NY A00930

Expands the definition of eligible depositories for municipal 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 deposit designation resolutions to the State Comptroller for record-keeping purposes.

Allows designated depositories to arrange redeposit of municipal funds through deposit placement programs, provided funds are fully insured by the Federal Deposit Insurance Corporation or National Credit Union Administration.

Limits deposits into any single credit union, savings bank, or savings and loan association to a maximum of one million dollars for state moneys under section 105 of the State Finance Law.

Adds definitions for "credit union," "savings bank," and "savings and loan association" to the General Municipal Law and applies the same security requirements for pledged collateral to these new depository types as currently exist for banks and trust companies.