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Sponsors
1 Co-sponsor
History
- Referred to finance
- Referred to finance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to increasing the limit of the amount of money which may be on deposit with the excelsior linked deposit program
In Assembly Committee · Ways And Means · Sponsor Robin Schimminger
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4227
Title of bill
An act to amend the state finance law, in relation to the excelsior linked deposit program
Purpose or general idea of bill
This legislation would increase by $65 million the amount of funds that the Comptroller can place on deposit to ensure the viability of the Excelsior Linked Deposit Program.
Summary of specific provisions
§ 1- Section 214 of the State Finance Law, as amended by section 1 of part P of Chapter 59 of the Laws of 2007, is amended to increase the statutory cap on state funds authorized for deposit by the Comptroller for the Excelsior Linked Deposit Program to $525 million. This would be a $65 million increase in the total amount of funds that the Comptroller can place on deposit at any given time.
§ 2- Effective date.
Existing law
Pursuant to section 1 of part P of Chapter 59 of the Laws of 2007, the total amount of funds that the Comptroller can place on deposit at any given time is $460 million.
Justification
In order to ensure sufficient funding for the continued viability of the Excelsior Linked Deposit Program, it is necessary to increase the statutory cap on funds authorized for deposit by the Comptroller for the Excelsior Linked Deposit Program from $460 million to $525 million.
Prior legislative history
2009-2010: A.2850 2007-2008: A.2954/S.674 2005-2006: A.10468/S.7312
Fiscal implications
This legislation would require a $65 million increase in state funds authorized for the Excelsior Linked Deposit Program.
Local fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.