§ 98 — Investment of state funds

New York § 98

• Jurisdiction: New York
• Law STF: State Finance
• Art. 6: Funds of the State

Text

§ 98. Investment of state funds. The comptroller shall invest and keep\ninvested all moneys belonging to any and all funds which the comptroller\nnow is or hereafter shall be authorized to invest, in any of the\nfollowing securities:\n 1. Bonds and notes of the United States.\n 2. Bonds and notes of this state.\n 2-a. General obligation bonds and notes of any state other than this\nstate, provided that such bonds and notes receive the highest rating of\nat least one independent rating agency designated by the comptroller.\n 3. Obligations for the payment of which the faith and credit of the\nUnited States or of this state are pledged.\n 3-a. Notes, bonds, debentures, mortgages and other evidences of\nindebtedness of the United States Postal Service; the federal national\nmortgage association; federal home loan mortgage corporation; student\nloan marketing association; federal farm credit system or any other\nUnited States government sponsored agency, provided that at the time of\nthe investment such agency or its obligations are rated and the agency\nreceives, or its obligations receive, the highest rating of all\nindependent rating agencies that rate such agency or its obligations,\nprovided, however, that no more than five hundred million dollars may be\ninvested in the obligations of any one agency.\n 4. Judgments or awards of the court of claims of this state.\n 5. Stocks, bonds, or notes of any county, town, city, village, fire\ndistrict or school district of this state issued pursuant to law.\n 6. Mortgage bonds or any obligations for the payment of money, no\nmatter how designated, secured by another instrument representing a lien\non specific real property or a leasehold thereof, heretofore or\nhereafter and at the time of the assignment thereof to the comptroller\ninsured by the federal housing administrator or any of his successors in\noffice and guaranteed by the United States under the provisions of the\nnational housing act, as amended or supplemented. Any such mortgage\nbonds or obligations as aforesaid in which the comptroller has invested\nor shall have invested pursuant to this subdivision shall be serviced by\nthe comptroller or in his discretion, by mortgagees, as such are defined\nby the national housing act, as amended or supplemented, duly appointed\nby him and subject to the inspection and supervision of some\ngovernmental agency. The comptroller may receive and hold such\ndebentures and certificates or other obligations as are issued in\npayment of such insurance or guarantee.\n 7. Bonds and notes of the Savings and Loan Bank of the state of New\nYork.\n 8. Bonds or notes of any housing authority of this state duly issued\npursuant to law.\n 9. Bonds or notes of any regulating district of this state duly issued\npursuant to law.\n 10. Bonds or notes of any drainage improvement district of this state\nduly issued pursuant to law.\n 11. Bonds or notes of the authorities or commissions set forth below\nwhen issued pursuant to law:\n a. Port of New York Authority.\n b. Niagara Frontier Authority.\n c. Triborough bridge and tunnel authority.\n d. Thousand Islands Bridge Authority.\n e. New York State Bridge Authority.\n f. New York City Tunnel Authority.\n g. Lake Champlain Bridge Commission.\n h. Lower Hudson Regional Market Authority.\n i. Albany Regional Market Authority.\n k. American Museum of Natural History Planetarium Authority.\n l. Industrial Exhibit Authority.\n m. Buffalo Sewer Authority.\n n. Whiteface Mountain Authority.\n o. Pelham-Portchester Parkway Authority.\n p. Jones Beach State Parkway Authority.\n q. Bethpage Park Authority.\n r. Dormitory Authority.\n s. Central New York Regional Market Authority.\n t. Erie County Water Authority.\n u. Suffolk County Water Authority.\n v. New York State Thruway Authority.\n w. Genesee Valley Regional Market Authority.\n x. Onondaga county water authority.\n y. Power Authority of the state of New York.\n z. Ogdensburg Bridge and Port Authority.\n aa. East Hudson Parkway Authority.\n aa. Niagara Frontier Port Authority.\n bb. Northwestern New York Water Authority.\n cc. Metropolitan Commuter Transportation Authority.\n dd. Niagara Frontier Transportation Authority.\n dd. New York State Pure Waters Authority.\n ee. Rochester-Genesee Regional Transportation Authority.\n ff. Capital District Transportation Authority.\n ff. Central New York Regional Transportation Authority.\n 12. Obligations of the International Bank for Reconstruction and\nDevelopment duly issued pursuant to law.