N.Y. State Finance Law Section 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.

Source: Section 98 — Investment of state funds, https://www.­nysenate.­gov/legislation/laws/STF/98 (updated Nov. 27, 2015; accessed Apr. 13, 2024).

70
Classification of funds
71
Abolition, maintenance and establishment of funds
71–A
Funds established by law
71–B
Expenditure of check-off monies
72
General fund
73
Federal interest subsidy payments
74
Transportation infrastructure renewal fund
75
Establishment of accounts
76
Rail preservation and development fund
77
Accelerated capacity and transportation improvements fund
78
New York state college choice tuition savings program trust fund
78–A
New York higher education loan program variable rate default reserve fund
78–B
New York higher education loan program fixed rate default reserve fund
79
World Trade Center memorial foundation fund
80
Real estate finance bureau fund
80–A
Anti-discrimination in housing fund
81
Veterans’ home assistance fund
82
Gifts to food banks fund
83
Conservation fund
83–A
Habitat conservation and access account
84
The United States Olympic Committee/Lake Placid Olympic Training Center Fund
84–A
Olympic games guaranty fund
88
New York state infrastructure trust fund
88–A
Mass transportation operating assistance fund
88–B
Suburban transportation fund
88–D
Airport improvement and revitalization fund
89–B
Dedicated highway and bridge trust fund
89–C
Dedicated mass transportation trust fund
89–D
Motor vehicle theft and insurance fraud prevention fund
89–E
Alzheimer’s disease assistance fund
89–F
Workers’ compensation security fund payment account
89–G
Accident prevention course internet, and other technology pilot program fund
89–H
Medical cannabis trust fund
89–I
Military family relief fund
89–J
The school bus motorist education fund
89–J*2
Substance use disorder education and recovery fund
89–K
Diabetes research and education fund
90
New York state department of transportation highway safety program fund
90–A
New York state passenger facility charge fund
91
Transportation safety account
91–A
Revenue arrearage account
91–B
Boating noise level enforcement fund
91–C
Special offset fiduciary account
91–D
Recruitment incentive and retention account
91–F
Adult home quality enhancement fund
91–G
Senior wellness in nutrition fund
92
Tax stabilization reserve fund
92–AA
Special school purpose school aid
92–B
Stock transfer tax fund
92–BB
Waste management and cleanup fund
92–C
State lottery fund
92–CC
Rainy day reserve fund
92–D
Municipal assistance tax fund
92–DD
Health care reform act (HCRA) resources fund
92–E
Municipal assistance state aid fund
92–EE
New York state higher education endowment
92–F
Special sales and compensating use tax fund for the city of Yonkers
92–FF
Metropolitan transportation authority financial assistance fund
92–G
Motorcycle safety fund
92–GG
Charitable gifts trust fund
92–GG*2
Subway assistance fund
92–H
Sales tax revenue bond tax fund
92–HH
Health care transformation fund
92–I
Stock transfer incentive fund
92–II
Metropolitan transportation authority capital assistance fund
92–JJ
Metropolitan transportation authority paratransit assistance fund
92–N
Snowmobile trail development and maintenance fund
92–P
Voting machine and system examination fund
92–Q
Housing assistance fund
92–Q*2
The institute for the Hudson River Collection fund
92–R
Local government assistance tax fund
92–S
Environmental protection fund
92–T
New York state campaign finance fund
92–U
New York state canal system development fund
92–V
Linked deposit program fund
92–W
Missing and exploited children clearinghouse fund
92–X
Tobacco settlement fund
92–Z
Revenue bond tax fund
93
Capital projects fund
93–A
New York state storm recovery capital fund
93–B
Dedicated infrastructure investment fund
94
Court facilities incentive aid fund
94–A
New York city county clerks’ operations offset fund
94–B
Judiciary data processing offset fund
95
Abandoned property fund
95–A
New York state innovation in breast cancer early detection and research awards program fund
95–B
The New York state “drive out diabetes research and education fund”
95–C
The marine and coastal district of New York conservation, education, and research fund
95–D
The New York state “multiple sclerosis research fund”
95–D*2
“Life pass it on trust fund”
95–E
New York State prostate and testicular cancer research and education fund
95–E*2
The New York state autism awareness and research fund
95–F
The New York state water rescue team awareness and research fund
95–F*2
The Eighth Air Force Historical Society fund
95–G
