BILL NUMBER: S10432
SPONSOR: MARTINEZ
 
TITLE OF BILL:
An act to amend chapter 130 of the laws of 1998, amending the general
municipal law relating to temporary investments by local governments,
in relation to extending the expiration of the provisions thereof
 
SUMMARY OF PROVISIONS:
This bill would amend section 2 of chapter 130 of the laws of 1998 to
extend the sunset date of July 1, 2026, as last extended by chapter 162
of the laws of 2023, by an additional three years, to July 1, 2029.
 
REASONS FOR SUPPORT:
The Legislature has recognized the need to allow the City to modernize
the management of its finances by expanding the types of instruments in
which the City may invest, within prudent limits. This expansion has
provided the City with increased flexibility in its investment decisions
and has consequently allowed the City to achieve higher yields on its
investments, without a significant increase in risk. In 2023 (chapter
162), the Legislature last extended the sunset provision for the legis-
lation authorizing this expansion by three years. A new three-year
extension will allow the City to continue to achieve the increased flex-
ibility and higher yields made possible by the past changes.
Accordingly, the Mayor urges the earliest possible favorable consider-
ation of this proposal by the Legislature.
Respectfully submitted,
Alithia Rodriguez-Rolon
Director