Bill Text: NY A04822 | 2011-2012 | General Assembly | Introduced

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Bill Title: Directs the state comptroller to invest monies in the abandoned property fund in capital market investments in emerging domestic markets.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2012-09-04 - enacting clause stricken [A04822 Detail]

Download: New_York-2011-A04822-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4822
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 8, 2011
                                      ___________
       Introduced  by  M.  of  A.  P. RIVERA  --  read once and referred to the
         Committee on Ways and Means
       AN ACT to amend the state finance law, in relation to use of  the  funds
         in  the  abandoned  property  fund  for  capital market investments in
         emerging domestic markets
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Subdivision  3 of section 95 of the state finance law, as
    2  amended by chapter 516 of the laws  of  1992,  is  amended  to  read  as
    3  follows:
    4    3.  Whenever the amount of moneys in the abandoned property fund as of
    5  the last day of any month shall exceed the greater of  the  sum  of  six
    6  million  dollars or an amount which in the comptroller's sole discretion
    7  is necessary to satisfy claims against such fund during the  immediately
    8  succeeding  month,  the comptroller shall draw a warrant or voucher upon
    9  such special fund for the amount in excess of such  sum  and  shall  pay
   10  such  amount  into  [the  state treasury to the credit of the general] A
   11  SEPARATE ACCOUNT WITHIN THE ABANDONED PROPERTY fund WHICH SHALL BE  USED
   12  EXCLUSIVELY  FOR  SUCH  CAPITAL  MARKET INVESTMENTS IN EMERGING DOMESTIC
   13  MARKETS AS THE COMPTROLLER SHALL DETERMINE WILL  GENERATE  A  REASONABLE
   14  RETURN  THEREON.    THE PROCEEDS FROM SUCH INVESTMENT MAY BE RETURNED TO
   15  SUCH SEPARATE ACCOUNT FOR FURTHER CAPITAL MARKET INVESTMENTS IN EMERGING
   16  DOMESTIC MARKETS AND/OR, UPON APPROPRIATION THEREOF, BE  PAID  INTO  THE
   17  STATE  TREASURY  TO  THE CREDIT OF THE GENERAL FUND. Notwithstanding the
   18  foregoing, the comptroller and the  director  of  the  budget  or  their
   19  respective designees shall review the balance remaining in the abandoned
   20  property fund as of the last day of the months of March, June, September
   21  and  December in each year, as soon as practicable after each such date,
   22  and may mutually agree upon an amount to be paid [from such  fund]  into
   23  the  [state treasury to the credit of the general fund] SEPARATE ACCOUNT
   24  FOR CAPITAL MARKET INVESTMENTS, which may cause the balance in such fund
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01103-01-1
       A. 4822                             2
    1  to fall below six million dollars; provided, however, in no event  shall
    2  the amount of moneys in the abandoned property fund exceed seven hundred
    3  fifty thousand dollars at the end of the last day of the fiscal year.
    4    S  2.  This  act  shall take effect on the sixtieth day after it shall
    5  have become a law.