Assembly Bill A7209

Signed By Governor
2021-2022 Legislative Session

Relates to authorized investments for local governments

download bill text pdf

Sponsored By

Archive: Last Bill Status - 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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2021-A7209 (ACTIVE) - Details

See Senate Version of this Bill:
S6323
Law Section:
General Municipal Law
Laws Affected:
Amd §11, Gen Muni L

2021-A7209 (ACTIVE) - Summary

Relates to temporary investments by local governments.

2021-A7209 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7209
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 29, 2021
                                ___________
 
 Introduced by M. of A. THIELE -- read once and referred to the Committee
   on Local Governments
 
 AN  ACT  to  amend  the general municipal law, in relation to authorized
   investments for local governments
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1. The opening paragraph of subparagraph 2 of paragraph a and
 subparagraph 2 of paragraph b of subdivision 3  of  section  11  of  the
 general  municipal law, the opening paragraph of subparagraph 2 of para-
 graph a as amended by section 1 of part W of chapter 406 of the laws  of
 1999  and subparagraph 2 of paragraph b as amended by chapter 130 of the
 laws of 1998, are amended to read as follows:
   notwithstanding any other provision of general, special or local  law,
 any  city  having a population of one million or more AND ANY COUNTY may
 also make investments in the following:
   (2) Such obligations, unless registered or inscribed in  the  name  of
 the  local government, shall be purchased through, delivered to and held
 in the custody of a bank or trust company or, with respect to  the  city
 of  New  York  AND  COUNTIES,  a reputable dealer in such obligations as
 shall be designated by the state comptroller, in this state. Such  obli-
 gations  shall be purchased, sold or presented for redemption or payment
 by such bank or trust company or dealer in obligations only  in  accord-
 ance  with  prior  written  authorization from the officer authorized to
 make the investment. All such transactions shall be confirmed in writing
 to the local government by the bank or trust  company.  All  obligations
 held  in  the  custody of a bank or trust company pursuant to this para-
 graph shall be held by such bank or trust company pursuant to a  written
 custodial  agreement as set forth in paragraph a of subdivision three of
 section ten of this article.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10942-01-1

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