What's happening
This bill extends the expiration date for laws governing temporary investments by local governments from 2017 to 2020.
Why it matters
Allows local governments to continue using certain temporary investment strategies for three more years. , which could help them manage cash flow more effectively and potentially earn more from short-term funds.
Prevents a sudden disruption or rollback in local government financial operations. that could have happened if the law expired in 2017, maintaining stability for municipal budgeting and planning.
Ensures investments made before the new expiration date remain governed by the existing rules. even after the law expires, protecting local governments from unexpected changes in investment oversight or compliance requirements.
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Extend Local Investment Rules
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Signed chap.65
- Delivered to governor
- Returned to assembly
- Passed senateVote 62–0
- 3rd reading cal.463
- Substituted for S5088
- Referred to local government
- Delivered to senate
- Passed assembly
- Advanced to third reading cal.302
- Reported
- Reported referred to ways and means
Show 1 earlier action
- Referred to cities
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.
Extend Local Investment Rules
Senate Floor Calendar · Sponsor Andrew J. Lanza
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6663
2017-2018 Regular Sessions
IN ASSEMBLY
March 13, 2017
Introduced by M. of A. FARRELL -- read once and referred to the Committee on Cities
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 Assembly, do enact as follows:
Section 1. Section 2 of chapter 130 of the laws of 1998, amending the general municipal law relating to temporary investments by local governments, as amended by chapter 48 of the laws of 2014, is amended to read as follows:
§ 2. This act shall take effect June 30, 1998 and shall expire and be deemed repealed on July 1, [2017] 2020, provided, however, that investments purchased prior to the expiration of this act pursuant to the provisions of paragraph a of subdivision 3 of section 11 of the general municipal law, as designated and amended by section one of this act, shall continue to be subject to the conditions contained in such subdivision to the same extent as they had been subject thereto prior to such expiration and repeal.
§ 2. This act shall take effect immediately; provided however, that if this act shall have become a law after July 1, 2017 it shall be 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
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.