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Assembly Bill A10497

Signed By Governor

2015-2016 Legislative Session

Authorizes the state of New York mortgage agency to invest fund in Government National Mortgage Association mortgage backed securities

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Archive: Last Bill Status - Signed by Governor

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2015-A10497 (ACTIVE) - Details

See Senate Version of this Bill:
S7412
Law Section:
Public Authorities Law
Laws Affected:
Amd ยงยง2427 & 2429-b, Pub Auth L

2015-A10497 (ACTIVE) - Summary

Authorizes the state of New York mortgage agency to invest funds in Government National Mortgage Association mortgage backed securities.

2015-A10497 (ACTIVE) - Bill Text download pdf 

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

                                  10497

                          I N  A S S E M B L Y

                              May 31, 2016
                               ___________

Introduced  by M. of A. WRIGHT -- (at request of the Division of Housing
  & Community Renewal) -- read once and referred  to  the  Committee  on
  Housing

AN  ACT  to amend the public authorities law, in relation to modernizing
  the investment powers of the state of New York mortgage agency

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

  Section  1.  Subdivision  9  of section 2427 of the public authorities
law, as amended by chapter 788 of the laws of 1978, is amended  to  read
as follows:
  9.  To invest any funds held in reserves or sinking funds or any funds
not required for immediate use or disbursement, at the discretion of the
agency, in obligations of the state [of] OR federal government or of any
city of the state, the principal and interest of which are guaranteed by
the state or federal government, obligations of agencies of the  federal
government,  OR  IN  GOVERNMENT  NATIONAL  MORTGAGE ASSOCIATION MORTGAGE
BACKED SECURITIES, or special  time  deposits  in,  or  certificates  of
deposit  issued by, a bank or trust company authorized to do business in
the state and secured by a pledge of obligations of the United States of
America or obligations of the state, any city of the state, other munic-
ipal corporation, school district or district corporation of  the  state
or  obligations of agencies of the federal government, provided that any
such investment from time to  time  (1)  may  be  legally  purchased  by
savings  banks of the state as investments of funds belonging to them or
in their control and (2) shall be approved by the comptroller.
  S 2. Subdivision 4 of section 2429-b of the public authorities law, as
amended by chapter 3 of the laws of 2004, is amended to read as follows:
  4. Moneys in such fund may be invested (a)  in  special  time  deposit
accounts  in, or certificates of deposit issued by, a bank, trust compa-
ny, savings bank or savings and loan association located and  authorized
to  do business in this state, provided, however, that such time deposit
account or certificate of deposit shall be payable within such  time  as
the proceeds may be needed to meet expenditures estimated to be incurred
by  the  agency  and  provided further that such time deposit account or

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

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