Senate Bill S5299

Signed By Governor
2015-2016 Legislative Session

Increases the limit on certain investments

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Sponsored By

Archive: Last Bill Status Via A7509 - 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

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2015-S5299 (ACTIVE) - Details

See Assembly Version of this Bill:
A7509
Law Section:
State Finance Law
Laws Affected:
Amd §98, St Fin L

2015-S5299 (ACTIVE) - Summary

Increases the limit on certain investments.

2015-S5299 (ACTIVE) - Sponsor Memo

2015-S5299 (ACTIVE) - Bill Text download pdf

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

                                  5299

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 12, 2015
                               ___________

Introduced  by Sen. DeFRANCISCO -- (at request of the State Comptroller)
  -- read twice and ordered printed, and when printed to be committed to
  the Committee on Finance

AN ACT to amend the state finance law, in  relation  to  increasing  the
  limit on short term investment pool investments

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

  Section 1. Subdivisions 3-a, 18 and 19 of  section  98  of  the  state
finance  law,  subdivisions  3-a and 18 as amended by chapter 219 of the
laws of 1999 and subdivision 19 as amended by chapter 201 of the laws of
1996, are amended to read as follows:
  3-a. Notes,  bonds,  debentures,  mortgages  and  other  evidences  of
indebtedness  of  the United States Postal Service; the federal national
mortgage association; federal home loan  mortgage  corporation;  student
loan  marketing  association;  federal  farm  credit system or any other
United States government sponsored agency, provided that at the time  of
the  investment  such agency or its obligations are rated and the agency
receives, or its obligations receive, the highest rating  of  all  inde-
pendent  rating  agencies  that  rate  such  agency  or its obligations,
provided, however, that no more than [two hundred  fifty]  FIVE  HUNDRED
million dollars may be invested in the obligations of any one agency.
  18.  Obligations  of  any  corporation organized under the laws of any
state in the United States maturing  within  two  hundred  seventy  days
provided  that  such obligations receive the highest rating of two inde-
pendent rating services designated  by  the  comptroller  and  that  the
issuer  of such obligations has maintained such ratings on similar obli-
gations during the preceding six  months  provided,  however,  that  the
issuer of such obligations need not have received such rating during the
prior six month period if such issuer has received the highest rating of
two  independent rating services designated by the state comptroller and
is the successor or wholly owned subsidiary of an issuer that has  main-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06939-03-5
              

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