Local Law #9 of 2022
(Full Legislature Mtg. 05/03/22)
RESOLUTION #95
APPROVAL/ LOCAL LAW TO AMEND CHAPTER 41 OF THE CODE OF PUTNAM COUNTY
ENTITLED “DEPOSIT & INVESTMENT POLICY”
Be it enacted by the County Legislature of the County of Putnam as follows:
Section 1.
Section 41-8 Permitted investments. Subsections A(1) through A(7) of the Putnam
County Code are hereby repealed and replaced to read as follows:
A. As authorized by General Municipal Law § 11, Putnam County authorizes the
Commissioner of Finance to invest moneys not required for immediate expenditure
for terms not to exceed its projected cash flow needs in the following types of
investments:
(1) Special time deposit accounts in, or certificates of deposit issued by, a bank or
trust company located and authorized to do business in New York State;
(2) Through a Deposit Placement Program, certificates of deposit in one or more
“banking institutions,” as defined in Banking Law Section 9-r;
(3) Obligations of the United States of America;
(4) Obligations guaranteed by agencies of the United States of America, where the
payment of principal and interest are guaranteed by the United States of
America;
(5) Obligations of the State: With the approval of the State Comptroller,
obligations issued pursuant to Local Finance Law Section 24.00 or 25.00 (i.e.,
Tax Anticipation Notes and Revenue Anticipation Notes) by any municipality,
school district, or district corporation in New York State other than the County
of Putnam;
(6) General obligation bonds and notes of any state other than New York State,
provided that such bonds and notes receive the highest rating of at least one
independent rating agency designated by the state comptroller;
(7) Obligations of any corporation organized under the laws of any state in the
United States maturing within two hundred seventy days, provided that such
obligations receive the highest rating of two independent rating services
designated by the state comptroller, and that the issuer of such obligations
has maintained such ratings on similar obligations during the preceding six
months; provided, however, that the issuer of such obligations need not have
received such rating during the prior six month period if such issuer has
received the highest rating of two independent rating services designated by
the state comptroller and is the successor or wholly-owned subsidiary of an
issuer that has maintained such ratings on similar obligations during the
preceding six month period, or if the issuer is the product of a merger of two
or more issuers, one of which has maintained such ratings on similar
obligations during the preceding six month period; provided, however, that no
more than two hundred fifty million dollars may be invested in such
obligations of any one corporation;
(8) Bankers’ acceptances maturing within two hundred seventy days which are
eligible for purchase in the open market by federal reserve banks and which
have been accepted by a bank or trust company which is organized under the
laws of the United States or of any state thereof, and which is a member of the
federal reserve system and whose short-term obligations meet the criteria
outlined in paragraph seven (7) of this section; provided, however, that no
more than two hundred fifty million dollars may be invested in such bankers’
acceptances of any one bank or trust company;
(9) Obligations of, or instruments issued by, or fully guaranteed as to principle
and interest by, any agency or instrumentality of the United States acting
pursuant to a grant of authority from the Congress of the United States,
including but not limited to, any federal home loan bank or banks, the
Tennessee valley authority, the federal national mortgage association, the
federal home loan mortgage corporation, and the United States postal service;
provided, however, that no more than two hundred fifty million dollars may be
invested in such obligations of any one agency; or
(10) No-load money market mutual funds registered under the Securities Act of
1933, as amended, and operated in accordance with Rule 2a-7 of the
Investment Company Act of 1940, as amended, provided that such funds are
limited to investments in obligations issued or guaranteed by the United States
of America, or in obligations of agencies or instrumentalities of the United
States of America, where the payment of principal and interest are guaranteed
by the United States of America (including contracts for the sale and
repurchase of any such obligations) and are rated in the highest rating
category by at least one nationally recognized statistical rating organization;
provided, however, that no more than two hundred fifty million dollars may be
invested in such funds.
Subsection 41-8(B) to remain the same.
Section 2.
Section 41-10. Purchase of investments is hereby amended by adding a new subsection
(A)(2)(c) to read as follows:
(A)(2)(c) J.P. Morgan Securities LLC.
Section 3.
This local law shall take effect immediately.