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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A7735
- Ordered to third reading cal.1163
- Committee discharged and committed to rules
- Referred to local government
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.
Extends certain provisions of law relating to temporary investments by local governments
Signed by Governor · Sponsor Herman D. Farrell
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5486
Title of bill
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
Summary of provisions
This bill would amend section 2 of chapter 130 of the laws of 1998 to extend the sunset date of July 1, 2011 provided by section 2 of chapter 215 of the laws of 2008 by an additional three years, to July 1, 2014.
Reasons for support
The Legislature has recognized the need to allow the City to modernize the management of its finances by expanding the types of instruments in which the City many invest, within prudent limits. This expansion has provided the City with increased flexibility in its investment decisions and has consequently allowed the City to achieve higher yields on its investments, without a significant increase in risk. In 2008 (Chapter 215), the Legislature last extended the sunset provision by three years. A new three-year extension will allow the City to continue to achieve the increased flexibility and higher yields made possible by the past changes.
Accordingly, the Mayor urges the earliest possible favorable consideration of this proposal by the Legislature.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.