NY A04319

Expands the definition of "public deposits" in General Municipal Law to include savings banks, savings and loan associations, and credit unions, in addition to existing banks and trust companies.

Requires local government governing boards to forward copies of deposit designation resolutions to the Office of the State Comptroller for record-keeping purposes.

Establishes collateral and security requirements for public deposits exceeding federal insurance limits, including pledges of eligible securities, surety bonds, and letters of credit.

Limits deposits of public funds in savings banks, federal savings banks, credit unions, federal credit unions, savings and loan associations, or federal savings and loan associations to a maximum of one million dollars per depository institution.

Allows local governments to use courier services for depositing public funds, provided the courier obtains a surety bond covering the full amount of funds entrusted to them.