Assembly Bill A2881B

Signed By Governor
2017-2018 Legislative Session

Relates to the definition of eligible securities in relation to obligations of domestic corporations

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Archive: Last Bill Status Via S2420 - 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

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Bill Amendments

2017-A2881 - Details

See Senate Version of this Bill:
S2420
Law Section:
General Municipal Law
Laws Affected:
Amd §10, Gen Muni L
Versions Introduced in 2015-2016 Legislative Session:
A7096, S4305

2017-A2881 - Summary

Relates to the definition of eligible securities in relation to obligations of domestic corporations.

2017-A2881 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2881
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2017
                                ___________
 
 Introduced by M. of A. BRINDISI -- read once and referred to the Commit-
   tee on Banks
 
 AN  ACT  to  amend the banking law, in relation to deposits of state and
   municipal funding in banking institutions
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1. The banking law is amended by adding a new section 12-b to
 read as follows:
   § 12-B. STATE AND MUNICIPAL FUNDS DEPOSITED IN STATE CHARTERED BANKING
 INSTITUTIONS. NOTWITHSTANDING ANY PROVISION OF THE  STATE  FINANCE  LAW,
 THE LOCAL FINANCE LAW OR THIS CHAPTER TO THE CONTRARY, A STATE CHARTERED
 BANKING  INSTITUTION  WHICH  HOLDS STATE FUNDS OR THE FUNDS OF ANY POLI-
 TICAL SUBDIVISION THEREOF MAY ACCEPT AND PLEDGE INVESTMENT GRADE  CORPO-
 RATE  BONDS,  TO  THE  EXTENT AUTHORIZED BY THE FEDERAL RESERVE BANK, AS
 COLLATERAL FOR ANY DISCOUNT WINDOW BORROWING OF SUCH FUNDS.  FURTHERMORE
 MUNICIPAL BONDS HAVING FIVE OR MORE YEARS OF MATURITY MAY BE PLEDGED  TO
 SECURE SUCH DEPOSITS.
   §  2. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a law.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01882-01-7

2017-A2881A - Details

See Senate Version of this Bill:
S2420
Law Section:
General Municipal Law
Laws Affected:
Amd §10, Gen Muni L
Versions Introduced in 2015-2016 Legislative Session:
A7096, S4305

2017-A2881A - Summary

Relates to the definition of eligible securities in relation to obligations of domestic corporations.

2017-A2881A - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2881--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2017
                                ___________
 
 Introduced by M. of A. BRINDISI -- read once and referred to the Commit-
   tee  on Banks -- committee discharged, bill amended, ordered reprinted
   as amended and recommitted to said committee
 
 AN ACT to amend the banking law, in relation to deposits  of  state  and
   municipal  funding  in  banking institutions; and to amend the general
   municipal law, in relation to eligible securities
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. The banking law is amended by adding a new section 12-b to
 read as follows:
   § 12-B. STATE AND MUNICIPAL FUNDS DEPOSITED IN STATE CHARTERED BANKING
 INSTITUTIONS. NOTWITHSTANDING ANY PROVISION OF THE  STATE  FINANCE  LAW,
 THE LOCAL FINANCE LAW OR THIS CHAPTER TO THE CONTRARY, A STATE CHARTERED
 BANKING  INSTITUTION  WHICH  HOLDS STATE FUNDS OR THE FUNDS OF ANY POLI-
 TICAL SUBDIVISION THEREOF MAY ACCEPT AND PLEDGE INVESTMENT GRADE  CORPO-
 RATE  BONDS,  TO  THE  EXTENT AUTHORIZED BY THE FEDERAL RESERVE BANK, AS
 COLLATERAL FOR ANY DISCOUNT WINDOW BORROWING OF SUCH FUNDS.  FURTHERMORE
 MUNICIPAL BONDS HAVING FIVE OR MORE YEARS OF MATURITY MAY BE PLEDGED  TO
 SECURE SUCH DEPOSITS.
   § 2. Subparagraph (viii) of paragraph f of subdivision 1 of section 10
 of  the  general municipal law, as amended by chapter 623 of the laws of
 1998, is amended to read as follows:
   (viii) Obligations of domestic corporations [rated in one of  the  two
 highest  rating categories by at least one nationally recognized statis-
 tical rating organization] THAT MEET THE NATIONALLY  RECOGNIZED  STATIS-
 TICAL RATING ORGANIZATION OF "INVESTMENT GRADE" AT A MINIMUM. IF A SECU-
 RITY  HAS  MORE  THAN  ONE CREDIT RATING ASSIGNED, THE MOST CONSERVATIVE
 (LOWEST) RATING WILL BE UTILIZED.
   § 3. This act shall take effect on the first of January next  succeed-
 ing the date on which it shall have become a law.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01882-03-7

2017-A2881B (ACTIVE) - Details

See Senate Version of this Bill:
S2420
Law Section:
General Municipal Law
Laws Affected:
Amd §10, Gen Muni L
Versions Introduced in 2015-2016 Legislative Session:
A7096, S4305

2017-A2881B (ACTIVE) - Summary

Relates to the definition of eligible securities in relation to obligations of domestic corporations.

2017-A2881B (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2881--B
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2017
                                ___________
 
 Introduced by M. of A. BRINDISI -- read once and referred to the Commit-
   tee  on Banks -- committee discharged, bill amended, ordered reprinted
   as amended and recommitted to said committee --  again  reported  from
   said  committee  with  amendments,  ordered  reprinted  as amended and
   recommitted to said committee

 AN ACT to amend the general municipal law, in relation to the definition
   of eligible securities in relation to obligations of  domestic  corpo-
   rations
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  Subparagraph (viii) of paragraph f  of  subdivision  1  of
 section  10  of  the general municipal law, as amended by chapter 623 of
 the laws of 1998, is amended to read as follows:
   (viii) Obligations of domestic corporations rated in one of the  [two]
 FOUR  highest  rating  categories  by at least one nationally recognized
 statistical rating organization.
   § 2. This act shall take effect on the first of January next  succeed-
 ing the date on which it shall have become a law.
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01882-04-7

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