NY A10672

Adds credit unions, savings banks, savings and loan associations, and federal savings associations as eligible depositories for public funds from local governments, 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.

Imposes a $1 million deposit limit per institution for savings banks, credit unions, and savings and loan associations (both state and federally-chartered).

Extends deposit security requirements to the newly eligible institutions, including provisions for pledging eligible securities and surety bonds to secure deposits exceeding FDIC or NCUA insurance limits.

Applies the same deposit provisions to state moneys under the state finance law, allowing the commissioner of taxation and finance and state comptroller to designate these additional institution types for state deposits.