S T A T E   O F   N E W   Y O R K
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                                  8415

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              May 19, 2009
                               ___________

Introduced  by  M.  of  A.  P. RIVERA  --  read once and referred to the
  Committee on Ways and Means

AN ACT to amend the state finance law, in relation to use of  the  funds
  in  the  abandoned  property  fund  for  capital market investments in
  emerging domestic markets

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

  Section  1.  Subdivision  3 of section 95 of the state finance law, as
amended by chapter 516 of the laws  of  1992,  is  amended  to  read  as
follows:
  3.  Whenever the amount of moneys in the abandoned property fund as of
the last day of any month shall exceed the greater of  the  sum  of  six
million  dollars or an amount which in the comptroller's sole discretion
is necessary to satisfy claims against such fund during the  immediately
succeeding  month,  the comptroller shall draw a warrant or voucher upon
such special fund for the amount in excess of such  sum  and  shall  pay
such  amount  into  [the  state treasury to the credit of the general] A
SEPARATE ACCOUNT WITHIN THE ABANDONED PROPERTY fund WHICH SHALL BE  USED
EXCLUSIVELY  FOR  SUCH  CAPITAL  MARKET INVESTMENTS IN EMERGING DOMESTIC
MARKETS AS THE COMPTROLLER SHALL DETERMINE WILL  GENERATE  A  REASONABLE
RETURN  THEREON.    THE PROCEEDS FROM SUCH INVESTMENT MAY BE RETURNED TO
SUCH SEPARATE ACCOUNT FOR FURTHER CAPITAL MARKET INVESTMENTS IN EMERGING
DOMESTIC MARKETS AND/OR, UPON APPROPRIATION THEREOF, BE  PAID  INTO  THE
STATE  TREASURY  TO  THE CREDIT OF THE GENERAL FUND. Notwithstanding the
foregoing, the comptroller and the  director  of  the  budget  or  their
respective designees shall review the balance remaining in the abandoned
property fund as of the last day of the months of March, June, September
and  December in each year, as soon as practicable after each such date,
and may mutually agree upon an amount to be paid [from such  fund]  into
the  [state treasury to the credit of the general fund] SEPARATE ACCOUNT
FOR CAPITAL MARKET INVESTMENTS, which may cause the balance in such fund

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10712-01-9
              

A. 8415                             2

to fall below six million dollars; provided, however, in no event  shall
the amount of moneys in the abandoned property fund exceed seven hundred
fifty thousand dollars at the end of the last day of the fiscal year.
  S  2.  This  act  shall take effect on the sixtieth day after it shall
have become a law.