Senate Bill S6323

Signed By Governor
2021-2022 Legislative Session

Relates to authorized investments for local governments

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A7209 - 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-S6323 (ACTIVE) - Details

See Assembly Version of this Bill:
A7209
Law Section:
General Municipal Law
Laws Affected:
Amd §11, Gen Muni L

2021-S6323 (ACTIVE) - Summary

Relates to temporary investments by local governments.

2021-S6323 (ACTIVE) - Sponsor Memo

2021-S6323 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6323
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 21, 2021
                                ___________
 
 Introduced  by Sen. GAUGHRAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 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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