Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Sep 23, 2011 |
signed chap.554 |
Sep 12, 2011 |
delivered to governor |
Jun 16, 2011 |
returned to senate passed assembly ordered to third reading rules cal.366 substituted for a5369 |
Jun 16, 2011 |
substituted by s3402 rules report cal.366 reported reported referred to rules |
Mar 01, 2011 |
reported referred to ways and means |
Feb 16, 2011 |
referred to governmental employees |
Assembly Bill A5369
Signed By Governor2011-2012 Legislative Session
Sponsored By
ABBATE
Archive: Last Bill Status Via S3402 - 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
multi-Sponsors
Jeffrion Aubry
2011-A5369 (ACTIVE) - Details
2011-A5369 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5369 2011-2012 Regular Sessions I N A S S E M B L Y February 16, 2011 ___________ Introduced by M. of A. ABBATE -- (at request of the New York State Teachers' Retirement System) -- read once and referred to the Commit- tee on Governmental Employees AN ACT to amend the retirement and social security law, in relation to increasing to ten percent the amount of assets of the New York state teachers' retirement system which may be invested in real property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (e) of subdivision 6 of section 177 of the retirement and social security law, as amended by chapter 560 of the laws of 1997, is amended to read as follows: (e) Such real property, other than property to be used primarily for agricultural, horticultural, ranch, mining, recreational, amusement or club purposes, as may be acquired, as an investment for the production of income (INCLUDING CAPITAL APPRECIATION), or as may be acquired to be improved or developed for such investment purpose pursuant to an exist- ing program therefor, subject to the following limitations: (1) the cost of each parcel of real property so acquired under the authority of this subdivision, including the estimated cost to the fund of the improvement or development thereof, when added to the value of all other real prop- erty then held by it pursuant to this subdivision, shall not exceed [five] TEN per cent of its assets, and (2) the cost of each parcel of real property acquired under the authority of this subdivision, includ- ing the estimated cost to the fund of the improvement or development thereof, shall not exceed two per cent of the fund's assets. S 2. Subdivision 6 of section 177 of the retirement and social securi- ty law is amended by adding a new paragraph (f) to read as follows: (F) NOTWITHSTANDING ANY OTHER PROVISION OF THIS ARTICLE, FOR THE PURPOSES OF THIS SUBDIVISION, AN INVESTMENT IN AN ENTITY THAT INVESTS OR PROPOSES TO INVEST, DIRECTLY OR INDIRECTLY THROUGH ONE OR MORE OTHER ENTITIES, AT LEAST A MAJORITY OF ITS ASSETS IN (1) ANY INTEREST IN REAL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08934-01-1
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