NY A09423

Expands the definition of "public deposits" in municipal law to include savings banks, savings and loan associations, and credit unions in addition to banks and trust companies.

Limits public funds deposited in savings banks, credit unions, and savings and loan associations to a maximum of $250,000 per institution.

Requires local governments to forward copies of deposit designation resolutions to the state comptroller for record-keeping purposes.

Amends the banking law to authorize credit unions to accept deposits of public money and to pledge assets or provide security for repayment of public funds.

Allows local governments to temporarily invest funds in certificates of deposit or share certificates issued by savings banks, credit unions, and savings and loan associations, subject to federal deposit insurance requirements.