2023 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's
15. 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.