Bill Text: NY S07412 | 2015-2016 | General Assembly | Introduced
Bill Title: Authorizes the state of New York mortgage agency to invest funds in Government National Mortgage Association mortgage backed securities.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2016-06-15 - SUBSTITUTED BY A10497 [S07412 Detail]
Download: New_York-2015-S07412-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7412 IN SENATE April 29, 2016 ___________ Introduced by Sen. LITTLE -- (at request of the Division of Housing & Community Renewal) -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the public authorities law, in relation to modernizing the investment powers of the state of New York mortgage agency The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 9 of section 2427 of the public authorities 2 law, as amended by chapter 788 of the laws of 1978, is amended to read 3 as follows: 4 9. To invest any funds held in reserves or sinking funds or any funds 5 not required for immediate use or disbursement, at the discretion of the 6 agency, in obligations of the state [of] or federal government or of any 7 city of the state, the principal and interest of which are guaranteed by 8 the state or federal government, obligations of agencies of the federal 9 government, or in Government National Mortgage Association mortgage 10 backed securities, or special time deposits in, or certificates of 11 deposit issued by, a bank or trust company authorized to do business in 12 the state and secured by a pledge of obligations of the United States of 13 America or obligations of the state, any city of the state, other munic- 14 ipal corporation, school district or district corporation of the state 15 or obligations of agencies of the federal government, provided that any 16 such investment from time to time (1) may be legally purchased by 17 savings banks of the state as investments of funds belonging to them or 18 in their control and (2) shall be approved by the comptroller. 19 § 2. Subdivision 4 of section 2429-b of the public authorities law, as 20 amended by chapter 3 of the laws of 2004, is amended to read as follows: 21 4. Moneys in such fund may be invested (a) in special time deposit 22 accounts in, or certificates of deposit issued by, a bank, trust compa- 23 ny, savings bank or savings and loan association located and authorized 24 to do business in this state, provided, however, that such time deposit 25 account or certificate of deposit shall be payable within such time as 26 the proceeds may be needed to meet expenditures estimated to be incurred EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD14275-01-6S. 7412 2 1 by the agency and provided further that such time deposit account or 2 certificate of deposit be secured by a pledge of obligations of the 3 United States of America or obligations of the state, any city of the 4 state, or other municipal corporation, school district or district 5 corporation of the state or obligations of agencies of the federal 6 government; or (b) in obligations of the United States of America or the 7 state which may from time to time be legally purchased by savings banks 8 within the state as an investment of funds belonging to them or in their 9 control, or in obligations of the Federal National Mortgage Association, 10 or (c) in Government National Mortgage Association mortgage backed secu- 11 rities, provided such obligations shall be payable or redeemable at the 12 option of the owner within such times as the proceeds may be needed to 13 meet expenditures estimated to be incurred by the agency. 14 § 3. This act shall take effect immediately.
