Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Nov 20, 2015 |
signed chap.455 |
Nov 10, 2015 |
delivered to governor |
Jun 15, 2015 |
returned to assembly passed senate substituted for s5299 |
Jun 15, 2015 |
substituted by a7509 |
May 27, 2015 |
advanced to third reading |
May 20, 2015 |
2nd report cal. |
May 19, 2015 |
1st report cal.873 |
May 12, 2015 |
referred to finance |
Senate Bill S5299
Signed By Governor2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A7509 - 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
2015-S5299 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7509
- Law Section:
- State Finance Law
- Laws Affected:
- Amd ยง98, St Fin L
2015-S5299 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5299 TITLE OF BILL: An act to amend the state finance law, in relation to increasing the limit on short term investment pool investments PURPOSE: This bill would allow for an increase in the dollar amount the Comp- troller is permitted to hold in indebtedness of certain agencies, corpo- rations and bank or trust companies. SUMMARY OF PROVISIONS: This bill would amend subdivisions 3-a, 18 and 19 of section 98 of the State Finance Law to increase from 250 million dollars to 500 million dollars the maximum investment that the Comptroller may hold in (i) the debt of a single federal agency which receives the highest rating of all independent rating agencies that rate its obligations; (ii) obligations of certain corporations; and (iii) investments in banker's acceptance of any one bank or trust company. JUSTIFICATION: In the late 1980's, more than two decades ago, legislation was enacted that expanded the list of investments that the Comptroller may invest in for the State's Short Term Investment Pool (STIP). At that time the
2015-S5299 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5299 2015-2016 Regular Sessions I N S E N A T E 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: Section 1. Subdivisions 3-a, 18 and 19 of section 98 of the state finance law, subdivisions 3-a and 18 as amended by chapter 219 of the laws of 1999 and subdivision 19 as amended by chapter 201 of the laws of 1996, are amended to read as follows: 3-a. Notes, bonds, debentures, mortgages and other evidences of indebtedness of the United States Postal Service; the federal national mortgage association; federal home loan mortgage corporation; student loan marketing association; federal farm credit system or any other United States government sponsored agency, provided that at the time of the investment such agency or its obligations are rated and the agency receives, or its obligations receive, the highest rating of all inde- pendent rating agencies that rate such agency or its obligations, provided, however, that no more than [two hundred fifty] FIVE HUNDRED million dollars may be invested in the obligations of any one agency. 18. Obligations of any corporation organized under the laws of any state in the United States maturing within two hundred seventy days provided that such obligations receive the highest rating of two inde- pendent rating services designated by the comptroller and that the issuer of such obligations has maintained such ratings on similar obli- gations during the preceding six months provided, however, that the issuer of such obligations need not have received such rating during the prior six month period if such issuer has received the highest rating of two independent rating services designated by the state comptroller and 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. LBD06939-03-5
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