|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 07, 2018||referred to rules|
senate Bill S8948
Archive: Last Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S8948 - Details
S8948 - Sponsor Memo
BILL NUMBER: S8948 SPONSOR: SEPULVEDA TITLE OF BILL: An act to amend the state finance law, in relation to creating the Puerto Rican relief account; and providing for the repeal of such provisions upon expiration thereof PURPOSE OR GENERAL IDEA BILL: This bill would establish a New York State Puerto Rico Relief Account SUMMARY OF SPECIFIC PROVISIONS: Authorizes the Office of the NYS Comptroller to set up an account to manage any recovery and relief funds provided by the federal government to the government of Puerto Rico under the Bipartisan Budget Act of 2018. The account would be set up at the request of the Puerto Rican govern- ment.
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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