Senate Bill S2420B

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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Sponsored By

Archive: Last Bill Status - 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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Votes

Bill Amendments

co-Sponsors

2017-S2420 - Details

See Assembly Version of this Bill:
A2881
Law Section:
General Municipal Law
Laws Affected:
Amd §10, Gen Muni L
Versions Introduced in 2015-2016 Legislative Session:
S4305, A7096

2017-S2420 - Summary

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

2017-S2420 - Sponsor Memo

2017-S2420 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2420
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2017
                                ___________
 
 Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
   printed to be committed to the Committee 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

co-Sponsors

2017-S2420A - Details

See Assembly Version of this Bill:
A2881
Law Section:
General Municipal Law
Laws Affected:
Amd §10, Gen Muni L
Versions Introduced in 2015-2016 Legislative Session:
S4305, A7096

2017-S2420A - Summary

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

2017-S2420A - Sponsor Memo

2017-S2420A - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2420--A
     Cal. No. 531
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2017
                                ___________
 
 Introduced  by  Sens. GRIFFO, RITCHIE -- read twice and ordered printed,
   and when printed to be committed to the Committee on Banks -- 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 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.

co-Sponsors

2017-S2420B (ACTIVE) - Details

See Assembly Version of this Bill:
A2881
Law Section:
General Municipal Law
Laws Affected:
Amd §10, Gen Muni L
Versions Introduced in 2015-2016 Legislative Session:
S4305, A7096

2017-S2420B (ACTIVE) - Summary

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

2017-S2420B (ACTIVE) - Sponsor Memo

2017-S2420B (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2420--B
     Cal. No. 531
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2017
                                ___________
 
 Introduced  by  Sens. GRIFFO, RITCHIE -- read twice and ordered printed,
   and when printed to be committed to the Committee on Banks -- 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 -- again amended  and  ordered
   reprinted, retaining its place in the order of third reading
 
 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.
                                                            LBD01882-05-7

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