NY A04520

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

Establishes a $250,000 limit on public funds deposited in savings banks, federal savings banks, credit unions, federal credit unions, savings and loan associations, or federal savings and loan associations by local governments.

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

Authorizes credit unions to accept public deposits subject to the same limitations and security requirements as other depositories under General Municipal Law Section 10.

Permits local governments to temporarily invest idle funds through certificates of deposit or share certificates issued by savings banks, savings and loan associations, and credit unions, with full principal and accrued interest insured by federal deposit insurance.