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NY S06162
Bill
Status
6/6/2019
Primary Sponsor
Peter Harckham
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AI Summary
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Amends Public Authorities Law Section 1285-j to allow the New York State Environmental Facilities Corporation to invest water pollution control revolving fund moneys in obligations of other states backed by full faith and credit and rated in one of the two highest categories by a nationally recognized rating organization.
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Amends Public Authorities Law Section 1285-m to permit investment of drinking water revolving fund moneys in the same out-of-state governmental obligations meeting the specified credit rating requirements.
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Corrects grammatical error changing "securities investors protection corporation" to "securities investor protection corporation" in both sections.
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Takes effect immediately, with the new investment authority provisions expiring and being repealed upon the expiration of the underlying statutory subdivisions.
Legislative Description
Relates to the special powers of the New York state environmental facilities corporation; moneys in certain funds may be utilized to fulfill obligations of governmental entities of another state that are backed by the full faith and credit of that state and rated in one of the two highest rating categories by at least one nationally recognized rating organization.
Last Action
COMMITTED TO RULES
12/28/2020