Extends certain provisions of law relating to temporary investments by local governments.
TITLE OF BILL: An act to amend chapter 130 of the laws of 1998, amending the general municipal law relating to temporary investments by local governments, in relation to extending the expiration of the provisions thereof
SUMMARY OF PROVISIONS: This bill would amend section 2 of chapter 130 of the laws of 1998 to extend the sunset date of July 1, 2011 provided by section 2 of chapter 215 of the laws of 2008 by an additional three years, to July 1, 2014.
REASONS FOR SUPPORT: The Legislature has recognized the need to allow the City to modernize the management of its finances by expanding the types of instruments in which the City many invest, within prudent limits. This expansion has provided the City with increased flexibility in its investment decisions and has consequently allowed the City to achieve higher yields on its investments, without a significant increase in risk. In 2008 (Chapter 215), the Legislature last extended the sunset provision by three years. A new three-year extension will allow the City to continue to achieve the increased flexibility and higher yields made possible by the past changes.
Accordingly, the Mayor urges the earliest possible favorable consideration of this proposal by the Legislature.
STATE OF NEW YORK ________________________________________________________________________ 5486 2011-2012 Regular Sessions IN SENATE May 25, 2011 ___________Introduced by Sen. LANZA -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend chapter 130 of the laws of 1998, amending the general municipal law relating to temporary investments by local governments, in relation to extending the expiration of the provisions thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 2 of chapter 130 of the laws of 1998, amending the general municipal law relating to temporary investments by local govern- ments, as amended by chapter 215 of the laws of 2008, is amended to read as follows: S 2. This act shall take effect June 30, 1998 and shall expire and be deemed repealed on July 1,
2014, provided, however, that invest- ments purchased prior to the expiration of this act pursuant to the provisions of paragraph a of subdivision 3 of section 11 of the general municipal law, as designated and amended by section one of this act, shall continue to be subject to the conditions contained in such subdi- vision to the same extent as they had been subject thereto prior to such expiration and repeal. S 2. This act shall take effect immediately; provided however, if this act shall have become a law after July 1, 2011 it shall be deemed to have been in full force and effect on and after July 1, 2011.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11555-01-1