•  Summary 
  •  Actions 
  •  Committee Votes 
  •  Floor Votes 
  •  Memo 
  •  Text 

S05299 Text:

                STATE OF NEW YORK
                               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.

        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.
Go to top