STATEMENT TO

[Fourth Reprint]

ASSEMBLY, No. 832

with Senate Floor Amendments

(Proposed By Senator PALAIA)

ADOPTED: MARCH 24, 1997

      These amendments to Assembly, No. 832 (4R): remove the requirement that a local unit's cash management plan has to designate the specific investments in which a local unit may invest its moneys and require instead that the cash management plan may include general authorization for those investments which are permitted pursuant to section 8 of P.L.1977, c.396 (C.40A:5-15.1); remove the requirement that the registered principal of any security brokerage firm selling securities to the local unit has to acknowledge that the principal's firm will not execute transactions resulting in investments that are not authorized by the local unit's cash management plan; and provide that if the registered principal is selling only the securities of a government money market mutual fund, the registered principal need only be provided with and sign an acknowledgment that the government money market mutual fund whose securities are being sold to the local unit meets the criteria of a government money market mutual fund as set forth in subsection e. of section 8 of P.L.1977, c.396 (C.40A:5-15.1).