Bill Text: NY A08400 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to the special powers of the environmental facilities corporation.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-01-03 - referred to environmental conservation [A08400 Detail]
Download: New_York-2017-A08400-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8400 2017-2018 Regular Sessions IN ASSEMBLY June 13, 2017 ___________ Introduced by M. of A. OTIS -- read once and referred to the Committee on Environmental Conservation AN ACT to amend the public authorities law, in relation to the special powers of the New York state environmental facilities corporation; and providing for the repeal of such provisions upon the expiration there- of The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 6 of section 1285-j of the public authorities 2 law, as amended by chapter 307 of the laws of 2005, is amended to read 3 as follows: 4 6. Moneys in the water pollution control revolving fund may be 5 invested as provided in subdivision four of section twelve hundred 6 eighty-four of this title and may be further invested (a) in investment 7 agreements continuously secured by obligations with any insurance or 8 reinsurance company or corporate affiliate thereof rated by a nationally 9 recognized rating agency in one of its two highest categories, any bank, 10 trust company or broker or dealer, as defined by the securities exchange 11 act of 1934, which is a dealer in government bonds, which reports to, 12 trades with and is recognized as a primary dealer by a federal reserve 13 bank and is a member of the securities [investors] investor protection 14 corporation, if, (i) such obligations securing such investment agree- 15 ments are obligations as set forth in section ten of the general munici- 16 pal law, (ii) such obligations are delivered to a trustee for the bene- 17 fit of the corporation or, with respect to moneys pledged under an 18 indenture of trust relating to bonds or notes of the corporation, to the 19 trustee under such indenture, or are supported by a safe keeping receipt 20 issued by a depository satisfactory to the corporation as applicable, 21 provided that such investment agreements must provide that the value of 22 the underlying obligations shall be maintained at a current market 23 value, calculated no less frequently than monthly, of not less than the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13083-01-7A. 8400 2 1 amount deposited thereunder, (iii) a prior perfected security interest 2 in the obligations which are securing such agreement has been granted to 3 the corporation, as applicable, and (iv) such obligations are free and 4 clear of adverse third party claims[,]; or (b) in obligations as set 5 forth in section ten of the general municipal law that are rated by a 6 nationally recognized rating agency in one of its two highest rating 7 categories or, for obligations set forth in subparagraph (iv) of para- 8 graph f of subdivision one of such section, are rated by a nationally 9 recognized rating agency in one of its three highest rating categories. 10 § 2. Subdivision 6 of section 1285-m of the public authorities law, as 11 amended by chapter 307 of the laws of 2005, is amended to read as 12 follows: 13 6. Moneys in the drinking water revolving fund may be invested as 14 provided in subdivision four of section twelve hundred eighty-four of 15 this title and may be further invested: 16 (a) in investment agreements continuously secured by obligations with 17 any insurance company or reinsurance company or corporate affiliate 18 thereof rated by a nationally recognized rating agency in one of its two 19 highest categories, any bank, trust company or broker or dealer, as 20 defined by the securities exchange act of 1934, which is a dealer in 21 government bonds, which reports to, trades with and is recognized as a 22 primary dealer by a federal reserve bank and is a member of the securi- 23 ties [investors] investor protection corporation, if such investment 24 agreement provides that: 25 (i) such obligations securing such investment agreements are obli- 26 gations as set forth in section ten of the general municipal law; 27 (ii) such obligations are to be delivered to a trustee for the benefit 28 of the corporation or, with respect to moneys pledged under an indenture 29 of trust or trust agreement relating to bonds or notes of the corpo- 30 ration, to the trustee under such indenture or trust agreement, or are 31 supported by a safe keeping receipt issued by a depository satisfactory 32 to the corporation as applicable, provided that such investment agree- 33 ments must provide that the value of the underlying obligations shall be 34 maintained at a current market value, calculated no less frequently than 35 monthly, of not less than the amount deposited thereunder; 36 (iii) a prior perfected security interest in the obligations which are 37 securing such agreement has been granted to the corporation, such trus- 38 tee or such depository as applicable; and 39 (iv) such obligations are free and clear of adverse third party 40 claims; or 41 (b) in obligations as set forth in section ten of the general munici- 42 pal law that are rated by a nationally recognized rating agency in one 43 of its two highest rating categories, or for obligations set forth in 44 subparagraph (iv) of paragraph f of subdivision one of such section, are 45 rated by a nationally recognized rating agency in one of its three high- 46 est rating categories. 47 § 3. This act shall take effect immediately; provided, however, that 48 the amendments to subdivision 6 of section 1285-j and subdivision 6 of 49 section 1285-m of the public authorities law made by sections one and 50 two of this act shall not affect the expiration and reversion of such 51 subdivisions and shall expire therewith.