Department of motor vehicles distinctive plate development fund
95–H
Mental illness anti-stigma fund
95–I
New York state ALS research and education fund
95–J
The New York state two hundred fiftieth commemoration commission fund
95–K
Transgender and non-binary (TGNB) wellness and equity program fund
95–K*2
Lyme and tick-borne diseases education, research and prevention fund
96
The World Trade Center memorial scholarship fund
97
Housing debt fund, and urban renewal debt fund
97–A
Environmental quality protection fund
97–AA
The New York state “Discover Queens fund”
97–AAA
Clean water/clean air bond fund
97–AAAAA
Opioid stewardship fund
97–B
Hazardous waste remedial fund
97–BB
Criminal justice improvement account
97–BBB
Clean water/clean air fund
97–C
Training and education program on occupational safety and health fund
97–CC
Municipal gun buyback program fund
97–CCCC
Interest assessment surcharge fund
97–CCCC*2
Vital records management account
97–CCCC*3
Tobacco revenue guarantee fund
97–CCCC*4
Erie canal museum fund
97–D
Environmental quality bond act fund
97–DD
Eminent domain account
97–DDD
Federal single audit chargeback account
97–DDD*2
Drinking water program management and administration fund
97–DDD*3
Education archives account
97–DDDD
Community mental health support and workforce reinvestment account
97–E
Forest preserve expansion fund
97–EE
New York Great Lakes protection fund
97–EEE
Clean water/clean air implementation fund
97–EEE*2
Education library account
97–EEEE
Rebuild and renew New York transportation bond fund
97–EEEE*2
Cultural resource survey account
97–EEEE*3
Federal-state health reform partnership program account
97–F
Mental health services fund
97–FF
Empire state entertainment diversity job training development fund
97–FFF
Summer school of the arts account
97–G
Centralized services fund
97–GG
Division for youth facilities improvement fund
97–GGG
Teacher certification program account
97–GGGG
Medicaid training contract account
97–H
Lake George park trust fund
97–HH
Tuition reimbursement fund
97–HHH
High school equivalency account
97–HHHH
The student lending education account
97–I
New York state local government records management improvement fund
97–III
Indirect cost recovery account
97–IIII
Patient safety center account
97–J
Firearm violence research fund
97–JJ
Industrial and utility service account
97–JJ*2
Not-for-profit short-term revolving loan fund
97–JJJ
Rome school for the deaf account
97–JJJJ
Education assessment account
97–K
Minority and women-owned business enterprise fund
97–KK
Local services account
97–KKK
Batavia school for the blind account
97–KKKK
Intervenor account
97–L
Sewage treatment program management and administration fund
97–LL
Improvement of real property tax administration account
97–LLL
Vocational rehabilitation fund
97–LLLL
Interstate reciprocity for post-secondary distance education account
97–LLLL*2
Women’s cancers education and prevention fund
97–MM
State park infrastructure fund
97–MM*2
State police motor vehicle law enforcement account
97–MMM
Archives records management account
97–MMMM
Veterans remembrance and cemetery maintenance and operation fund
97–NN
Pet cemetery and pet crematorium inspection and licensing fund
97–NN*2
World University Games Fund
97–NN*3
“I love NY waterways” fund
97–NNN
Office of the professions account
97–NNNN
Commercial gaming revenue fund
97–OO
Biodiversity stewardship and research fund
97–OO*2
Clean air fund
97–OOO
Department of corrections and community supervision asset forfeiture account
97–OOOO
Basic health program trust fund
97–OOOO*2
Smart schools bond fund
97–P
Community college tuition and instructional income fund
97–PP
New York state emergency services revolving loan account
97–PPP
Education museum account
97–PPPP
Lupus research and education fund
97–PPPP*2
Sickle cell disease research and education fund
97–Q
New York state emergency medical services training account
97–QQ
Statewide public safety communications account
97–QQQ
Automation and printing chargeback account
97–QQQQ
Cystic fibrosis research and education fund
97–R
State cemetery vandalism restoration, monument repair or removal and administration fund
97–RR
Pet dealer licensing fund
97–RRR
School tax relief fund
97–RRR*2
Debt reduction reserve fund
97–RRRR
Lupus education and prevention fund
97–S
Nelson A
97–SSS
Charter schools stimulus fund
97–SSSS
Leukemia, lymphoma and myeloma research, education and treatment fund
97–SSSS*2
Elevator and related conveyances safety program account
97–T
Lawyers’ fund for client protection of the state of New York
97–TT
Intervenor account
97–TTT
Federal revenue maximization contract fund
