT DESIGNATED BY THE LOCAL GOVERNMENT ENTITY. SUCH  BANK  OR  TRUST
COMPANY  SHALL  NOT BE AN AGENT OF THE PARTY WITH WHOM THE LOCAL GOVERN-
MENT ENTITY ENTERS INTO SUCH INVESTMENT CONTRACT TO PURCHASE SUCH  OBLI-
GATIONS;
  (V) REQUIRING THAT OBLIGATIONS ARE NOT SUBJECT TO ANY LIEN OR SECURITY
INTEREST.
  (4)  PROCEDURES  FOR THE MONITORING, CONTROL, DEPOSIT AND RETENTION OF
INVESTMENTS AND COLLATERAL.
  (5) A REQUIREMENT THAT THE LOCAL GOVERNMENT ENTITY ENTER INTO  WRITTEN
CONTRACTS  WITH  BANKS OR TRUST COMPANIES, PURSUANT TO WHICH OBLIGATIONS
AND COLLATERAL ARE HELD BY SUCH BANKS OR TRUST COMPANIES FOR  THE  LOCAL
GOVERNMENT  ENTITY. SUCH CONTRACTS SHALL INCLUDE, BUT NOT NECESSARILY BE
LIMITED TO PROVISIONS:
  (I) ESTABLISHING A METHOD FOR VALUATION OF COLLATERAL, AND  PROCEDURES
FOR MONITORING AND ADJUSTING WHEN NECESSARY THE VALUATION OF SUCH COLLA-
TERAL ON A REGULAR BASIS;
  (II)  REQUIRING  SUCH  BANK  OR  TRUST COMPANY TO CERTIFY TO THE LOCAL
GOVERNMENT ENTITY THAT SUCH BANK OR  TRUST  COMPANY  ASSERTS  NO  RIGHT,
TITLE OR INTEREST IN SUCH OBLIGATIONS;
  (III)  PRESCRIBING  THE  MANNER IN WHICH RECEIPT OF THE OBLIGATIONS BY
THE BANK OR TRUST COMPANY SHALL BE CONFIRMED, AND THE  CONDITIONS  UNDER
WHICH  THE  OBLIGATIONS HELD MAY BE SOLD, PRESENTED FOR PAYMENT, SUBSTI-
TUTED OR RELEASED. EACH SUCH TRANSACTION SHALL BE CONFIRMED  IN  WRITING
TO THE LOCAL GOVERNMENT ENTITY.
  (6) STANDARDS FOR THE DIVERSIFICATION OF INVESTMENTS, INCLUDING DIVER-
SIFICATION WITH RESPECT TO TYPES OF INVESTMENTS AND FIRMS WITH WHICH THE
LOCAL GOVERNMENT ENTITY TRANSACTS INVESTMENT BUSINESS.
  (7)  STANDARDS FOR THE QUALIFICATION OF INVESTMENT AGENTS WHICH TRANS-
ACT BUSINESS WITH THE LOCAL GOVERNMENT ENTITY, SUCH AS CRITERIA COVERING
CREDITWORTHINESS, EXPERIENCE, CAPITALIZATION, SIZE AND ANY OTHER FACTORS
THAT, IN THE JUDGMENT OF THE COMPTROLLER, MAKE A FIRM CAPABLE AND QUALI-
FIED TO TRANSACT BUSINESS WITH THE LOCAL GOVERNMENT ENTITY.
  (8) REQUIREMENTS FOR THE LOCAL GOVERNMENT  ENTITY  TO  REPORT  ON  ITS
INVESTMENTS, INCLUDING PROVISIONS FOR AN ANNUAL INDEPENDENT AUDIT OF ALL

