S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9605

                          I N  A S S E M B L Y

                             March 20, 2012
                               ___________

Introduced by M. of A. MARKEY -- read once and referred to the Committee
  on Tourism, Parks, Arts and Sports Development

AN  ACT to amend the economic development law and the state finance law,
  in relation to resources of the "I Love NY" brand

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subdivision  3 of section 152 of the economic development
law, as added by section 1 of part DD of chapter 59 of the laws of 2006,
is amended to read as follows:
  3. Nothing in this article shall prohibit the department from  licens-
ing  and  leasing  the brand to any commercial entity, provided that the
appropriate market  value  for  such  lease  is  obtained;  AND  FURTHER
PROVIDED,  THAT  ANY  REVENUE  FROM  SUCH  LICENSING OR LEASING SHALL BE
DEPOSITED IN  THE  TOURISM  ECONOMIC  DEVELOPMENT  FUND  ESTABLISHED  IN
SECTION  NINETY-NINE-U  OF  THE STATE FINANCE LAW, AND BE MADE AVAILABLE
FOR APPROPRIATION TO THE DEPARTMENT  FOR  THE  PURPOSE  OF  FUNDING  THE
PROMOTION, ATTRACTION, STIMULATION, DEVELOPMENT AND EXPANSION OF TOURIST
TRAVEL,  RESORT, VACATION, CULTURAL AND CONVENTION ACTIVITIES AUTHORIZED
PURSUANT TO THIS CHAPTER.
  S 2. The state finance law is amended by adding a new section 99-u  to
read as follows:
  S  99-U.  TOURISM ECONOMIC DEVELOPMENT FUND. 1. THERE IS HEREBY ESTAB-
LISHED IN THE JOINT CUSTODY OF THE STATE COMPTROLLER AND THE COMMISSION-
ER OF TAXATION AND FINANCE A SPECIAL FUND TO BE KNOWN  AS  THE  "TOURISM
ECONOMIC DEVELOPMENT FUND".
  2.  SUCH  FUND SHALL CONSIST OF: (A) ALL MONEYS DERIVED FROM LICENSING
AND LEASING OF THE "I LOVE NY" BRAND; (B) ALL  MONEYS  APPROPRIATED  FOR
THE  PURPOSE OF SUCH FUND AND ALL MONEYS TRANSFERRED TO SUCH FUND PURSU-
ANT TO LAW; AND (C) ANY INTEREST EARNED BY THE INVESTMENT OF  MONEYS  IN
SUCH FUND, WHICH SHALL BE ADDED TO SUCH FUND.
  3. MONEYS IN THE TOURISM ECONOMIC DEVELOPMENT FUND SHALL BE KEPT SEPA-
RATE AND SHALL NOT BE COMMINGLED WITH ANY OTHER MONEYS IN THE CUSTODY OF
THE  COMPTROLLER.  ALL DEPOSITS OF SUCH MONEYS SHALL, IF REQUIRED BY THE
COMPTROLLER, BE SECURED BY OBLIGATIONS OF THE UNITED STATES OR THE STATE

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

                                                           LBD14956-01-2

A. 9605                             2

HAVING A MARKET VALUE EQUAL  AT ALL TIMES TO THE AMOUNT OF  SUCH  DEPOS-
ITS.  ALL  BANKS AND TRUST COMPANIES ARE AUTHORIZED TO GIVE SECURITY FOR
SUCH DEPOSITS. ANY SUCH MONEYS IN SUCH FUND MAY, IN  THE  DISCRETION  OF
THE  COMPTROLLER, BE INVESTED IN OBLIGATIONS IN WHICH THE COMPTROLLER IS
AUTHORIZED TO INVEST PURSUANT TO SECTION NINETY-EIGHT-A OF THIS ARTICLE.
  4. MONEYS OF SUCH FUND SHALL BE AVAILABLE FOR APPROPRIATION AND  ALLO-
CATION  TO  THE  DEPARTMENT  OF  ECONOMIC DEVELOPMENT FOR THE PURPOSE OF
FUNDING THE PROMOTION, ATTRACTION, STIMULATION, DEVELOPMENT  AND  EXPAN-
SION  OF TOURIST TRAVEL, RESORT, VACATION, CULTURE AND CONVENTION ACTIV-
ITIES WITHIN THE STATE AND ITS REGIONS PURSUANT TO PROGRAMS  AND  ACTIV-
ITIES AUTHORIZED PURSUANT TO THE ECONOMIC DEVELOPMENT LAW.
  S 3. This act shall take effect immediately.