Keep "In the Loop" with NYGFOA! 
June 25, 2019
Legislation Expanding Public Sector Deposit Options Stalls in State Legislature
As the State Legislature wound down its 2019 Session last week, one of the pieces of legislation receiving active consideration was a bill which would have permitted credit unions and savings banks to accept public sector deposits (A. 3262-A / S. 6079-A).

´╗┐Although the bills did not make it to the floor of either the Assembly or Senate for a vote, it is expected to be considered again in 2021.

2019 State Legislative Session
(other legislation of interest)
Other items of interest which passed both houses of the State Legislature this session include:

S. 5886-A (Gaughan) 
ELECTRONIC OPEN AUCTION BOND SALE PILOT PROGRAM: The NYS Local Finance Law would be amended to establish a 2-year electronic open auction bond sale pilot program to permit municipalities the option to sell municipal bonds in an open electronic auction format instead of by a closed electronic bid format. This pilot program will be used to assess the financial and administrative advantages of selling bonds via an open auction format. 

The program will be administered by the municipality's chief fiscal officer, who will subsequently evaluate its favorability over the method previously utilized by the municipality. The municipality's chief fiscal officer will also be responsible for reviewing the program to ensure its functionality and profitability. The legislation provides certain procedures and requirements for the program's evaluation. If signed into law, this legislation would go into effect on January 1, 2020 and expire in 2 years.
S. 1866-B (Breslin) 
INCREASE IN RETIREES EARNING CAP: The cap on earnings, which New York State public employee retirees (under the age of 65) can earn without a reduction in pension benefits, would be increased from $30,000 to $35,000 per year beginning in 2020. The $30,000 cap has not been increased since 2007.

S. 4048-A (Kennedy) 
INCREASING REIMBURSEMENT RATES FOR REPAIR OF STATE ARTERIAL HIGHWAYS IN CITIES:  Amends NYS Highway Law by increasing the rate used by the State when reimbursing municipalities for maintenance of the state highway system within city borders. The rate would be raised to $1.87 from $0.85 per square yard of the pavement area that is included in the state highway system. 

The rate would also be raised from $0.10 to $0.20 per square yard of pavement area where the pavement is located on any elevated bridge. This rate would be adjusted annually to inflation. 

S. 2394 (Breslin) 
AMENDMENT TO RETAINAGE REQUIREMENTS ON PUBLIC WORKS CONTRACTS:  This bill would establish a new comprehensive definition of 'substantial completion' for public construction projects pertaining specifically to the payment of retainage under State Finance Law and General Municipal Law. 

The definition of 'substantial completion' would be amended to be when the work required to be performed by the contractor with the public owner is sufficiently completed (rather than completed) so that the public owner may occupy or utilize the work for its intended use.

A. 220 (Paulin) 
PUBLIC AUTHORITY REPORTING:  This bill would authorize the NY Authorities Budget Office (ABO) to suspend local authority board members and chief executive officers who fail to annually file required reports mandated under the Public Authorities Law after the due date for three (3) years.

Reports are due 90 days after the end of the authority's fiscal year. Currently, the ABO is only authorized to make recommendations and issue a public censure letter. This would apply to the financial disclosure reporting mandated for public authorities under the Public Authorities Law (PARIS system).

A. 3002 (Solages) 
LIVESTREAMING AND RECORDING OF INDUSTRIAL DEVELOPMENT AGENCY (IDA) MEETINGS:  The NYS General Municipal Law and Public Authorities Law would be amended to require each industrial development agency (IDA) to live-stream all open meetings and public hearings as well as make the recordings of those meetings available on the IDA's webpage.

To see the complete list of legislation the Association's Legal and Legislative Committee is following, click on the Legislative Resources link below: