assembly Bill A11199

2017-2018 Legislative Session

Relates to creating the Puerto Rican relief account

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Archive: Last Bill Status - In Assembly Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 14, 2018 referred to ways and means

A11199 (ACTIVE) - Details

See Senate Version of this Bill:
S8948
Law Section:
State Finance Law
Laws Affected:
Add §96, St Fin L
Versions Introduced in Other Legislative Sessions:
2019-2020: A2329, S7959
2021-2022: A3509, S2219

A11199 (ACTIVE) - Summary

Relates to creating the Puerto Rican relief account which shall consist of all recovery and relief funds provided by the federal government to the Commonwealth of Puerto Rico under the Bipartisan Budget Act of 2018.

A11199 (ACTIVE) - Bill Text download pdf


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

                                  11199

                          I N  A S S E M B L Y

                              June 14, 2018
                               ___________

Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Rodriguez)
  -- read once and referred to the Committee on Ways and Means

AN ACT to amend the state finance law, in relation to creating the Puer-
  to Rican  relief  account;  and  providing  for  the  repeal  of  such
  provisions upon expiration thereof

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

  Section 1. The state finance law is amended by adding a new section 96
to read as follows:
  § 96. PUERTO RICAN RELIEF ACCOUNT. 1.  THERE IS HEREBY ESTABLISHED  AT
THE REQUEST OF THE COMMONWEALTH OF PUERTO RICO AND IN THE CUSTODY OF THE
COMPTROLLER  A  SPECIAL  ACCOUNT TO BE KNOWN AS THE "PUERTO RICAN RELIEF
ACCOUNT".
  2. THE SOURCES OF FUNDS SHALL CONSIST OF ALL RECOVERY AND RELIEF FUNDS
PROVIDED BY THE FEDERAL GOVERNMENT TO THE COMMONWEALTH  OF  PUERTO  RICO
UNDER THE BIPARTISAN BUDGET ACT OF 2018.
  3.  (A) THE COMPTROLLER SHALL INVEST SUCH FUNDS IN SECURITIES IN WHICH
HE IS AUTHORIZED BY LAW TO INVEST THE FUNDS OF THE STATE, EXCEPT THAT HE
MAY INVEST IN OBLIGATIONS CONSISTING OF  NOTES,  BONDS,  DEBENTURES,  OR
EQUIPMENT  TRUST  CERTIFICATES  ISSUED UNDER AN INDENTURE, WHICH ARE THE
DIRECT OBLIGATIONS OF, OR IN THE CASE OF  EQUIPMENT  TRUST  CERTIFICATES
ARE  SECURED  BY  DIRECT OBLIGATIONS OF, A RAILROAD OR INDUSTRIAL CORPO-
RATION,  OR  A  CORPORATION  ENGAGED  DIRECTLY  AND  PRIMARILY  IN   THE
PRODUCTION, TRANSPORTATION, DISTRIBUTION, OR SALE OF ELECTRICITY OR GAS,
OR  THE OPERATION OF TELEPHONE OR TELEGRAPH SYSTEMS OR WATERWORKS, OR IN
SOME COMBINATION OF THEM; PROVIDED THE OBLIGOR CORPORATION IS ONE  WHICH
IS INCORPORATED UNDER THE LAWS OF THE UNITED STATES, OR ANY STATE THERE-
OF,  OR OF THE DISTRICT OF COLUMBIA, AND SAID OBLIGATIONS SHALL BE RATED
AT THE TIME OF PURCHASE WITHIN THE THREE HIGHEST CLASSIFICATIONS  ESTAB-
LISHED BY AT LEAST TWO STANDARD RATING SERVICES. THE MAXIMUM AMOUNT THAT
THE  COMPTROLLER  MAY INVEST IN SUCH OBLIGATIONS SHALL NOT EXCEED THIRTY
PER CENTUM OF THE ASSETS OF SUCH ACCOUNT; AND PROVIDED FURTHER THAT  NOT
MORE  THAN  TWO  AND  ONE-HALF  PER CENTUM OF THE ASSETS OF SUCH ACCOUNT
SHALL BE INVESTED IN THE OBLIGATIONS OF ANY ONE CORPORATION OF THE HIGH-

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