S. 1322                             3

INVESTMENTS  AND INVESTMENT PRACTICES. SUCH REPORTING SHALL ALSO INCLUDE
ANNUAL REPORTS, OR REPORTS COVERING SUCH OTHER PERIOD AS MAY BE APPROVED
BY THE COMPTROLLER, FROM THE CHIEF FISCAL OFFICER OF THE  LOCAL  GOVERN-
MENT ENTITY, REGARDING THE INVENTORY OF EXISTING INVESTMENTS, FIRMS WITH
WHICH  INVESTMENT  CONTRACTS WERE MADE, THE INVESTMENT INCOME RECORD FOR
SUCH ENTITY AND A LIST OF TOTAL FEES, COMMISSIONS OR OTHER CHARGES  PAID
TO ANY BANK OR INVESTMENT AGENT RENDERING INVESTMENT ASSOCIATED SERVICES
TO  THE  ENTITY  SINCE THE LAST REPORT.  SUCH REPORT AND THE INDEPENDENT
AUDIT REPORT SHALL BE SUBMITTED TO THE COMPTROLLER OF THE STATE  OF  NEW
YORK AND SHALL BE AVAILABLE TO THE PUBLIC UPON REASONABLE REQUEST THERE-
FOR.
  D.  THE  PROPOSED  COMPREHENSIVE  INVESTMENT GUIDELINES AND PROCEDURES
SHALL BE SUBMITTED BY THE COMPTROLLER TO THE TEMPORARY PRESIDENT OF  THE
SENATE,  THE SPEAKER OF THE ASSEMBLY, THE CHAIRMAN OF THE SENATE FINANCE
COMMITTEE, THE CHAIRMAN OF THE ASSEMBLY WAYS AND MEANS COMMITTEE AND THE
DIRECTOR OF THE BUDGET NOT LATER THAN JANUARY FIRST  IN  THE  YEAR  NEXT
SUCCEEDING THE YEAR IN WHICH THIS SUBDIVISION TAKES EFFECT. IN ADDITION,
THE COMPTROLLER SHALL SUBMIT ANNUALLY IN HIS STATISTICAL REPORT REQUIRED
BY  SECTION THIRTY-SEVEN OF THE GENERAL MUNICIPAL LAW A SUMMARY OF LOCAL
GOVERNMENT INVESTMENT PRACTICES AS DISCLOSED BY THE  INVESTMENT  REPORTS
SUBMITTED TO THE COMPTROLLER PURSUANT TO SUBPARAGRAPH EIGHT OF PARAGRAPH
C OF THIS SUBDIVISION.
  SUCH SUMMARY SHALL INCLUDE TOTAL INVESTMENT INCOME OF LOCAL GOVERNMENT
ENTITIES,  AN  INVENTORY OF EXISTING LOCAL GOVERNMENT ENTITY INVESTMENTS
BY INVESTMENT TYPE, AND THE TOTAL FEES, COMMISSIONS,  OR  OTHER  CHARGES
PAID  TO  BANKS  OR  INVESTMENT  AGENTS  RENDERING INVESTMENT ASSOCIATED
SERVICES TO LOCAL GOVERNMENT ENTITIES.
  S 2. The general municipal law is amended by adding a new  section  40
to read as follows:
  S  40.  INVESTMENT  GUIDELINES FOR LOCAL GOVERNMENT ENTITIES. 1.  EACH
LOCAL GOVERNMENT, WHICH FOR PURPOSES OF THIS SECTION SHALL INCLUDE COUN-
TIES, CITIES, TOWNS, VILLAGES,  SCHOOL  DISTRICTS  INCLUDING  BOARDS  OF
COOPERATIVE  EDUCATIONAL  SERVICES AND DISTRICT CORPORATIONS, WITHIN THE
MEANING OF THAT  TERM  AS  SET  OUT  IN  SUBDIVISION  THREE  OF  SECTION
SIXTY-SIX  OF  THE  GENERAL  CONSTRUCTION LAW, OR ANY OTHER GOVERNMENTAL
SUBDIVISION OF THE STATE, SHALL  BY  RESOLUTION  ADOPT  A  COMPREHENSIVE
INVESTMENT  POLICY WHICH DETAILS THE LOCAL GOVERNMENT ENTITY'S OPERATIVE
POLICY AND INSTRUCTIONS TO OFFICERS AND STAFF REGARDING  THE  INVESTING,
MONITORING  AND  REPORTING OF FUNDS OF THE LOCAL GOVERNMENT ENTITY. SUCH
INVESTMENT POLICY SHALL BE IN COMPLIANCE WITH THE COMPREHENSIVE  INVEST-
MENT  GUIDELINES  PROMULGATED  BY  THE STATE COMPTROLLER. THE INVESTMENT
POLICY SHALL BE ADOPTED BY THE LOCAL GOVERNMENT ENTITY BY JANUARY  FIRST
IN  THE SECOND YEAR NEXT SUCCEEDING THE YEAR IN WHICH THIS SECTION TAKES
EFFECT AND SHALL BE ANNUALLY REVIEWED BY THE LOCAL GOVERNMENT ENTITY.
  2. FUNDS OF THE LOCAL GOVERNMENT ENTITY, FOR PURPOSES OF THIS SECTION,
SHALL CONSIST OF ALL MONEYS AND OTHER FINANCIAL RESOURCES AVAILABLE  FOR
INVESTMENT BY THE LOCAL GOVERNMENT ENTITY ON ITS OWN BEHALF OR ON BEHALF
OF ANY OTHER ENTITY OR INDIVIDUAL.
  3.  THE  INVESTMENT  POLICY  ADOPTED  BY  THE LOCAL GOVERNMENT ENTITY,
SUBJECT TO THE COMPTROLLER'S  GUIDELINES,  SHALL  INCLUDE,  BUT  NOT  BE
LIMITED TO THE FOLLOWING:
  (A)  A DETAILED LIST OF THE PERMITTED INVESTMENTS OF THE LOCAL GOVERN-
MENT ENTITY, WHICH SHALL BE CONSISTENT WITH THE  APPROPRIATE  PROVISIONS
OF  LAW  RELATING  TO  THE  LOCAL  GOVERNMENT  ENTITY AND ANY ADDITIONAL
REQUIREMENTS PURSUANT TO ANY CONTRACT WITH BONDHOLDERS AND NOTEHOLDERS.

