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A07400 Summary:

BILL NOA07400
 
SAME ASSAME AS S06122
 
SPONSORPheffer Amato
 
COSPNSR
 
MLTSPNSR
 
Amd 2, Chap 130 of 1998
 
Extends provisions of law relating to temporary investments by local governments.
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A07400 Actions:

BILL NOA07400
 
05/19/2023referred to cities
05/23/2023reported referred to ways and means
05/24/2023reported referred to rules
05/30/2023reported
05/30/2023rules report cal.419
05/30/2023ordered to third reading rules cal.419
05/31/2023passed assembly
05/31/2023delivered to senate
05/31/2023REFERRED TO RULES
06/05/2023SUBSTITUTED FOR S6122
06/05/20233RD READING CAL.1381
06/05/2023PASSED SENATE
06/05/2023RETURNED TO ASSEMBLY
06/26/2023delivered to governor
06/30/2023signed chap.162
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A07400 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A7400
 
SPONSOR: Pheffer Amato
  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   PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to extend authority, until July 1, 2026, related to investments made by the local governments.   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, 2023, as last extended by chapter 58 of the law of 2020, by an additional three years, to July 1, 2026.   JUSTIFICATION: 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 2020, the Legis- lature 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.   PRIOR LEGISLATIVE HISTORY: 2019-2020: A.9508 - Chapter 58 of the Laws of 2020. 2017-2018: A.7099 - Chapter 65 of the Laws of 2017. 2013-2014: A.8853 - Chapter 48 of the Laws of 2014.   FISCAL IMPLICATIONS: None to the State.   EFFECTIVE DATE: Immediately.
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A07400 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7400
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 19, 2023
                                       ___________
 
        Introduced  by  M.  of A. PHEFFER AMATO -- 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 Assem-
        bly, do enact as follows:
 
     1    Section 1. Section 2 of chapter 130 of the laws of 1998, amending  the
     2  general municipal law relating to temporary investments by local govern-
     3  ments,    as amended by section 1 of item OO of subpart B of part XXX of
     4  chapter 58 of the laws of 2020, is amended to read as follows:
     5    § 2. This act shall take effect June 30, 1998 and shall expire and  be
     6  deemed  repealed on July 1, [2023] 2026, provided, however, that invest-
     7  ments purchased prior to the expiration of  this  act  pursuant  to  the
     8  provisions  of paragraph a of subdivision 3 of section 11 of the general
     9  municipal law, as designated and amended by section  one  of  this  act,
    10  shall  continue to be subject to the conditions contained in such subdi-
    11  vision to the same extent as they had been subject thereto prior to such
    12  expiration and repeal.
    13    § 2. This act shall take effect immediately; provided however, that if
    14  this act shall have become a law after July 1, 2023 it shall  be  deemed
    15  to have been in full force and effect on and after July 1, 2023.
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10837-01-3
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