Establishes the savings bank, savings and loan association or credit union municipal deposit program.

The bill amends the general municipal law and the banking law to establish a municipal deposit program for savings banks, savings and loan associations, or credit unions. Local governments can designate one or more financial institutions for public fund deposits. The bill also allows local governments to contract with courier services for depositing public funds, subject to certain conditions. It limits deposits in these institutions to $250,000 and requires that funds be insured by the Federal Deposit Insurance Corporation.

Establishes the savings bank, savings and loan association or credit union municipal deposit program.

The bill amends the general municipal law and the banking law to establish a municipal deposit program for savings banks, savings and loan associations, or credit unions. Local governments can designate one or more financial institutions for public fund deposits. The bill also allows local governments to contract with courier services for depositing public funds, subject to certain conditions. It limits deposits in these institutions to $250,000 and requires that funds be insured by the Federal Deposit Insurance Corporation.