97–TTTT
Clean water, clean air, and green jobs bond fund
97–UU
Legislative computer services fund
97–UUU
Tax revenue arrearage account
97–UUU*2
Transportation infrastructure bond fund
97–V
The New York interest on lawyer account (IOLA) fund
97–V*2
New York state musical instrument revolving fund
97–VV
Senate recyclable materials, information services and conference fund
97–VVV
Universal prekindergarten reserve fund
97–W
Chemical dependence service fund
97–WW
Assembly recyclable materials, information services and conference fund
97–WWW
Cuba lake management fund
97–WWW*2
Quality child care and protection fund
97–WWW*3
Underground facilities safety training account
97–WWW*4
Consumer protection account
97–WWW*5
Percy T
97–X
Statewide planning and research cooperative system
97–XX
Animal population control fund
97–XXX
Additional mass transportation assistance fund
97–XXX*2
Agriculture in the classroom fund
97–XXXX
State health innovation plan account
97–Y
Business and licensing services account
97–YY
Breast cancer research and education fund
97–YYY
Children and family services quality enhancement fund
97–YYY*2
Domestic violence awareness fund
97–YYYY
Arts fund
97–Z
Arts capital grants fund
97–ZZ
Federal revenue maximization contract fund
97–ZZZ
Cultural education account
98
Investment of state funds
98–A
Investment of general funds, bond proceeds, and other funds not immediately required
98–B
Indigent legal services fund
98–C
Legal services assistance fund
98–D
1332 state innovation program fund
99
Withholding of state assistance upon default in payment of bonds held by the state
99–A
Justice court fund
99–AA
Retiree health benefit trust fund
99–B
Withholding of state aid for school purposes upon default in payment of obligations of the prospective recipient
99–BB
Armory rental account
99–BB*2
Parking services fund
99–BB*3
New York state secure choice administrative fund
99–BB*4
SUNY Stony Brook Eastern Long Island Hospital Affiliation escrow fund
99–BB*5
School-based health centers fund
99–C
Withholding of state aid upon failure of municipalities and school districts to repay health insurance reserve receipts when required
99–CC
Solid waste fund
99–D
City university stabilization account
99–D*2
Community projects fund
99–DD
Special events fund
99–E
State university stabilization account
99–EE
Down’s syndrome research fund
99–F
Spinal cord injury research trust fund
99–FF
Parks retail stores fund
99–FF*2
New York central business district trust fund
99–GG
Golf fund
99–H
Tribal-state compact revenue account
99–H*2
Teacher education accreditation account
99–HH
Criminal justice discovery compensation fund
99–HH*2
Public health emergency charitable gifts trust fund
99–HH*3
Endangered and threatened species mitigation bank fund
99–HH*4
Behavioral health parity compliance fund
99–I
Racing regulation account
99–II
New York state cannabis revenue fund
99–J
Child performer’s protection fund
99–JJ
New York state drug treatment and public education fund
99–K
Child performer’s holding fund
99–KK
New York state community grants reinvestment fund
99–L
Assisted living residence quality oversight fund
99–L*2
Love your library fund
99–LL
New York state council on the arts cultural programs fund
99–MM
Emergency rental assistance municipal corporation allocation fund
99–N
Highway construction and maintenance safety education fund
99–NN
Opioid settlement fund
99–O
Arts institutions revolving loan fund
99–OO
Pharmacy benefit manager regulatory fund
99–P
Empire state stem cell trust fund
99–PP
Background check fund
99–PP*2
Agricultural and farmland viability protection fund
99–PP*3
Animal shelter regulation fund
99–Q
Volunteer firefighting and volunteer emergency services recruitment and retention fund
99–QQ
Hazard mitigation state revolving loan fund
99–QQ*2
New York climate action fund
99–S
Youth facility per diem account
99–T
New York state medical indemnity fund account
99–U
New York state gaming commission account
99–U*2
New York state teen health education fund
99–V
Mortgage settlement proceeds trust fund
99–V*2
Homeless veterans assistance fund
99–W
Transit assistance for capital investments fund
99–W*2
SUNY DSRIP escrow fund
99–X
New York achieving a better life experience (NY ABLE) savings program trust fund
99–Y
SUNY Stony Brook Affiliation escrow fund
99–Y*2
Health republic insurance of New York fund
99–Y*3
Highway use tax administration account
99–Z
Cure childhood cancer research fund

Accessed:
Apr. 13, 2024

Last modified:
Nov. 27, 2015

§ 98’s source at nysenate​.gov

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