senate Bill S2219

2021-2022 Legislative Session

Relates to creating the Puerto Rican relief account

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance Committee


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

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 20, 2021 referred to finance

S2219 (ACTIVE) - Details

See Assembly Version of this Bill:
A3509
Current Committee:
Senate Finance
Law Section:
State Finance Law
Laws Affected:
Add §96-a, St Fin L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8948, A11199
2019-2020: S7959, A2329

S2219 (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.

S2219 (ACTIVE) - Sponsor Memo

S2219 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2219
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 20, 2021
                                ___________
 
 Introduced by Sen. SEPULVEDA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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