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 06, 2012 |
referred to finance delivered to senate passed assembly |
Jun 01, 2012 |
advanced to third reading cal.698 |
May 31, 2012 |
reported |
Jan 24, 2012 |
reported referred to ways and means |
Jan 10, 2012 |
referred to local governments |
Assembly Bill A8971
Signed By Governor2011-2012 Legislative Session
Sponsored By
MAGNARELLI
Archive: Last Bill Status - Signed by Governor
- 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
Actions
Votes
co-Sponsors
Ellen C. Jaffee
Sandy Galef
multi-Sponsors
Margaret Markey
2011-A8971 (ACTIVE) - Details
- See Senate Version of this Bill:
- S5135
- Law Section:
- General Municipal Law
- Laws Affected:
- Amd §§10 & 11, Gen Muni L; amd §106, St Fin L; add §2927, Pub Auth L
2011-A8971 (ACTIVE) - 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.
2011-A8971 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8971 I N A S S E M B L Y January 10, 2012 ___________ Introduced by M. of A. MAGNARELLI, JAFFEE, GALEF -- Multi-Sponsored by -- M. of A. MARKEY -- read once and referred to the Committee on Local Governments 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 REDEPOSIT OF SUCH FUNDS INTO DEPOSIT ACCOUNTS IN ONE OR MORE BANKING EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11304-01-1
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