NY A09099

Allows local governments to temporarily invest idle moneys through a New York-based bank or trust company that arranges deposits in certificates of deposit at any FDIC-insured banking institution or trust company located anywhere in the United States.

Requires that the full principal and accrued interest of each certificate of deposit be insured by the Federal Deposit Insurance Corporation.

Mandates that the New York-based intermediary bank or trust company act as custodian for the local government's certificates of deposit.

Requires simultaneous deposits from other customers of insured depository institutions equal to or greater than the local government's invested amount to qualify for this expanded investment authority.

Takes effect immediately upon enactment.