Bill Text: NY S07281 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to the special powers of the environmental facilities corporation.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-04-12 - REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS [S07281 Detail]

Download: New_York-2015-S07281-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7281
                    IN SENATE
                                     April 12, 2016
                                       ___________
        Introduced  by  Sen.  RANZENHOFER  --  (at  request of the Environmental
          Facilities Corporation) -- read twice and ordered  printed,  and  when
          printed  to be committed to the Committee on Corporations, Authorities
          and Commissions
        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
    24  amount deposited thereunder, (iii) a prior perfected  security  interest
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14372-01-6