NY State Senate Bill 2023-S6122

Senate Bill S6122

Signed By Governor

2023-2024 Legislative Session

Extends provisions of law relating to temporary investments by local governments

download bill text pdf

Current Bill Status Via A7400 - 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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 30, 2023	signed chap.162
Jun 26, 2023	delivered to governor
Jun 05, 2023	returned to assembly passed senate 3rd reading cal.1381 substituted for s6122
Jun 05, 2023	substituted by a7400
May 30, 2023	ordered to third reading cal.1381 committee discharged and committed to rules
May 09, 2023	reported and committed to finance
Mar 30, 2023	referred to local government

Votes

- Jun 5, 2023 - Floor Vote
  A7400
  
  61
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  2
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 5, 2023
      
      aye (61)
      
      Addabbo Jr.
      
      Ashby
      
      Bailey
      
      Borrello
      
      Breslin
      
      Brisport
      
      Brouk
      
      Canzoneri-Fitzpatrick
      
      Chu
      
      Cleare
      
      Comrie
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Gonzalez
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Kavanagh
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mannion
      
      Martinez
      
      Martins
      
      Mattera
      
      May
      
      Mayer
      
      Murray
      
      Myrie
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Parker
      
      Persaud
      
      Ramos
      
      Rhoads
      
      Rivera
      
      Rolison
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Scarcella-Spanton
      
      Sepúlveda
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stec
      
      Stewart-Cousins
      
      Tedisco
      
      Thomas
      
      Walczyk
      
      Webb
      
      Weber
      
      Weik
      
      excused (2)
      
      Cooney
      
      Felder
  May 30, 2023 - Rules Committee Vote
  S6122
  
  20
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: May 30, 2023
      
      aye (20)
      
      Addabbo Jr.
      
      Bailey
      
      Breslin
      
      Comrie
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Helming
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mayer
      
      O'Mara
      
      Ortt
      
      Parker
      
      Sepúlveda
      
      Stec
      
      Stewart-Cousins
      
      Thomas
      
      aye wr (1)
      
      Griffo
  May 9, 2023 - Local Government Committee Vote
  S6122
  
  7
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Local Government Committee Vote: May 9, 2023
      
      aye (7)
      
      Harckham
      
      Hinchey
      
      Martinez
      
      Rhoads
      
      Skoufis
      
      Thomas
      
      Weik

2023-S6122 (ACTIVE) - Details

See Assembly Version of this Bill:: A7400
Law Section:: General Municipal
Laws Affected:: Amd §2, Chap 130 of 1998

2023-S6122 (ACTIVE) - Summary

Extends provisions of law relating to temporary investments by local governments from July 1, 2023 until July 1, 2026.

2023-S6122 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S6122

SPONSOR: MARTINEZ
 
TITLE OF BILL:

An act to amend chapter 130 of the laws of 1998, amending the general
municipal law relating to temporary investments by local governments, in
relation to extending the expiration of the provisions thereof

 
PURPOSE:

The purpose of this bill is to extend the authority granted to local
governments to invest in additional types of products.

 
SUMMARY OF PROVISIONS:

Section 1. amends section 2 of chapter 130 of the laws of 1998 to
provide that the provision will expire July 1, 2026

Section 2. is the enacting clause

JUSTIFICATION:

Currently, local governments are temporarily authorized to invest in
additional types of products, including: General obligation bonds and
notes of any state other than New York, provided that such bonds receive
the highest rating of at least one independent rating agency; obli-
gations of any corporation organized under the laws of any state,
provided that such obligations received the highest rating of two inde-
pendent rating services and that no more than $250 million is invested
in any one corporation; Bankers' acceptances maturing within 270 days
which are eligible for purchase in the open market by federal reserve
banks; obligations of, or instruments issued by, any agency or instru-
ment of the USA, including federal home loans banks, the Tennessee
Valley Authority, the Federal National Mortgage Association, Federal
Home Loan Mortgage Association, and the United States postal service,
provided that no more than $250 million is invested in any one agency;
no load money market mutual funds, provided that such funds are limited
to investments in obligations of agencies or instrumentalities of the
USA, where payment is guaranteed by the USA. This bill would extend the
authorization currently provided to July 1, 2026.

 
FISCAL IMPLICATIONS:

None

 
EFFECTIVE DATE:
This act shall take effect immediately; provided however, that is this
act shall have become law after July 1, 2023 it shall be deemed to have
been in full force and effect on and after July, 1 2023.

2023-S6122 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6122
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 30, 2023
                                ___________
 
 Introduced  by Sen. MARTINEZ -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT to amend chapter 130 of the laws of 1998,  amending  the  general
   municipal  law relating to temporary investments by local governments,
   in relation to extending the expiration of the provisions thereof

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 2 of chapter 130 of the laws of 1998, amending  the
 general municipal law relating to temporary investments by local govern-
 ments,    as amended by section 1 of item OO of subpart B of part XXX of
 chapter 58 of the laws of 2020, is amended to read as follows:
   § 2. This act shall take effect June 30, 1998 and shall expire and  be
 deemed  repealed on July 1, [2023] 2026, provided, however, that invest-
 ments purchased prior to the expiration of  this  act  pursuant  to  the
 provisions  of paragraph a of subdivision 3 of section 11 of the general
 municipal law, as designated and amended by section  one  of  this  act,
 shall  continue to be subject to the conditions contained in such subdi-
 vision to the same extent as they had been subject thereto prior to such
 expiration and repeal.
   § 2. This act shall take effect immediately; provided however, that if
 this act shall have become a law after July 1, 2023 it shall  be  deemed
 to have been in full force and effect on and after July 1, 2023.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07034-01-3

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