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S09051 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9051
 
                    IN SENATE
 
                                       May 5, 2022
                                       ___________
 
        Introduced  by  Sen. JACKSON -- (at request of the State Comptroller) --
          read twice and ordered printed, and when printed to  be  committed  to
          the Committee on Civil Service and Pensions
 
        AN  ACT  to amend the retirement and social security law, in relation to
          investments by public pension funds in certain guaranteed mortgages
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Subdivision 3 of section 177 of the retirement and social
     2  security law, as added by chapter 817 of the laws of 1960, is amended to
     3  read as follows:
     4    3. Conventional mortgages guaranteed by a state bank or trust  company
     5  having  a net worth in excess of five hundred million dollars or guaran-
     6  teed by New York state homes and community renewal, any successor there-
     7  to, or any agency thereof, provided, however, that not more than ten per
     8  centum of the assets of any fund shall be invested in any such  mortgage
     9  so guaranteed.
    10    § 2. This act shall take effect immediately.
 
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15430-01-2
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