senate Bill S5135

Signed By Governor
2011-2012 Legislative Session

Authorizes the state, local governments and public authorities to arrange for redeposit of moneys through a deposit placement program

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Archive: Last Bill Status Via A8971 - Signed by Governor


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 18, 2012 signed chap.128
Jul 06, 2012 delivered to governor
Jun 12, 2012 returned to assembly
passed senate
3rd reading cal.528
substituted for s5135
Jun 12, 2012 substituted by a8971
Apr 25, 2012 advanced to third reading
Apr 19, 2012 2nd report cal.
Apr 18, 2012 1st report cal.528
Feb 06, 2012 reported and committed to finance
Jan 04, 2012 referred to local government
May 03, 2011 referred to local government

Votes

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Apr 18, 2012 - Finance committee Vote

S5135
24
1
committee
24
Aye
1
Nay
8
Aye with Reservations
0
Absent
2
Excused
0
Abstained
show Finance committee vote details

Feb 6, 2012 - Local Government committee Vote

S5135
8
0
committee
8
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Local Government committee vote details

Local Government Committee Vote: Feb 6, 2012

S5135 - Details

See Assembly Version of this Bill:
A8971
Law Section:
General Municipal Law
Laws Affected:
Amd §§10 & 11, Gen Muni L; amd §106, St Fin L; add §2927, Pub Auth L

S5135 - Summary

Authorizes the state, local governments and public authorities to arrange for redeposit of moneys through a deposit placement program through a bank or trust company that serves as custodian with respect to the moneys and arranges for the redeposit of the moneys in one or more banking institutions, the monies being secured, provided that the depository receives deposits from customers of other financial institutions that are at least equal to the amount of the moneys so invested.

S5135 - Sponsor Memo

S5135 - Bill Text download pdf

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

                                  5135

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               May 3, 2011
                               ___________

Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to amend the general municipal law, the state finance law and the
  public authorities law, in relation to authorizing  the  state,  local
  governments  and public authorities to arrange for redeposit of moneys
  through a deposit placement program

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

  Section  1.  Paragraph a of subdivision 2 of section 10 of the general
municipal law, as amended by chapter 623 of the laws of 1998, is amended
to read as follows:
  a. (I) The governing board of every local government  shall  designate
one  or  more  banks or trust companies for the deposit of public funds,
the disposition of which is not otherwise provided for by law,  received
by  the  chief  fiscal officer or any other officer authorized by law to
make deposits.  Such designation shall be by resolution of the governing
board or, in the case of a city, such other body as may be authorized or
required by law to designate depositaries.  Such resolution shall speci-
fy the maximum amount which may be kept on deposit at any time  in  each
such  bank  or  trust  company.    Such  designations and amounts may be
changed at any time by further resolution.
  (II) THE GOVERNING BOARD OF A LOCAL GOVERNMENT THAT HAS DESIGNATED ONE
OR MORE BANKS OR TRUST COMPANIES FOR THE DEPOSIT OF PUBLIC FUNDS  PURSU-
ANT  TO  SUBPARAGRAPH  (I)  OF  THIS  PARAGRAPH  MAY, IN ITS DISCRETION,
AUTHORIZE THE DESIGNATED BANK OR TRUST COMPANY TO ARRANGE FOR THE  REDE-
POSIT  OF  THE  LOCAL  GOVERNMENT'S  FUNDS IN ONE OR MORE BANKING INSTI-
TUTIONS, AS DEFINED IN SECTION  NINE-R  OF  THE  BANKING  LAW,  FOR  THE
ACCOUNT  OF  THE  LOCAL  GOVERNMENT, THROUGH A DEPOSIT PLACEMENT PROGRAM
THAT MEETS ALL OF THE FOLLOWING CONDITIONS:
  (A) ON OR AFTER  THE  DATE  THAT  THE  LOCAL  GOVERNMENT'S  FUNDS  ARE
RECEIVED,  THE  DESIGNATED  BANK  OR  TRUST COMPANY (I) ARRANGES FOR THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11304-01-1

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