New York State Assembly

 
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A11119 Summary:

A11119 Actions:

A11119 Committee Votes:

Committee:WAYS AND MEANS   Chair:Weinstein      
DATE:06/12/2018AYE/NAY:30/0  Action: Favorable refer to committee Rules        
Weinstein
Aye
Oaks
Aye
Lentol
Aye
Crouch
Aye
Schimminger
Aye
Barclay
Aye
Gantt
Excused
Fitzpatrick
Aye
Glick
Aye
Hawley
Aye
Nolan
Excused
Malliotakis
Aye
Pretlow
Aye
Walter
Aye
Perry
Aye
Montesano
Aye
Colton
Aye
Curran
Aye
Cook
Aye
Ra
Aye
Cahill
Aye
Aubry
Aye
Hooper
Aye
Thiele
Aye
Cusick
Aye
Ortiz
Aye
Benedetto
Excused
Weprin
Aye
Rodriguez
Absent
Ramos
Absent
Braunstein
Aye
McDonald
Aye
Rozic
Aye
Peoples-Stokes
Aye
Simotas
Aye

Committee:RULES   Chair:Heastie      
DATE:06/13/2018AYE/NAY:29/0  Action: Favorable         
Heastie
Aye
Kolb
Aye
Gottfried
Aye
Oaks
Aye
Lentol
Aye
Butler
Aye
Gantt
Excused
Crouch
Aye
Nolan
Aye
Finch
Aye
Weinstein
Aye
Barclay
Aye
Hooper
Excused
Raia
Aye
Ortiz
Aye
Hawley
Aye
Pretlow
Aye
Cook
Aye
Glick
Aye
Morelle
Aye
Aubry
Aye
Englebright
Aye
Dinowitz
Aye
Colton
Aye
Magnarelli
Aye
Perry
Aye
Galef
Aye
Paulin
Aye
Titus
Aye
Peoples-Stokes
Aye
Benedetto
Aye

A11119 Floor Votes:

A11119 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          11119
 
                   IN ASSEMBLY
 
                                      June 6, 2018
                                       ___________
 
        Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Weinstein)
          -- read once and referred to the Committee on Ways and Means
 
        AN ACT to amend the general municipal law, in relation to the amount  of
          dollars  that  may  be invested in the obligations of any corporation,
          bank, trust company or agency
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Clauses  (ii),  (iii),  (iv) and (v) of subparagraph 2 of
     2  paragraph a of subdivision 3 of section 11 of the general municipal law,
     3  clauses (ii), (iii) and (iv) as amended by section 1 of part W of  chap-
     4  ter  406  of the laws of 1999, and clause (v) as added by chapter 545 of
     5  the laws of 2005, are amended to read as follows:
     6    (ii) obligations of any corporation organized under the  laws  of  any
     7  state  in  the  United  States maturing within two hundred seventy days,
     8  provided that such obligations receive the highest rating of  two  inde-
     9  pendent rating services designated by the state comptroller and that the
    10  issuer  of such obligations has maintained such ratings on similar obli-
    11  gations during the preceding six months,  provided,  however,  that  the
    12  issuer of such obligations need not have received such rating during the
    13  prior six month period if such issuer has received the highest rating of
    14  two  independent rating services designated by the state comptroller and
    15  is the successor or wholly owned subsidiary of an issuer that has  main-
    16  tained  such  ratings  on  similar  obligations during the preceding six
    17  month period or if the issuer is the product of a merger of two or  more
    18  issuers, one of which has maintained such ratings on similar obligations
    19  during  the  preceding six month period, provided, however, that no more
    20  than [two hundred fifty] five hundred million dollars may be invested in
    21  such obligations of any one corporation; or
    22    (iii) bankers' acceptances maturing within two  hundred  seventy  days
    23  which  are  eligible  for purchase in the open market by federal reserve
    24  banks and which have been accepted by a bank or trust company  which  is
    25  organized  under  the  laws of the United States or of any state thereof
    26  and which is a member of the federal reserve system and whose short-term
    27  obligations meet the criteria outlined in clause (ii) of  this  subpara-
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16130-01-8
        A. 11119                            2
 
     1  graph.  Provided,  however,  that  no more than [two hundred fifty] five
     2  hundred million dollars may be invested in such bankers' acceptances  of
     3  any one bank or trust company; or
     4    (iv)  obligations  of, or instruments issued by or fully guaranteed as
     5  to principal and interest by,  any  agency  or  instrumentality  of  the
     6  United  States acting pursuant to a grant of authority from the congress
     7  of the United States, including but not limited  to,  any  federal  home
     8  loan bank or banks, the Tennessee valley authority, the federal national
     9  mortgage association, the federal home loan mortgage corporation and the
    10  United  States postal service, provided, however, that no more than [two
    11  hundred fifty] five hundred million dollars  may  be  invested  in  such
    12  obligations of any one agency.
    13    (v)  no-load money market mutual funds registered under the Securities
    14  Act of 1933, as amended, and operated in accordance with  Rule  2a-7  of
    15  the Investment Company Act of 1940, as amended, provided that such funds
    16  are  limited  to  investments in obligations issued or guaranteed by the
    17  United States of America or in obligations of agencies or instrumentali-
    18  ties of the United States of America where the payment of principal  and
    19  interest  are  guaranteed  by  the  United  States of America (including
    20  contracts for the sale and repurchase of any such obligations), and  are
    21  rated  in  the highest rating category by at least one nationally recog-
    22  nized statistical rating organization, provided, however, that  no  more
    23  than [two hundred fifty] five hundred million dollars may be invested in
    24  such funds.
    25    §  2.  This act shall take effect immediately, provided, however, that
    26  the amendments to subparagraph (2) of paragraph a of  subdivision  3  of
    27  section 11 of the general municipal law made by section one of this act,
    28  shall not affect the expiration of such subdivision and shall expire and
    29  be deemed repealed therewith.