This thoughts is short for the fresh new views of one’s Work environment of County Comptroller at the time it actually was made

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Brand new view ong whatever else, there are after that court cases or statutory amendments you to bear on activities talked about on the opinion.

Standard Municipal Legislation §§10(3), 11(2): The newest arrangements from Standard Municipal Legislation §10(1)(h) that restriction so you can ninety days the term out of an “eligible page away from borrowing from the bank” given since the defense to own state government places and you will expenditures do not affect an enthusiastic irrevocable page from borrowing from the bank granted by the a being qualified government financial financial.

Especially, you ask whether the specifications away from Standard Civil Law §10(1)(h) you to essentially restriction to help you 3 months the term regarding an enthusiastic “eligible page out of credit” approved just like the coverage to have state deposits and assets applies to a keen irrevocable letter off credit awarded because of the an FHLB.

General Municipal Law §§10 and you will eleven control the brand new put and short-term funding out-of funds by local governments, together with counties. Around General Civil Law §§10 and you may 11, all the deposits and you will investments more than the amount covered significantly less than conditions of your own Government Deposit Insurance Work step 1 have to be safeguarded relative to Standard Municipal Rules §10(3) (Standard Civil Legislation §§ ten, 11).

This is in reaction towards query about your entry to a page out of borrowing from the bank granted by a national home loan bank (hereinafter “FHLB”) while the security to have state deposits

Standard Civil Legislation §10(3) brings several alternatives for securing instance excess amounts, for instance the desired of an “qualified page off borrowing”, payable to your state www.speedycashloan.net/loans/loan-for-vacation government, while the security “to your fee of 1 hundred forty per cent, of the aggregate level of public places” regarding the state, and you may agreed upon appeal (Standard Municipal Laws § 10[c][i]). “Eligible page regarding credit” is scheduled for this specific purpose as a whole Municipal Rules §10(1)(h) so you can imply:

[A]n irrevocable letter of credit issued in favor of the local government for an expression not to ever meet or exceed 3 months by a financial (other than the bank with which the money is being deposited or invested) whose commercial paper and other unsecured short-term debt obligations (or, in the case of a bank which is the principal subsidiary of a holding company, whose holding company’s commercial paper and other unsecured short-term debt obligations) are rated in one of the three highest rating categories (based on the credit of such bank or holding company) by at least one nationally recognized statistical rating organization or by a bank (other than the bank with which the money is being deposited or invested) that is [in compliance] with applicable federal minimum risk-based capital requirements (emphasis added).

Civil Finance — Dumps and you may Financial investments (name away from a keen irrevocable letter out of borrowing from the bank awarded just like the shelter by a qualifying federal financial lender)

For purposes of General Municipal Law §10, a “bank” is defined to mean a national banking association (see 12 USC §21 et seq.) or a corporation, other than a trust company, organized under or subject to the provisions of article 3 of the New York State Banking Law (General Municipal Law §10[d]; Banking Law §2). FHLBs, which are supervised by the Federal Housing Finance Board, are separate regional corporations, owned by those savings and loan associations, cooperative banks, homestead associations, insurance companies, savings bank, and other insured depository institutions within the region that are eligible and have become members of the FHLB (12 USC §§1422a, 1424, 1426, 1432). 2 As such, they do not fall within the definition of “bank” for purposes of acceptance of an “eligible letter of credit” under section 10 of the General Municipal Law.

General Municipal Legislation § 10(3)(c) was amended in the 2002, but not, to especially site new greet of the local governments off an “irrevocable page from credit” approved from the a keen FHLB to secure a lot of places (L 2002, ch 615, effective endment also renumbered established section (c) away from subdivision 3 from section 10, due to the fact the fresh subparagraph (c)(i).

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