NY A07790

Expands the definition of eligible depositories for public funds to include state-chartered and federally-chartered credit unions, savings banks, and savings and loan associations, in addition to existing banks and trust companies.

Requires local governments to forward copies of resolutions designating depositories to the State Comptroller for record-keeping purposes.

Limits public funds deposited with savings banks, credit unions, and savings and loan associations to a maximum of one million dollars per institution for both municipal and state deposits.

Requires that banks and credit unions receiving public deposits must pay taxes on mortgages as described in Tax Law Section 253, with funds to be withdrawn if taxes were not paid when mortgages were recorded.

Makes technical amendments to the State Finance Law to allow the state commissioner of taxation and finance to deposit state moneys in the newly eligible financial institutions under the same security and oversight requirements as traditional banks.