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A00922 Summary:

BILL NOA00922
 
SAME ASSAME AS S00742
 
SPONSORGibbs
 
COSPNSRGonzalez-Rojas, Ramos, Pretlow
 
MLTSPNSR
 
Add §96-a, St Fin L
 
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.
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A00922 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           922
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 11, 2023
                                       ___________
 
        Introduced  by  M.  of  A. GIBBS, GONZALEZ-ROJAS, RAMOS, PRETLOW -- 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:
 
     1    Section 1. The state finance law is amended by adding  a  new  section
     2  96-a to read as follows:
     3    §  96-a.  Puerto Rican relief account. 1.  There is hereby established
     4  at the request of the Commonwealth of Puerto Rico and in the custody  of
     5  the  comptroller  a  special  account  to  be known as the "Puerto Rican
     6  relief account".
     7    2. The sources of funds shall consist of all recovery and relief funds
     8  provided by the federal government to the Commonwealth  of  Puerto  Rico
     9  under the Bipartisan Budget Act of 2018.
    10    3.  (a) The comptroller shall invest such funds in securities in which
    11  he is authorized by law to invest the funds of the state, except that he
    12  may invest in obligations consisting of  notes,  bonds,  debentures,  or
    13  equipment  trust  certificates  issued under an indenture, which are the
    14  direct obligations of, or in the case of  equipment  trust  certificates
    15  are  secured  by  direct obligations of, a railroad or industrial corpo-
    16  ration,  or  a  corporation  engaged  directly  and  primarily  in   the
    17  production, transportation, distribution, or sale of electricity or gas,
    18  or  the operation of telephone or telegraph systems or waterworks, or in
    19  some combination of them; provided the obligor corporation is one  which
    20  is incorporated under the laws of the United States, or any state there-
    21  of,  or of the District of Columbia, and said obligations shall be rated
    22  at the time of purchase within the three highest classifications  estab-
    23  lished by at least two standard rating services. The maximum amount that
    24  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.
                                                                   LBD01905-01-3

        A. 922                              2
 
     1  per centum of the assets of such account; and provided further that  not
     2  more  than  two  and  one-half  per centum of the assets of such account
     3  shall be invested in the obligations of any one corporation of the high-
     4  est classification and subsidiary or subsidiaries thereof, that not more
     5  than  two  per centum of the assets of such account shall be invested in
     6  the obligations of any one corporation of the second highest classifica-
     7  tion and subsidiary or subsidiaries thereof, that not more than one  and
     8  one-half per centum of such account shall be invested in the obligations
     9  of  any  one corporation of the third highest classification and subsid-
    10  iary or subsidiaries thereof. He  shall,  however,  be  subject  to  all
    11  terms,  conditions, limitations and restrictions imposed by law upon the
    12  making of such investments. The comptroller shall have full power:
    13    (i) To hold, purchase, sell, assign, transfer or dispose of any of the
    14  securities or investments, in which any assets of such account shall  be
    15  invested,  including  the  proceeds  of  such investments and any monies
    16  belonging to such account, and
    17    (ii) In his or her  name  as  trustee,  to  foreclose  mortgages  upon
    18  default  or  to  take title to real property in such proceedings in lieu
    19  thereof and to lease and sell real property so acquired.
    20    (b) All returns on any investments made  by  the  comptroller  of  any
    21  funds  from  such account shall be deposited within such account for the
    22  sole benefit of the Commonwealth of Puerto Rico.
    23    (c) The comptroller annually shall  credit  to  such  account  regular
    24  interest on the mean amount therein for the preceding year.
    25    (d)  The  comptroller  is  authorized to deduct any necessary adminis-
    26  tration fees for the management of such account.
    27    4. The Commonwealth of Puerto Rico shall  notify  the  comptroller  of
    28  their  intention to terminate such account no later than the one hundred
    29  eightieth day prior to the date such commonwealth requires the return of
    30  all funds from such account.
    31    § 2. This act shall take effect immediately and shall  expire  and  be
    32  deemed repealed 5 years after such date.
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