STATE OF NEW YORK
________________________________________________________________________
5299
2015-2016 Regular Sessions
IN SENATE
May 12, 2015
___________
Introduced by Sen. DeFRANCISCO -- (at request of the State Comptroller)
-- 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 increasing the
limit on short term investment pool investments
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivisions 3-a, 18 and 19 of section 98 of the state
2 finance law, subdivisions 3-a and 18 as amended by chapter 219 of the
3 laws of 1999 and subdivision 19 as amended by chapter 201 of the laws of
4 1996, are amended to read as follows:
5 3-a. Notes, bonds, debentures, mortgages and other evidences of
6 indebtedness of the United States Postal Service; the federal national
7 mortgage association; federal home loan mortgage corporation; student
8 loan marketing association; federal farm credit system or any other
9 United States government sponsored agency, provided that at the time of
10 the investment such agency or its obligations are rated and the agency
11 receives, or its obligations receive, the highest rating of all inde-
12 pendent rating agencies that rate such agency or its obligations,
13 provided, however, that no more than [two hundred fifty] five hundred
14 million dollars may be invested in the obligations of any one agency.
15 18. Obligations of any corporation organized under the laws of any
16 state in the United States maturing within two hundred seventy days
17 provided that such obligations receive the highest rating of two inde-
18 pendent rating services designated by the comptroller and that the
19 issuer of such obligations has maintained such ratings on similar obli-
20 gations during the preceding six months provided, however, that the
21 issuer of such obligations need not have received such rating during the
22 prior six month period if such issuer has received the highest rating of
23 two independent rating services designated by the state comptroller and
24 is the successor or wholly owned subsidiary of an issuer that has main-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06939-03-5
S. 5299 2
1 tained such ratings on similar obligations during the preceding six
2 month period or if the issuer is the product of a merger of two or more
3 issuers, one of which has maintained such ratings on similar obligations
4 during the preceding six month period, provided, however, that no more
5 than [two hundred fifty] five hundred million dollars may be invested in
6 such obligations of any one corporation.
7 19. Bankers' acceptances maturing within ninety days which are eligi-
8 ble for purchase in the open market by federal reserve banks and which
9 have been accepted by a bank or trust company, which is organized under
10 the laws of the United States or of any state thereof and which is a
11 member of the federal reserve system and whose short-term obligations
12 meet the criteria outlined in subdivision eighteen of this section.
13 Provided, however, that no more than [two hundred fifty] five hundred
14 million dollars may be invested in such bankers' acceptance of any one
15 bank or trust company.
16 § 2. This act shall take effect immediately.
