senate Bill S6985A

2013-2014 Legislative Session

Relates to the special powers of the environmental facilities corporation

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


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

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

Your valid home address is used to determine which NY State Senator Represents you.
Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.
Use this box to enter a message to your senator.

Actions

view actions (9)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 19, 2014 referred to ways and means
delivered to assembly
passed senate
Jun 12, 2014 amended on third reading (t) 6985a
Jun 09, 2014 advanced to third reading
Jun 03, 2014 2nd report cal.
Jun 02, 2014 1st report cal.1086
May 28, 2014 reported and committed to finance
Apr 11, 2014 referred to corporations, authorities and commissions

S6985 - Details

See Assembly Version of this Bill:
A9789A
Current Committee:
Law Section:
Public Authorities Law
Laws Affected:
Amd §§1285-j & 1285-m, Pub Auth L

S6985 - Summary

Relates to the special powers of the environmental facilities corporation.

S6985 - Sponsor Memo

S6985 - Bill Text download pdf

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

                                  6985

                            I N  S E N A T E

                             April 11, 2014
                               ___________

Introduced  by Sen. GRISANTI -- (at request of the Environmental Facili-
  ties Corporation) -- read twice and ordered printed, and when  printed
  to  be  committed  to  the  Committee on Corporations, Authorities and
  Commissions

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

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

S6985A (ACTIVE) - Details

See Assembly Version of this Bill:
A9789A
Current Committee:
Law Section:
Public Authorities Law
Laws Affected:
Amd §§1285-j & 1285-m, Pub Auth L

S6985A (ACTIVE) - Summary

Relates to the special powers of the environmental facilities corporation.

S6985A (ACTIVE) - Sponsor Memo

S6985A (ACTIVE) - Bill Text download pdf

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

                                 6985--A
    Cal. No. 1086

                            I N  S E N A T E

                             April 11, 2014
                               ___________

Introduced  by Sen. GRISANTI -- (at request of the Environmental Facili-
  ties Corporation) -- read twice and ordered printed, and when  printed
  to  be  committed  to  the  Committee on Corporations, Authorities and
  Commissions -- reported favorably from said committee and committed to
  the Committee on Finance -- reported favorably  from  said  committee,
  ordered  to  first  and  second  report,  ordered  to a third reading,
  amended and ordered reprinted, retaining its place  in  the  order  of
  third reading

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.