S06985 Summary:

BILL NOS06985A
 
SAME ASSAME AS A09789-A
 
SPONSORGRISANTI
 
COSPNSR
 
MLTSPNSR
 
Amd SS1285-j & 1285-m, Pub Auth L
 
Relates to the special powers of the environmental facilities corporation.
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S06985 Actions:

BILL NOS06985A
 
04/11/2014REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
05/28/2014REPORTED AND COMMITTED TO FINANCE
06/02/20141ST REPORT CAL.1086
06/03/20142ND REPORT CAL.
06/09/2014ADVANCED TO THIRD READING
06/12/2014AMENDED ON THIRD READING (T) 6985A
06/19/2014PASSED SENATE
06/19/2014DELIVERED TO ASSEMBLY
06/19/2014referred to ways and means
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S06985 Floor Votes:

There are no votes for this bill in this legislative session.
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S06985 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6985--A
            Cal. No. 1086
 
                    IN SENATE
 
                                     April 11, 2014
                                       ___________
 
        Introduced  by Sen. GRISANTI -- (at request of the Environmental Facili-
          ties Corporation) -- read twice and ordered printed, and when  printed
          to  be  committed  to  the  Committee on Corporations, Authorities and
          Commissions -- reported favorably from said committee and committed to
          the Committee on Finance -- reported favorably  from  said  committee,

          ordered  to  first  and  second  report,  ordered  to a third reading,
          amended and ordered reprinted, retaining its place  in  the  order  of
          third reading
 
        AN  ACT  to amend the public authorities law, in relation to the special
          powers of the New York state environmental facilities corporation; and
          providing for the repeal of such provisions upon the expiration there-
          of
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Subdivision 6 of section 1285-j of the public authorities
     2  law, as amended by chapter 307 of the laws of 2005, is amended  to  read
     3  as follows:
     4    6.  Moneys  in  the  water  pollution  control  revolving  fund may be
     5  invested as provided in  subdivision  four  of  section  twelve  hundred

     6  eighty-four  of this title and may be further invested (a) in investment
     7  agreements continuously secured by obligations  with  any  insurance  or
     8  reinsurance company or corporate affiliate thereof rated by a nationally
     9  recognized rating agency in one of its two highest categories, any bank,
    10  trust company or broker or dealer, as defined by the securities exchange
    11  act  of  1934,  which is a dealer in government bonds, which reports to,
    12  trades with and is recognized as a primary dealer by a  federal  reserve
    13  bank and is a member of the securities investors protection corporation,
    14  if,  (i)  such obligations securing such investment agreements are obli-
    15  gations as set forth in section ten of the general municipal  law,  (ii)
    16  such  obligations  are  delivered  to  a  trustee for the benefit of the
    17  corporation or, with respect to moneys pledged  under  an  indenture  of

    18  trust  relating  to  bonds  or  notes of the corporation, to the trustee
    19  under such indenture, or are supported by a safe keeping receipt  issued
    20  by  a depository satisfactory to the corporation as applicable, provided
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
        S                                                          LBD13980-05-4

        S. 6985--A                          2
 
     1  that such investment agreements must  provide  that  the  value  of  the
     2  underlying  obligations  shall  be maintained at a current market value,
     3  calculated no less frequently than monthly, of not less than the  amount
     4  deposited  thereunder,  (iii) a prior perfected security interest in the
     5  obligations which are securing such agreement has been  granted  to  the

     6  corporation, as applicable, and (iv) such obligations are free and clear
     7  of  adverse  third  party  claims, or (b) in obligations as set forth in
     8  section ten of the general municipal law, other than  those  obligations
     9  set  forth  in  subparagraph  (iv)  of paragraph f of subdivision one of
    10  section ten of the general municipal law, that are rated by a nationally
    11  recognized rating agency in one of its two highest rating categories, or
    12  (c) in obligations as set forth in subparagraph (iv) of paragraph  f  of
    13  subdivision  one  of  section  ten of the general municipal law that are
    14  rated by a nationally recognized rating agency in one of its three high-
    15  est rating categories, or (d) in obligations of any  agency,  instrumen-

    16  tality  or  governmental  entity  of  another state that are rated by at
    17  least one nationally recognized rating agency in one of its two  highest
    18  rating categories.
    19    § 2. Subdivision 6 of section 1285-m of the public authorities law, as
    20  amended  by  chapter  307  of  the  laws  of 2005, is amended to read as
    21  follows:
    22    6. Moneys in the drinking water revolving  fund  may  be  invested  as
    23  provided  in  subdivision  four of section twelve hundred eighty-four of
    24  this title and may be further invested:
    25    (a) in investment agreements continuously secured by obligations  with
    26  any  insurance  company  or  reinsurance  company or corporate affiliate
    27  thereof rated by a nationally recognized rating agency in one of its two
    28  highest categories, any bank, trust company  or  broker  or  dealer,  as

    29  defined  by  the  securities  exchange act of 1934, which is a dealer in
    30  government bonds, which reports to, trades with and is recognized  as  a
    31  primary  dealer by a federal reserve bank and is a member of the securi-
    32  ties investors protection  corporation,  if  such  investment  agreement
    33  provides that:
    34    (i)  such  obligations  securing  such investment agreements are obli-
    35  gations as set forth in section ten of the general municipal law;
    36    (ii) such obligations are to be delivered to a trustee for the benefit
    37  of the corporation or, with respect to moneys pledged under an indenture
    38  of trust or trust agreement relating to bonds or  notes  of  the  corpo-
    39  ration,  to  the trustee under such indenture or trust agreement, or are
    40  supported by a safe keeping receipt issued by a depository  satisfactory
    41  to  the  corporation as applicable, provided that such investment agree-

    42  ments must provide that the value of the underlying obligations shall be
    43  maintained at a current market value, calculated no less frequently than
    44  monthly, of not less than the amount deposited thereunder;
    45    (iii) a prior perfected security interest in the obligations which are
    46  securing such agreement has been granted to the corporation, such  trus-
    47  tee or such depository as applicable; and
    48    (iv)  such  obligations  are  free  and  clear  of adverse third party
    49  claims; or
    50    (b) in obligations as set forth in section ten of the general  munici-
    51  pal  law, other than those obligations set forth in subparagraph (iv) of
    52  paragraph f of subdivision one of section ten of the  general  municipal
    53  law,  that  are rated by a nationally recognized rating agency in one of
    54  its two highest rating categories; or

    55    (c) in obligations as set forth in subparagraph (iv) of paragraph f of
    56  subdivision one of section ten of the general  municipal  law  that  are

        S. 6985--A                          3
 
     1  rated by a nationally recognized rating agency in one of its three high-
     2  est rating categories; or
     3    (d)  in  obligations  of  any  agency, instrumentality or governmental
     4  entity of another state that are rated by at least one nationally recog-
     5  nized rating agency in one of its two highest rating categories.
     6    § 3. This act shall take effect immediately;  provided,  however  that
     7  the  amendments  to subdivision 6 of section 1285-j and subdivision 6 of
     8  section 1285-m of the public authorities law made by  sections  one  and

     9  two  of  this  act shall not affect the expiration and reversion of such
    10  subdivisions and shall expire and be deemed repealed therewith; provided
    11  further that nothing contained in this act shall be construed so  as  to
    12  extend  the  provisions of this act beyond September 30, 2017, when upon
    13  such date this act shall expire  and  the  provisions  contained  herein
    14  shall be deemed repealed.
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