S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    922
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2023
                                ___________
 
 Introduced  by  M.  of  A. GIBBS, GONZALEZ-ROJAS, RAMOS, PRETLOW -- read
   once and referred to the Committee on Ways and Means
 
 AN ACT to amend the state finance law, in relation to creating the Puer-
   to Rican  relief  account;  and  providing  for  the  repeal  of  such
   provisions upon expiration thereof

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The state finance law is amended by adding  a  new  section
 96-a to read as follows:
   §  96-A.  PUERTO RICAN RELIEF ACCOUNT. 1.  THERE IS HEREBY ESTABLISHED
 AT THE REQUEST OF THE COMMONWEALTH OF PUERTO RICO AND IN THE CUSTODY  OF
 THE  COMPTROLLER  A  SPECIAL  ACCOUNT  TO  BE KNOWN AS THE "PUERTO RICAN
 RELIEF ACCOUNT".
   2. THE SOURCES OF FUNDS SHALL CONSIST OF ALL RECOVERY AND RELIEF FUNDS
 PROVIDED BY THE FEDERAL GOVERNMENT TO THE COMMONWEALTH  OF  PUERTO  RICO
 UNDER THE BIPARTISAN BUDGET ACT OF 2018.
   3.  (A) THE COMPTROLLER SHALL INVEST SUCH FUNDS IN SECURITIES IN WHICH
 HE IS AUTHORIZED BY LAW TO INVEST THE FUNDS OF THE STATE, EXCEPT THAT HE
 MAY INVEST IN OBLIGATIONS CONSISTING OF  NOTES,  BONDS,  DEBENTURES,  OR
 EQUIPMENT  TRUST  CERTIFICATES  ISSUED UNDER AN INDENTURE, WHICH ARE THE
 DIRECT OBLIGATIONS OF, OR IN THE CASE OF  EQUIPMENT  TRUST  CERTIFICATES
 ARE  SECURED  BY  DIRECT OBLIGATIONS OF, A RAILROAD OR INDUSTRIAL CORPO-
 RATION,  OR  A  CORPORATION  ENGAGED  DIRECTLY  AND  PRIMARILY  IN   THE
 PRODUCTION, TRANSPORTATION, DISTRIBUTION, OR SALE OF ELECTRICITY OR GAS,
 OR  THE OPERATION OF TELEPHONE OR TELEGRAPH SYSTEMS OR WATERWORKS, OR IN
 SOME COMBINATION OF THEM; PROVIDED THE OBLIGOR CORPORATION IS ONE  WHICH
 IS INCORPORATED UNDER THE LAWS OF THE UNITED STATES, OR ANY STATE THERE-
 OF,  OR OF THE DISTRICT OF COLUMBIA, AND SAID OBLIGATIONS SHALL BE RATED
 AT THE TIME OF PURCHASE WITHIN THE THREE HIGHEST CLASSIFICATIONS  ESTAB-
 LISHED BY AT LEAST TWO STANDARD RATING SERVICES. THE MAXIMUM AMOUNT THAT
 THE  COMPTROLLER  MAY INVEST IN SUCH OBLIGATIONS SHALL NOT EXCEED THIRTY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01905-01-3
              

 A. 922                              2
 
 PER CENTUM OF THE ASSETS OF SUCH ACCOUNT; AND PROVIDED FURTHER THAT  NOT
 MORE  THAN  TWO  AND  ONE-HALF  PER CENTUM OF THE ASSETS OF SUCH ACCOUNT
 SHALL BE INVESTED IN THE OBLIGATIONS OF ANY ONE CORPORATION OF THE HIGH-
 EST CLASSIFICATION AND SUBSIDIARY OR SUBSIDIARIES THEREOF, THAT NOT MORE
 THAN  TWO  PER CENTUM OF THE ASSETS OF SUCH ACCOUNT SHALL BE INVESTED IN
 THE OBLIGATIONS OF ANY ONE CORPORATION OF THE SECOND HIGHEST CLASSIFICA-
 TION AND SUBSIDIARY OR SUBSIDIARIES THEREOF, THAT NOT MORE THAN ONE  AND
 ONE-HALF PER CENTUM OF SUCH ACCOUNT SHALL BE INVESTED IN THE OBLIGATIONS
 OF  ANY  ONE CORPORATION OF THE THIRD HIGHEST CLASSIFICATION AND SUBSID-
 IARY OR SUBSIDIARIES THEREOF. HE  SHALL,  HOWEVER,  BE  SUBJECT  TO  ALL
 TERMS,  CONDITIONS, LIMITATIONS AND RESTRICTIONS IMPOSED BY LAW UPON THE
 MAKING OF SUCH INVESTMENTS. THE COMPTROLLER SHALL HAVE FULL POWER:
   (I) TO HOLD, PURCHASE, SELL, ASSIGN, TRANSFER OR DISPOSE OF ANY OF THE
 SECURITIES OR INVESTMENTS, IN WHICH ANY ASSETS OF SUCH ACCOUNT SHALL  BE
 INVESTED,  INCLUDING  THE  PROCEEDS  OF  SUCH INVESTMENTS AND ANY MONIES
 BELONGING TO SUCH ACCOUNT, AND
   (II) IN HIS OR HER  NAME  AS  TRUSTEE,  TO  FORECLOSE  MORTGAGES  UPON
 DEFAULT  OR  TO  TAKE TITLE TO REAL PROPERTY IN SUCH PROCEEDINGS IN LIEU
 THEREOF AND TO LEASE AND SELL REAL PROPERTY SO ACQUIRED.
   (B) ALL RETURNS ON ANY INVESTMENTS MADE  BY  THE  COMPTROLLER  OF  ANY
 FUNDS  FROM  SUCH ACCOUNT SHALL BE DEPOSITED WITHIN SUCH ACCOUNT FOR THE
 SOLE BENEFIT OF THE COMMONWEALTH OF PUERTO RICO.
   (C) THE COMPTROLLER ANNUALLY SHALL  CREDIT  TO  SUCH  ACCOUNT  REGULAR
 INTEREST ON THE MEAN AMOUNT THEREIN FOR THE PRECEDING YEAR.
   (D)  THE  COMPTROLLER  IS  AUTHORIZED TO DEDUCT ANY NECESSARY ADMINIS-
 TRATION FEES FOR THE MANAGEMENT OF SUCH ACCOUNT.
   4. THE COMMONWEALTH OF PUERTO RICO SHALL  NOTIFY  THE  COMPTROLLER  OF
 THEIR  INTENTION TO TERMINATE SUCH ACCOUNT NO LATER THAN THE ONE HUNDRED
 EIGHTIETH DAY PRIOR TO THE DATE SUCH COMMONWEALTH REQUIRES THE RETURN OF
 ALL FUNDS FROM SUCH ACCOUNT.
   § 2. This act shall take effect immediately and shall  expire  and  be
 deemed repealed 5 years after such date.