Senate Bill S1461

2023-2024 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Cultural Affairs, Tourism, Parks And Recreation Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S1461 (ACTIVE) - Details

Current Committee:
Senate Cultural Affairs, Tourism, Parks And Recreation
Law Section:
Arts and Cultural Affairs Law
Laws Affected:
Amd §§55.07 & 55.13, Arts & Cul L
Versions Introduced in Other Legislative Sessions:
2019-2020: S6764
2021-2022: S1489

2023-S1461 (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.

2023-S1461 (ACTIVE) - Sponsor Memo

2023-S1461 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1461
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             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:
 
   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.
                                                            LBD04793-01-3



              

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