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

This bill amends New York's General Municipal Law to clarify how local governments can deposit public funds. It requires municipalities to formally designate specific savings banks, credit unions, or savings and loan associations for public deposits (with a $250,000 limit per institution), and mandates that all such deposits be fully insured by the Federal Deposit Insurance Corporation. The law also establishes procedures for when designated banks may redeposit funds into other institutions through a "deposit placement program," while ensuring public funds remain secured. This directly affects all New York local governments managing public finances.