\n 13. Obligations of the inter-American development bank duly issued\npursuant to law.\n 13-a. Obligations of the Asian Development Bank duly issued pursuant\nto law.\n 13-b. Obligations of the African Development Bank duly issued pursuant\nto law.\n 13-c. Obligations of the International Finance Corporation duly issued\npursuant to law.\n * 14. Collateral trust notes issued by a trust company, all of the\ncapital stock of which is owned by not less than twenty savings banks of\nthe state of New York.\n * NB There are 2 sb 14's\n * 14. Bonds and notes issued for any of the corporate purposes of the\nNew York state housing finance agency.\n * NB There are 2 sb 14's\n 15. Bonds and notes issued for any of the corporate purposes of the\nNew York state medical care facilities finance agency.\n 16. Bonds and notes issued for any of the corporate purposes of the\nNew York state project finance agency.\n 17. Bonds and notes issued for any of the corporate purposes of the\nmunicipal assistance corporation for New York City.\n 18. Obligations of any corporation organized under the laws of any\nstate in the United States maturing within two hundred seventy days\nprovided that such obligations receive the highest rating of two\nindependent rating services designated by the comptroller and that the\nissuer of such obligations has maintained such ratings on similar\nobligations during the preceding six months provided, however, that the\nissuer of such obligations need not have received such rating during the\nprior six month period if such issuer has received the highest rating of\ntwo independent rating services designated by the state comptroller and\nis the successor or wholly owned subsidiary of an issuer that has\nmaintained such ratings on similar obligations during the preceding six\nmonth period or if the issuer is the product of a merger of two or more\nissuers, one of which has maintained such ratings on similar obligations\nduring the preceding six month period, provided, however, that no more\nthan five hundred million dollars may be invested in such obligations of\nany one corporation.\n 19. Bankers' acceptances maturing within ninety days which are\neligible for purchase in the open market by federal reserve banks and\nwhich have been accepted by a bank or trust company, which is organized\nunder the laws of the United States or of any state thereof and which is\na member of the federal reserve system and whose short-term obligations\nmeet the criteria outlined in subdivision eighteen of this section.\nProvided, however, that no more than five hundred million dollars may be\ninvested in such bankers' acceptance of any one bank or trust company.\n 20. No-load money market mutual funds registered under the Securities\nAct of 1933, as amended, and operated in accordance with Rule 2a-7 of\nthe Investment Company Act of 1940, as amended, provided that such funds\nare limited to investments in obligations issued or guaranteed by the\nUnited States of America or in obligations of agencies or\ninstrumentalities of the United States of America where the payment of\nprincipal and interest are guaranteed by the United States of America\n(including contracts for the sale and repurchase of any such\nobligations), and are rated in the highest rating category by at least\none nationally recognized statistical rating organization, provided,\nhowever, that no more than two hundred fifty million dollars may be\ninvested in such funds.\n The comptroller, whenever he deems it for the best interest of any of\nsuch funds, may dispose of any of the securities therein or investments\ntherefor, in making other investments authorized by law, and he may\nexchange any such securities for those held in any other of such funds,\nand the comptroller may take such action as may be necessary to obtain\nthe benefits of the insurance provided for in the national housing act,\nand may draw his warrant upon the treasurer for the amount required for\nsuch investments and exchanges.\n Notwithstanding the provisions of any other general or special law,\nthe comptroller shall not invest the moneys of any fund in any security\nor securities except as above described, provided, however, that: (a)\nthe comptroller may, in order to maximize the rate of return on\ninvestments, invest the moneys belonging to the New York interest on\nlawyer account fund in notes, securities and deposits of banking\ninstitutions which accept IOLA accounts, and (b) the provisions of this\nsection shall not limit the types of investments that may be made with\nmoneys belonging to the volunteer ambulance service award fund\nestablished by section two hundred nineteen-h of the general municipal\nlaw.\n