Extends provisions of law relating to temporary investments by local governments

Summary

Extends provisions of law relating to temporary investments by local governments.

Summary from NY Open Legislation. How we handle summaries

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Purpose, from the sponsor's memo

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

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Where it stands

Signed into law.

Cities · New York State Assembly

Also referred to Local Government · New York State Senate, Rules · New York State Assembly, Rules · New York State Senate.

Recorded votes

• Vote: Floor vote

  NY SenateJun 4, 2026Result: passedSenate vote on A11358, the matching Assembly bill.

  Voted yes (60)Voted no (0)Voted present (0)Absent (3)

  See member positions for the vote on Jun 4, 2026 (Floor vote)

• Vote: Committee vote · Rules

  Senate RulesMay 28, 2026Result: passed

  Voted yes (21)Voted no (0)Voted present (0)Absent (0)

  See member positions for the vote on May 28, 2026 (Committee vote · Rules)

Full history

1. Jun 26, 2026

   Signed

   SIGNED CHAP.148

   NY Assembly

2. Jun 18, 2026

   Sent to the executive

   DELIVERED TO GOVERNOR

   NY Assembly

3. Jun 4, 2026

   3RD Reading CAL.1436

   3RD READING CAL.1436

   NY Senate

4. Jun 4, 2026

   Passed a chamber

   PASSED SENATE

   NY Senate

5. Jun 4, 2026

   Substituted

   SUBSTITUTED FOR S10432

   NY Senate