senate Bill S8948

2017-2018 Legislative Session

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules 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 07, 2018 referred to rules

S8948 - Details

See Assembly Version of this Bill:
A11199
Current Committee:
Senate Rules
Law Section:
State Finance Law
Laws Affected:
Add §96, St Fin L
Versions Introduced in 2019-2020 Legislative Session:
A2329

S8948 - 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.

S8948 - Sponsor Memo

S8948 - Bill Text download pdf


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

                                  8948

                            I N  S E N A T E

                              June 7, 2018
                               ___________

Introduced by Sen. SEPULVEDA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

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

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