S. 1322                             4

  (B) PROCEDURES AND PROVISIONS TO FULLY  SECURE  THE  LOCAL  GOVERNMENT
ENTITY'S FINANCIAL INTEREST IN INVESTMENTS.
  (C)  A  REQUIREMENT  THAT  THE  LOCAL  GOVERNMENT  ENTER  INTO WRITTEN
CONTRACTS PURSUANT TO WHICH INVESTMENTS ARE MADE. SUCH  CONTRACTS  SHALL
INCLUDE, BUT NOT NECESSARILY BE LIMITED TO PROVISIONS:
  (I) DEEMED NECESSARY AND SUFFICIENT TO SECURE IN A SATISFACTORY MANNER
THE LOCAL GOVERNMENT ENTITY'S FINANCIAL INTEREST IN EACH INVESTMENT;
  (II)  COVERING THE USE, TYPE AND AMOUNT OF COLLATERAL OR INSURANCE FOR
EACH INVESTMENT AND ESTABLISHING THE CONDITIONS, IF ANY, UPON WHICH  THE
SUBSTITUTION  OF  TYPES  OR  AMOUNTS  OF COLLATERAL MAY BE MADE FOR EACH
INVESTMENT;
  (III) ESTABLISHING A METHOD FOR VALUATION OF  COLLATERAL,  AND  PROCE-
DURES  FOR MONITORING AND ADJUSTING WHEN NECESSARY THE VALUATION OF SUCH
COLLATERAL ON A REGULAR BASIS;
  (IV) REQUIRING THAT THE OBLIGATIONS BE DELIVERED TO THE LOCAL  GOVERN-
MENT  ENTITY  OR  TO  THE LOCAL GOVERNMENT ENTITY'S ACCOUNT AT A BANK OR
TRUST COMPANY WITH WHICH THE LOCAL  GOVERNMENT  ENTITY  HAS  EXECUTED  A
WRITTEN  CONTRACT  FOR THE CUSTODY OF OBLIGATIONS AND COLLATERAL. IN THE
CASE OF OBLIGATIONS OF THE TYPE  THE  OWNERSHIP  OF  WHICH  IS  RECORDED
THROUGH  A BOOK ENTRY MAINTAINED BY THE FEDERAL RESERVE SYSTEM, DELIVERY
OF SUCH OBLIGATIONS SHALL  BE  MADE  BY  TRANSFER  THROUGH  THE  FEDERAL
RESERVE  SYSTEM'S "BOOK-ENTRY SYSTEM" TO THE BANK OR TRUST COMPANY TO AN
ACCOUNT DESIGNATED BY THE LOCAL GOVERNMENT ENTITY. SUCH  BANK  OR  TRUST
COMPANY  SHALL  NOT BE AN AGENT OF THE PARTY WITH WHOM THE LOCAL GOVERN-
MENT ENTITY ENTERS INTO SUCH INVESTMENT CONTRACT TO PURCHASE SUCH  OBLI-
GATIONS;
  (V) REQUIRING THAT OBLIGATIONS ARE NOT SUBJECT TO ANY LIEN OR SECURITY
INTEREST.
  (D)  PROCEDURES  FOR THE MONITORING, CONTROL, DEPOSIT AND RETENTION OF
INVESTMENTS AND COLLATERAL.
  (E) A REQUIREMENT THAT THE LOCAL GOVERNMENT ENTITY ENTER INTO  WRITTEN
CONTRACTS  WITH  BANKS OR TRUST COMPANIES, PURSUANT TO WHICH OBLIGATIONS
AND COLLATERAL ARE HELD BY SUCH BANKS OR TRUST COMPANIES FOR  THE  LOCAL
GOVERNMENT  ENTITY. SUCH CONTRACTS SHALL INCLUDE, BUT NOT NECESSARILY BE
