Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 19, 2014 |
referred to ways and means delivered to assembly passed senate |
Jun 12, 2014 |
amended on third reading (t) 6985a |
Jun 09, 2014 |
advanced to third reading |
Jun 03, 2014 |
2nd report cal. |
Jun 02, 2014 |
1st report cal.1086 |
May 28, 2014 |
reported and committed to finance |
Apr 11, 2014 |
referred to corporations, authorities and commissions |
Senate Bill S6985A
2013-2014 Legislative Session
Sponsored By
(R, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- 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
Bill Amendments
2013-S6985 - Details
- See Assembly Version of this Bill:
- A9789
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Public Authorities Law
- Laws Affected:
- Amd §§1285-j & 1285-m, Pub Auth L
2013-S6985 - Sponsor Memo
BILL NUMBER:S6985 TITLE OF BILL: An act to amend the public authorities law, in relation to the special powers of the New York state environmental facilities corporation Purpose of the Bill: The bill would permit the Environmental Facilities Corporation ("EFC") to invest moneys held in the Clean Water State Revolving Fund ("CWSRF") and Drinking Water State Revolving Fund ("DWSRF") in a broader array of debt securities. Summary of Provisions: Section 1 of the bill would amend Public Authorities Law ("PAL") 1285-j(6) to: (i) reduce the ratings requirement associated with EFC's authorization to invest moneys within the CWSRF in obligations of various New York State entities delineated in GML § 10(1)(f)(iv); and (ii) permit EFC to invest CWSRF moneys in obligations of any agency, instrumentality or governmental entity of another state rated in one of the two highest rating categories by at least one nationally recognized rating agency. Section 2 of the bill would amend PAL § 1285-m(6) in a similar manner as with the CWSRF to: (i) reduce the ratings requirement associated
2013-S6985 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6985 I N S E N A T E April 11, 2014 ___________ Introduced by Sen. GRISANTI -- (at request of the Environmental Facili- ties Corporation) -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the public authorities law, in relation to the special powers of the New York state environmental facilities corporation THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 6 of section 1285-j of the public authorities law, as amended by chapter 307 of the laws of 2005, is amended to read as follows: 6. Moneys in the water pollution control revolving fund may be invested as provided in subdivision four of section twelve hundred eighty-four of this title and may be further invested (a) in investment agreements continuously secured by obligations with any insurance or reinsurance company or corporate affiliate thereof rated by a nationally recognized rating agency in one of its two highest categories, any bank, trust company or broker or dealer, as defined by the securities exchange act of 1934, which is a dealer in government bonds, which reports to, trades with and is recognized as a primary dealer by a federal reserve bank and is a member of the securities investors protection corporation, if, (i) such obligations securing such investment agreements are obli- gations as set forth in section ten of the general municipal law, (ii) such obligations are delivered to a trustee for the benefit of the corporation or, with respect to moneys pledged under an indenture of trust relating to bonds or notes of the corporation, to the trustee under such indenture, or are supported by a safe keeping receipt issued by a depository satisfactory to the corporation as applicable, provided that such investment agreements must provide that the value of the underlying obligations shall be maintained at a current market value, calculated no less frequently than monthly, of not less than the amount deposited thereunder, (iii) a prior perfected security interest in the obligations which are securing such agreement has been granted to the corporation, as applicable, and (iv) such obligations are free and clear EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
2013-S6985A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9789
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Public Authorities Law
- Laws Affected:
- Amd §§1285-j & 1285-m, Pub Auth L
2013-S6985A (ACTIVE) - Sponsor Memo
BILL NUMBER:S6985A TITLE OF BILL: An act to amend the public authorities law, in relation to the special powers of the New York state environmental facilities corporation; and providing for the repeal of such provisions upon the expiration thereof PURPOSE OF THE BILL: The bill would permit the Environmental Facilities Corporation ("EFC") to invest moneys held in the Clean Water State Revolving Fund ("CWSRF") and Drinking Water State Revolving Fund ("DWSRF") in a broader array of debt securities. SUMMARY OF PROVISIONS: Section 1 of the bill would amend Public Authorities Law ("PAL") 1285-j(6) to: (i) reduce the ratings requirement associated with EFC's authorization to invest moneys within the CWSRF in obligations of various New York State entities delineated in GML § 10(1)(f) (iv); and (ii) permit EFC to invest CWSRF moneys in obligations of any agency, instrumentality or governmental entity of another state rated in one of the two highest rating categories by at least one nationally recognized rating agency. Section 2 of the bill would amend PAL § 1285-m(6) in a similar manner as with the CWSRF to: (i) reduce the ratings requirement associated with EFC's authorization to invest moneys within the DWSRF in
2013-S6985A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6985--A Cal. No. 1086 I N S E N A T E April 11, 2014 ___________ Introduced by Sen. GRISANTI -- (at request of the Environmental Facili- ties Corporation) -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions -- reported favorably from said committee and committed to the Committee on Finance -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the public authorities law, in relation to the special powers of the New York state environmental facilities corporation; and providing for the repeal of such provisions upon the expiration there- of THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 6 of section 1285-j of the public authorities law, as amended by chapter 307 of the laws of 2005, is amended to read as follows: 6. Moneys in the water pollution control revolving fund may be invested as provided in subdivision four of section twelve hundred eighty-four of this title and may be further invested (a) in investment agreements continuously secured by obligations with any insurance or reinsurance company or corporate affiliate thereof rated by a nationally recognized rating agency in one of its two highest categories, any bank, trust company or broker or dealer, as defined by the securities exchange act of 1934, which is a dealer in government bonds, which reports to, trades with and is recognized as a primary dealer by a federal reserve bank and is a member of the securities investors protection corporation, if, (i) such obligations securing such investment agreements are obli- gations as set forth in section ten of the general municipal law, (ii) such obligations are delivered to a trustee for the benefit of the corporation or, with respect to moneys pledged under an indenture of trust relating to bonds or notes of the corporation, to the trustee under such indenture, or are supported by a safe keeping receipt issued by a depository satisfactory to the corporation as applicable, provided EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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.