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Assembly Bill A3251

2019-2020 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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2019-A3251 (ACTIVE) - Details

See Senate Version of this Bill:
S6764
Current Committee:
Assembly Ways And Means
Law Section:
Arts and Cultural Affairs Law
Laws Affected:
Amd §§55.07 & 55.13, Arts & Cul L
Versions Introduced in Other Legislative Sessions:
2009-2010: A8791
2011-2012: A5483
2013-2014: A5626
2015-2016: A6477
2017-2018: A3238
2021-2022: S1489
2023-2024: S1461
2025-2026: A7344, S1379

2019-A3251 (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, parks and recreation committee and the chairperson of the assembly tourism, parks, arts and sports development committee.

2019-A3251 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3251
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 29, 2019
                                ___________
 
 Introduced  by  M.  of  A.  ENGLEBRIGHT -- 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.
   §  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.
   § 3. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07126-01-9

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