Synopsis As Introduced Amends the Deposit of State Moneys Act. Provides that the State Treasurer may, with the approval of the Governor, invest or reinvest (regardless of whether the price exceeds par) any State money in the treasury that is not needed for current expenditures due or about to become due, or any money in the State Treasury that has been set aside and held for the payment of the principal of and interest on any State bonds, in bonds issued by counties or municipal corporations of this State. Effective immediately.
Replaces everything after the enacting clause. Reinserts the provisions of the bill as introduced with additional language authorizing the State Comptroller to deduct amounts owed by a county or municipality from specified percentages of payments of State funds made to the county or municipality when the county or municipality defaults on a bond with which State money in the Treasury was invested. Amends the Metropolitan Transit Authority Act and the Regional Transportation Authority Act to make similar changes concerning investment of State money in Interim Financing Notes and Working Cash Notes. Effective immediately.