S T A T E   O F   N E W   Y O R K
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                                  7509

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 14, 2015
                               ___________

Introduced  by M. of A. FARRELL -- (at request of the State Comptroller)
  -- read once and referred to the Committee on Ways and Means

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-
tained  such  ratings  on  similar  obligations during the preceding six

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06939-03-5
              

A. 7509                             2

month period or if the issuer is the product of a merger of two or  more
issuers, one of which has maintained such ratings on similar obligations
during  the  preceding six month period, provided, however, that no more
than [two hundred fifty] FIVE HUNDRED million dollars may be invested in
such obligations of any one corporation.
  19.  Bankers' acceptances maturing within ninety days which are eligi-
ble for purchase in the open market by federal reserve banks  and  which
have  been accepted by a bank or trust company, which is organized under
the laws of the United States or of any state thereof  and  which  is  a
member  of  the  federal reserve system and whose short-term obligations
meet the criteria outlined in  subdivision  eighteen  of  this  section.
Provided,  however,  that  no more than [two hundred fifty] FIVE HUNDRED
million dollars may be invested in such bankers' acceptance of  any  one
bank or trust company.
  S 2. This act shall take effect immediately.