NY State Senate Bill 2023-S742

Current Bill Status - In Senate Committee Finance Committee

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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to finance
Jan 06, 2023	referred to finance

2023-S742 (ACTIVE) - Details

See Assembly Version of this Bill:: A922
Current Committee:: Senate Finance
Law Section:: State Finance Law
Laws Affected:: Add §96-a, St Fin L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S8948, A11199
2019-2020: S7959, A2329
2021-2022: S2219, A3509, A9420

2023-S742 (ACTIVE) - Summary

Relates to creating the Puerto Rican relief account which 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.

2023-S742 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S742

SPONSOR: SEPULVEDA
 
TITLE OF BILL:

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

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would establish a New York State Puerto Rico Relief Account

 
SUMMARY OF PROVISIONS:

Authorizes the Office of the NYS Comptroller to set up an account to
manage any recovery and relief funds provided by the federal government
to the government of Puerto Rico under the Bipartisan Budget Act of
2018. The account would be set up at the request of the Puerto Rican
Government. The funds In the account shall be managed as all other state
pension funds are managed with return on investments being delivered to
the government of Puerto Rico. The NYS Comptroller is authorized to

deduct an administration fee for the management of such funds. The
government of Puerto Rico shall notify the OSC of their intentions to
end this arrangement no later than 180 days from when all funds should
be returned to Puerto Rico. The OSC should use all its technical and
financial expertise to assist the investment and growth of funds
provided to Puerto Rico under the federal Bipartisan Budget Act of 2018.
The authority of this act shall expire within five years and can be
renewed by act of legislature. This act shall take effect immediately.

 
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE):

None

 
JUSTIFICATION:

The Initiative unveiled by the Latino Caucus authorizes the Office of
the New York State Comptroller to lend Its financial investment exper-
tise to the government of Puerto Rico by setting up a Puerto Rico Relief
Account. Earlier this year, Congress authorized and the President signed
into law the Bipartisan Budget Act of 2018, which provides Puerto Rico
with some $38 Billion for recovery and relief efforts needed due to the
devastation by Hurricane Maria. We need to continue to push for policies
that will help Puerto Ricans rebuild their lives and their homes in the
short and long term. This measure will help Puerto Ricans, whether they
are still on the island or whether they have relocated to New York, by
providing those displaced with the assistance they need to move from
transitional to permanent housing and by giving Puerto Rico access to
tools, information, and resources to improve their financial situations.
The NYS Comptroller's office manages the third largest pension system in
the United States and had a return on investment of 11.35 percent last
year for a total worth of over $206.9 billion. The financial and invest-
ment experts working at OSC can help Puerto Rico by providing their
incredible talents to the island's government by helping Puerto Rico
invest and manage the recovery money during its pending expenditure on
rebuilding and relief efforts. OSC can help stretch these federal
dollars in a manner no other entity can and with no risk to the State's
pension system or New York. New York must step in and assist the Puerto
Rican people in this tremendous time and need. We cannot stand by while
2,300 families risk losing the emergency housing they so desperately
need.

 
PRIOR LEGISLATIVE HISTORY:

S.2219 of 2021-22: Referred to Finance;

S.7959 of 2020: Referred to Finance;

A.2329 of 2019: Referred to Ways and Means;

S.8948 of 2018: Referred to Rules

 
FISCAL IMPLICATIONS FOR STATE LOCAL GOVERNMENTS:

None to state

 
EFFECTIVE DATE:
Immediately and shall expire and be deemed repealed 5 years after such
date.

2023-S742 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    742
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 6, 2023
                                ___________
 
 Introduced by Sen. SEPULVEDA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 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

 S. 742                              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.

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Senate Bill S742

Sponsored By

Current Bill Status - In Senate Committee Finance Committee

2023-S742 (ACTIVE) - Details

2023-S742 (ACTIVE) - Summary

2023-S742 (ACTIVE) - Sponsor Memo

2023-S742 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S742

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Sponsored By

Luis R. Sepúlveda

Current Bill Status - In Senate Committee Finance Committee

2023-S742 (ACTIVE) - Details

2023-S742 (ACTIVE) - Summary

2023-S742 (ACTIVE) - Sponsor Memo

2023-S742 (ACTIVE) - Bill Text download pdf

Comments