NY State Fin L § 98 (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 98 - Investment of State Funds.

§ 98. Investment of state funds. The comptroller shall invest and keep   invested all moneys belonging to any and all funds which the comptroller   now  is  or  hereafter  shall  be  authorized  to  invest, in any of the   following securities:1. Bonds and notes of the United States.2. Bonds and notes of this state.2-a. General obligation bonds and notes of any state other  than  this   state,  provided that such bonds and notes receive the highest rating of   at least one independent rating agency designated by the comptroller.3. Obligations for the payment of which the faith and  credit  of  the   United States or of this state are pledged.3-a.  Notes,  bonds,  debentures,  mortgages  and  other  evidences of   indebtedness of the United States Postal Service; the  federal  national   mortgage  association;  federal  home loan mortgage corporation; student   loan marketing association; federal farm  credit  system  or  any  other   United  States government sponsored agency, provided that at the time of   the investment such agency or its obligations are rated and  the  agency   receives,  or  its  obligations  receive,  the  highest  rating  of  all   independent rating agencies that rate such agency  or  its  obligations,   provided, however, that no more than five hundred million dollars may be   invested in the obligations of any one agency.4. Judgments or awards of the court of claims of this state.5.  Stocks,  bonds,  or notes of any county, town, city, village, fire   district or school district of this state issued pursuant to law.6. Mortgage bonds or any obligations for  the  payment  of  money,  no   matter how designated, secured by another instrument representing a lien   on  specific  real  property  or  a  leasehold  thereof,  heretofore  or   hereafter and at the time of the assignment thereof to  the  comptroller   insured by the federal housing administrator or any of his successors in   office  and  guaranteed by the United States under the provisions of the   national housing act, as amended  or  supplemented.  Any  such  mortgage   bonds  or obligations as aforesaid in which the comptroller has invested   or shall have invested pursuant to this subdivision shall be serviced by   the comptroller or in his discretion, by mortgagees, as such are defined   by the national housing act, as amended or supplemented, duly  appointed   by   him   and  subject  to  the  inspection  and  supervision  of  some   governmental  agency.  The  comptroller  may  receive  and   hold   such   debentures  and  certificates  or  other  obligations  as  are issued in   payment of such insurance or guarantee.7. Bonds and notes of the Savings and Loan Bank of the  state  of  New   York.8.  Bonds  or notes of any housing authority of this state duly issued   pursuant to law.9. Bonds or notes of any regulating district of this state duly issued   pursuant to law.10. Bonds or notes of any drainage improvement district of this  state   duly issued pursuant to law.11.  Bonds  or notes of the authorities or commissions set forth below   when issued pursuant to law:a. Port of New York Authority.b. Niagara Frontier Authority.c. Triborough bridge and tunnel authority.d. Thousand Islands Bridge Authority.e. New York State Bridge Authority.f. New York City Tunnel Authority.g. Lake Champlain Bridge Commission.h. Lower Hudson Regional Market Authority.i. Albany Regional Market Authority. k. American Museum of Natural History Planetarium Authority.l. Industrial Exhibit Authority.m. Buffalo Sewer Authority.n. Whiteface Mountain Authority.o. Pelham-Portchester Parkway Authority.p. Jones Beach State Parkway Authority.q. Bethpage Park Authority.r. Dormitory Authority.s. Central New York Regional Market Authority.t. Erie County Water Authority.u. Suffolk County Water Authority.v. New York State Thruway Authority.w. Genesee Valley Regional Market Authority.x. Onondaga county water authority.y. Power Authority of the state of New York.z. Ogdensburg Bridge and Port Authority.aa. East Hudson Parkway Authority.aa. Niagara Frontier Port Authority.bb. Northwestern New York Water Authority.cc. Metropolitan Commuter Transportation Authority.dd. Niagara Frontier Transportation Authority.dd. New York State Pure Waters Authority.ee. Rochester-Genesee Regional Transportation Authority.ff. Capital District Transportation Authority.ff. Central New York Regional Transportation Authority.12.  Obligations  of  the  International  Bank  for Reconstruction and   Development duly issued pursuant to law.13. Obligations of the inter-American  development  bank  duly  issued   pursuant to law.13-a.  Obligations  of the Asian Development Bank duly issued pursuant   to law.13-b. Obligations of the African Development Bank duly issued pursuant   to law.13-c. Obligations of the International Finance Corporation duly issued   pursuant to law.* 14. Collateral trust notes issued by a trust  company,  all  of  the   capital stock of which is owned by not less than twenty savings banks of   the state of New York.* NB There are 2 sb 14's* 14.  Bonds and notes issued for any of the corporate purposes of the   New York state housing finance agency.* NB There are 2 sb 14's15. Bonds and notes issued for any of the corporate  purposes  of  the   New York state medical care facilities finance agency.16.  Bonds  and  notes issued for any of the corporate purposes of the   New York state project finance agency.17. Bonds and notes issued for any of the corporate  purposes  of  the   municipal assistance corporation for New York City.18.  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 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 five hundred million dollars may be invested in such obligations of   any one corporation.19.  Bankers'  acceptances  maturing  within  ninety  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  subdivision  eighteen  of  this  section.   Provided, however, that no more than five hundred million dollars may be   invested in such bankers' acceptance of any one bank or trust company.20.  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.The  comptroller, whenever he deems it for the best interest of any of   such funds, may dispose of any of the securities therein or  investments   therefor,  in  making  other  investments  authorized by law, and he may   exchange any such securities for those held in any other of such  funds,   and  the  comptroller may take such action as may be necessary to obtain   the benefits of the insurance provided for in the national housing  act,   and  may draw his warrant upon the treasurer for the amount required for   such investments and exchanges.Notwithstanding the provisions of any other general  or  special  law,   the  comptroller shall not invest the moneys of any fund in any security   or securities except as above described, provided,  however,  that:  (a)   the  comptroller  may,  in  order  to  maximize  the  rate  of return on   investments, invest the moneys belonging to the  New  York  interest  on   lawyer  account  fund  in  notes,  securities  and  deposits  of banking   institutions which accept IOLA accounts, and (b) the provisions of  this   section  shall  not limit the types of investments that may be made with   moneys  belonging  to  the  volunteer  ambulance  service   award   fund   established  by  section two hundred nineteen-h of the general municipal   law.