NY A01605

Expands the types of financial institutions where local governments can deposit public funds to include savings banks, savings and loan associations, and credit unions, in addition to traditional banks and trust companies

Limits public fund deposits in savings banks, credit unions, and savings and loan associations to $250,000 per institution

Requires local government governing boards to forward copies of deposit designation resolutions to the State Comptroller's office for record-keeping purposes

Allows local governments to temporarily invest funds in special time interest-bearing deposit accounts or share certificates issued by credit unions, with full FDIC insurance required on principal and accrued interest

Takes effect 90 days after becoming law