NY A05045

Expands the definition of eligible depositories for local government public funds to include savings banks, savings and loan associations, and credit unions in addition to traditional banks and trust companies

Limits deposits of public funds in savings banks, federal savings banks, credit unions, federal credit unions, savings and loan associations, and federal savings and loan associations to a maximum of $250,000

Requires local governments to forward copies of deposit designation resolutions to the State Comptroller for record-keeping purposes

Authorizes credit unions to accept public deposits subject to the same security and limitation requirements as other financial institutions under General Municipal Law Section 10

Permits temporary investment of public funds in interest-bearing deposit accounts, certificates of deposit, and credit union share certificates at eligible institutions, with the same security requirements as regular public deposits