assembly Bill A9420

2021-2022 Legislative Session

Relates to creating the Puerto Rican relief account

download bill text pdf

Sponsored By

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
Mar 07, 2022 referred to ways and means

Co-Sponsors

A9420 (ACTIVE) - Details

See Senate Version of this Bill:
S2219
Law Section:
State Finance Law
Laws Affected:
Add §96-a, St Fin L
Versions Introduced in Other Legislative Sessions:
2017-2018: A11199, S8948
2019-2020: A2329, S7959
2023-2024: A922, S742

A9420 (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.

A9420 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9420
 
                           I N  A S S E M B L Y
 
                               March 7, 2022
                                ___________
 
 Introduced  by M. of A. GIBBS -- 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-a to read as follows:
   §  96-A.  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
                       [ ] is old law to be omitted.