Bill Text: NY S01461 | 2023-2024 | General Assembly | Introduced

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Bill Title: Requires the natural heritage trust to invest in funds pursuant to the prudent investor act; requires such trust's annual report to be submitted to the chairperson of the senate cultural affairs, tourism, parks and recreation committee and the chairperson of the assembly tourism, parks, arts and sports development committee.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO CULTURAL AFFAIRS, TOURISM, PARKS AND RECREATION [S01461 Detail]

Download: New_York-2023-S01461-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1461

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 12, 2023
                                       ___________

        Introduced  by  Sen. SERRANO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Cultural Affairs, Tourism,
          Parks and Recreation

        AN ACT to amend the arts  and  cultural  affairs  law,  in  relation  to
          directing  the natural heritage trust to invest its assets pursuant to
          the prudent investor act and the annual report of  the  trust's  oper-
          ations

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 13 of section 55.07 of the  arts  and  cultural
     2  affairs  law  is  renumbered  subdivision 14 and a new subdivision 13 is
     3  added to read as follows:
     4    13. To invest and reinvest the funds  of  the  corporation  consistent
     5  with  the  prudent  investor act as established in section 11-2.3 of the
     6  estates, powers and trusts law and in accordance  with  section  twenty-
     7  nine hundred twenty-five of the public authorities law.
     8    §  2.  Subdivision 3 of section 55.13 of the arts and cultural affairs
     9  law is amended to read as follows:
    10    3. The trust shall submit to the  governor,  the  chairperson  of  the
    11  senate finance committee, the chairperson of the assembly ways and means
    12  committee,  the  chairperson  of  the  senate cultural affairs, tourism,
    13  parks and recreation committee, the chairperson of the assembly tourism,
    14  parks, arts and sports development committee and the state  comptroller,
    15  within  ninety  days  after  the  end of its fiscal year, a complete and
    16  detailed report of its operations and accomplishments, its receipts  and
    17  disbursements and its assets and liabilities.
    18    § 3. This act shall take effect immediately.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04793-01-3