Bill Text: NY S02420 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relates to the definition of eligible securities in relation to obligations of domestic corporations.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2018-12-21 - SIGNED CHAP.424 [S02420 Detail]

Download: New_York-2017-S02420-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          2420
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 13, 2017
                                       ___________
        Introduced  by  Sen.  GRIFFO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks
        AN ACT to amend the banking law, in relation to deposits  of  state  and
          municipal funding in banking institutions
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The banking law is amended by adding a new section 12-b  to
     2  read as follows:
     3    § 12-b. State and municipal funds deposited in state chartered banking
     4  institutions.  Notwithstanding  any  provision of the state finance law,
     5  the local finance law or this chapter to the contrary, a state chartered
     6  banking institution which holds state funds or the funds  of  any  poli-
     7  tical  subdivision thereof may accept and pledge investment grade corpo-
     8  rate bonds, to the extent authorized by the  federal  reserve  bank,  as
     9  collateral for any discount window borrowing of such funds.  Furthermore
    10  municipal  bonds having five or more years of maturity may be pledged to
    11  secure such deposits.
    12    § 2. This act shall take effect on the first of January next  succeed-
    13  ing the date on which it shall have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01882-01-7
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