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

New York S06050 establishes the savings bank, savings and loan association or credit union municipal deposit program. It allows local governments to designate banks, savings banks, savings and loan associations, credit unions, or trust companies for the deposit of public funds. The bill limits deposits of public funds in these institutions to two hundred fifty thousand dollars. It also allows local governments to contract with courier services for the deposit of public funds, provided the courier service obtains a surety bond. The bill takes effect ninety days after it becomes law.

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

New York S06050 establishes the savings bank, savings and loan association or credit union municipal deposit program. It allows local governments to designate banks, savings banks, savings and loan associations, credit unions, or trust companies for the deposit of public funds. The bill limits deposits of public funds in these institutions to two hundred fifty thousand dollars. It also allows local governments to contract with courier services for the deposit of public funds, provided the courier service obtains a surety bond. The bill takes effect ninety days after it becomes law.