Bill Text: NY S05088 | 2017-2018 | General Assembly | Introduced

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Bill Title: Extends the expiration of certain provisions of law relating to temporary investments by local governments.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-06-21 - SUBSTITUTED BY A6663 [S05088 Detail]

Download: New_York-2017-S05088-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5088
                               2017-2018 Regular Sessions
                    IN SENATE
                                      March 7, 2017
                                       ___________
        Introduced  by  Sen.  LANZA  -- 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:
     1    Section  1. Section 2 of chapter 130 of the laws of 1998, amending the
     2  general municipal law relating to temporary investments by local govern-
     3  ments, as amended by chapter 48 of the laws of 2014, is amended to  read
     4  as follows:
     5    §  2. This act shall take effect June 30, 1998 and shall expire and be
     6  deemed repealed on July 1, [2017] 2020, provided, however, that  invest-
     7  ments  purchased  prior  to  the  expiration of this act pursuant to the
     8  provisions of paragraph a of subdivision 3 of section 11 of the  general
     9  municipal  law,  as  designated  and amended by section one of this act,
    10  shall continue to be subject to the conditions contained in such  subdi-
    11  vision to the same extent as they had been subject thereto prior to such
    12  expiration and repeal.
    13    §  2.  This  act shall take effect immediately; provided however, that
    14  if this act shall have become a law after  July  1,  2017  it  shall  be
    15  deemed to have been in full force and effect on and after July 1, 2017.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10482-01-7