What's happening
This bill extends the expiration date for temporary investment provisions by local governments from July 1, 2017 to July 1, 2020.
Why it matters
Extending the expiration date allows local governments to continue using specific temporary investment options. this could impact how cities and towns manage short-term funds and potentially earn more interest or benefit from greater flexibility in managing public money.
The extension applies retroactively if the bill is passed after July 1, 2017. , ensuring there’s no gap in legal authority for local governments’ investment activities, which may help avoid confusion or legal disputes over investments made during that period.
Investments made before the new expiration date remain governed by the extended law’s provisions. , providing continuity and legal certainty for ongoing investments, which could be important for financial planning and risk management at the local level.
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Who cares
Headline styles
Extend Local Investment Rules
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Substituted by A6663
- Advanced to third reading
- 2nd report cal.
- 1st report cal.463
- 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.
Extend Local Investment Rules
Signed by Governor · Sponsor Herman D. Farrell
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
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 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 This act shall take effect June 30, 1998 and shall expire and be deemed repealed on July 1, [2017] 2020, provided, however, that investments purchased prior to the expiration of this act pursuant to the provisions of paragraph a of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.
Sponsor's memo
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, 2017, as last extended by chapter 48 of the law of 2014, by an additional three years, to July 1, 2020.
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 may 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 2014 (chapter 48), 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.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.