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Assembly Bill A6477

2015-2016 Legislative Session

Requires the natural heritage trust to invest its funds pursuant to the prudent investor act

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Archive: Last Bill Status - In Assembly Committee

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2015-A6477 (ACTIVE) - Details

Current Committee:
Assembly Tourism, Parks, Arts And Sports Development
Law Section:
Arts and Cultural Affairs Law
Laws Affected:
Amd ยงยง55.07 & 55.13, Arts & Cul L
Versions Introduced in Other Legislative Sessions:
2009-2010: A8791
2011-2012: A5483
2013-2014: A5626
2017-2018: A3238
2019-2020: A3251
2025-2026: A7344

2015-A6477 (ACTIVE) - Summary

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, park and recreation committee and the chairperson of the assembly tourism, parks, arts and sports development committee.

2015-A6477 (ACTIVE) - Bill Text download pdf 

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

                                  6477

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 25, 2015
                               ___________

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

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:

  Section 1. Subdivision 13 of section 55.07 of the  arts  and  cultural
affairs  law  is  renumbered  subdivision 14 and a new subdivision 13 is
added to read as follows:
  13. TO INVEST AND REINVEST THE FUNDS  OF  THE  CORPORATION  CONSISTENT
WITH  THE  PRUDENT  INVESTOR ACT AS ESTABLISHED IN SECTION 11-2.3 OF THE
ESTATES,  POWERS  AND  TRUSTS  LAW  AND  IN  ACCORDANCE   WITH   SECTION
TWENTY-NINE HUNDRED TWENTY-FIVE OF THE PUBLIC AUTHORITIES LAW.
  S  2.  Subdivision 3 of section 55.13 of the arts and cultural affairs
law is amended to read as follows:
  3. The trust shall submit to the  governor,  the  chairperson  of  the
senate finance committee, the chairperson of the assembly ways and means
committee,  THE  CHAIRPERSON  OF  THE  SENATE CULTURAL AFFAIRS, TOURISM,
PARKS AND RECREATION COMMITTEE, THE CHAIRPERSON OF THE ASSEMBLY TOURISM,
PARKS, ARTS AND SPORTS DEVELOPMENT COMMITTEE and the state  comptroller,
within  ninety  days  after  the  end of its fiscal year, a complete and
detailed report of its operations and accomplishments, its receipts  and
disbursements and its assets and liabilities.
  S 3. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10035-01-5

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