Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 18, 2012 |
signed chap.128 |
Jul 06, 2012 |
delivered to governor |
Jun 12, 2012 |
returned to assembly passed senate 3rd reading cal.528 substituted for s5135 |
Jun 12, 2012 |
substituted by a8971 |
Apr 25, 2012 |
advanced to third reading |
Apr 19, 2012 |
2nd report cal. |
Apr 18, 2012 |
1st report cal.528 |
Feb 06, 2012 |
reported and committed to finance |
Jan 04, 2012 |
referred to local government |
May 03, 2011 |
referred to local government |
Senate Bill S5135
Signed By Governor2011-2012 Legislative Session
Sponsored By
(R, C) 7th Senate District
Archive: Last Bill Status Via A8971 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2011-S5135 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A8971
- Law Section:
- General Municipal Law
- Laws Affected:
- Amd §§10 & 11, Gen Muni L; amd §106, St Fin L; add §2927, Pub Auth L
2011-S5135 (ACTIVE) - Summary
Authorizes the state, local governments and public authorities to arrange for redeposit of moneys through a deposit placement program through a bank or trust company that serves as custodian with respect to the moneys and arranges for the redeposit of the moneys in one or more banking institutions, the monies being secured, provided that the depository receives deposits from customers of other financial institutions that are at least equal to the amount of the moneys so invested.
2011-S5135 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5135 TITLE OF BILL: An act to amend the general municipal law, the state finance law and the public authorities law, in relation to authorizing the state, local governments and public authorities to arrange for redeposit of moneys through a deposit placement program PURPOSE OR GENERAL IDEA OF BILL: To provide alternative options for obtaining FDIC insurance coverage for government deposits placed in bank accounts, thereby reducing the cost of collateralizing such funds. SUMMARY OF SPECIFIC PROVISIONS: Amends appropriate sections of Law to allow government deposits to be invested through local banks in FDIC-insured accounts through a reciprocal deposit-taking program which provides deposit insurance coverage in excess of $250,000. Specifically, the bill allows investments which meet all of the following conditions: moneys are invested through a bank located in this state; the bank arranges for the deposit of funds in other banking institutions, as defined in section 9-r of the Banking Law, for the account of the government; the full amount of the principal
2011-S5135 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5135 2011-2012 Regular Sessions I N S E N A T E May 3, 2011 ___________ Introduced by Sen. MARTINS -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the general municipal law, the state finance law and the public authorities law, in relation to authorizing the state, local governments and public authorities to arrange for redeposit of moneys through a deposit placement program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph a of subdivision 2 of section 10 of the general municipal law, as amended by chapter 623 of the laws of 1998, is amended to read as follows: a. (I) The governing board of every local government shall designate one or more banks or trust companies for the deposit of public funds, the disposition of which is not otherwise provided for by law, received by the chief fiscal officer or any other officer authorized by law to make deposits. Such designation shall be by resolution of the governing board or, in the case of a city, such other body as may be authorized or required by law to designate depositaries. Such resolution shall speci- fy the maximum amount which may be kept on deposit at any time in each such bank or trust company. Such designations and amounts may be changed at any time by further resolution. (II) THE GOVERNING BOARD OF A LOCAL GOVERNMENT THAT HAS DESIGNATED ONE OR MORE BANKS OR TRUST COMPANIES FOR THE DEPOSIT OF PUBLIC FUNDS PURSU- ANT TO SUBPARAGRAPH (I) OF THIS PARAGRAPH MAY, IN ITS DISCRETION, AUTHORIZE THE DESIGNATED BANK OR TRUST COMPANY TO ARRANGE FOR THE REDE- POSIT OF THE LOCAL GOVERNMENT'S FUNDS IN ONE OR MORE BANKING INSTI- TUTIONS, AS DEFINED IN SECTION NINE-R OF THE BANKING LAW, FOR THE ACCOUNT OF THE LOCAL GOVERNMENT, THROUGH A DEPOSIT PLACEMENT PROGRAM THAT MEETS ALL OF THE FOLLOWING CONDITIONS: (A) ON OR AFTER THE DATE THAT THE LOCAL GOVERNMENT'S FUNDS ARE RECEIVED, THE DESIGNATED BANK OR TRUST COMPANY (I) ARRANGES FOR THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11304-01-1
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.