LIMITED TO PROVISIONS:
  (I) ESTABLISHING A METHOD FOR VALUATION OF COLLATERAL, AND  PROCEDURES
FOR MONITORING AND ADJUSTING WHEN NECESSARY THE VALUATION OF SUCH COLLA-
TERAL ON A REGULAR BASIS;
  (II)  REQUIRING  SUCH  BANK  OR  TRUST COMPANY TO CERTIFY TO THE LOCAL
GOVERNMENT ENTITY THAT SUCH BANK OR  TRUST  COMPANY  ASSERTS  NO  RIGHT,
TITLE OR INTEREST IN SUCH OBLIGATIONS;
  (III)  PRESCRIBING  THE  MANNER IN WHICH RECEIPT OF THE OBLIGATIONS BY
THE BANK OR TRUST COMPANY SHALL BE CONFIRMED, AND THE  CONDITIONS  UNDER
WHICH  THE  OBLIGATIONS HELD MAY BE SOLD, PRESENTED FOR PAYMENT, SUBSTI-
TUTED OR RELEASED. EACH SUCH TRANSACTION SHALL BE CONFIRMED  IN  WRITING
TO THE LOCAL GOVERNMENT ENTITY.
  (F) STANDARDS FOR THE DIVERSIFICATION OF INVESTMENTS, INCLUDING DIVER-
SIFICATION  WITH RESPECT TO TYPES OF INVESTMENTS AND FIRMS WITH WHOM THE
LOCAL GOVERNMENT ENTITY TRANSACTS BUSINESS.
  (G) STANDARDS FOR THE QUALIFICATION OF INVESTMENT AGENTS WHICH  TRANS-
ACT BUSINESS WITH THE LOCAL GOVERNMENT ENTITY, SUCH AS CRITERIA COVERING
CREDITWORTHINESS, EXPERIENCE, CAPITALIZATION, SIZE AND ANY OTHER FACTORS
THAT  MAKE  A  FIRM  CAPABLE AND QUALIFIED TO TRANSACT BUSINESS WITH THE
LOCAL GOVERNMENT ENTITY.
  4. EACH LOCAL GOVERNMENT ENTITY SHALL HAVE  THE  POWER  TO  AMEND  ITS
INVESTMENT POLICY FROM TIME TO TIME IN ACCORDANCE WITH THE PROVISIONS OF

S. 1322                             5

THIS  SECTION  AND  THE COMPREHENSIVE INVESTMENT GUIDELINES OF THE STATE
COMPTROLLER.
  S 3. This act shall take effect immediately.

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Senate Bill S1322

Sponsored By

Archive: Last Bill Status - On Floor Calendar

May 18, 2010 - Finance Committee Vote

Finance Committee Vote: May 18, 2010

co-Sponsors

2009-S1322 (ACTIVE) - Details

2009-S1322 (ACTIVE) - Summary

2009-S1322 (ACTIVE) - Sponsor Memo

2009-S1322 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S1322

Share this bill

Sponsored By

Carl Kruger

Archive: Last Bill Status - On Floor Calendar

co-Sponsors

Antoine M. Thompson

2009-S1322 (ACTIVE) - Details

2009-S1322 (ACTIVE) - Summary

2009-S1322 (ACTIVE) - Sponsor Memo

2009-S1322 (ACTIVE) - Bill Text download pdf

Comments