S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8491
 
                             I N  S E N A T E
 
                             February 6, 2024
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN ACT to amend the arts and cultural affairs law, in relation to estab-
   lishing the New York state museum partnership trust
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Legislative findings and intent. The legislature finds that
 the  New York state museum is a vital interest of the state, enabling us
 to pass New York's past and present on to our  children  and  our  chil-
 dren's  children.  The  museum welcomes visitors to explore its rotating
 and permanent exhibitions. The museum also offers  educational  program-
 ming,  including  after-school  programs  that  have benefited more than
 4,000 students in the city of Albany. The museum is essential for educa-
 tion, public programs, and generating  tourism  and  economic  activity.
 Unfortunately,  present  conditions  inhibit  its  ability to thrive and
 serve New Yorkers to its fullest potential. Therefore, it is the purpose
 of this act to support the museum's operations and align  its  oversight
 structure  with  that  of  the  other  departments  under  the office of
 cultural education at the state education department. Both the New  York
 state  library  and the New York state archives benefit from the support
 of an affiliated trust that obtains non-state funding to supplement  the
 operations and programming of the library and archives, respectively. It
 is  time to bring the New York state museum in line with the other divi-
 sions of the office of cultural education at the state education depart-
 ment. To accomplish this, a New York state museum partnership  trust  is
 created  in  order  to: create an endowment to help collect and preserve
 art, historical items, objects  of  material  culture,  natural  history
 specimens,  and other objects that tell the story of the people who call
 New York home; make possible special projects and inform the citizens of
 New York about the exhibits and programs of the state museum;  and  work
 in  conjunction with the board of regents, the office of cultural educa-
 tion at the state education department, the commissioner  of  education,
 and the museum advisory council under the board of regents to advise and
 support the New York state museum.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD13980-02-4
 S. 8491                             2
 
   §  2.  The  arts  and  cultural affairs law is amended by adding a new
 title Q to read as follows:
 
                                  TITLE Q
                  NEW YORK STATE MUSEUM PARTNERSHIP TRUST
 
                                ARTICLE 45
                  NEW YORK STATE MUSEUM PARTNERSHIP TRUST
 
 SECTION 45.01. SHORT TITLE.
         45.03. DEFINITIONS.
         45.05. NEW YORK STATE MUSEUM PARTNERSHIP TRUST.
         45.07. PURPOSE AND POWERS OF TRUST.
         45.09. TEMPORARY ASSIGNMENT AND TRANSFER OF EMPLOYEES.
         45.11. AUTHORIZED EXPENDITURES.
         45.13. NEW YORK STATE MUSEUM PARTNERSHIP TRUST FUND.
         45.15. CREATION OF TRUST FOR A PUBLIC PURPOSE.
         45.17. MEMBERS AND EMPLOYEES NOT TO PROFIT.
   § 45.01. SHORT  TITLE.  THIS  TITLE SHALL BE KNOWN AND MAY BE CITED AS
 THE "NEW YORK STATE MUSEUM PARTNERSHIP TRUST ACT".
   § 45.03. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE, THE  FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   1. "TRUST" OR "CORPORATION" SHALL MEAN THE NEW YORK STATE MUSEUM PART-
 NERSHIP TRUST ESTABLISHED BY SECTION 45.05 OF THIS ARTICLE.
   2.  "BOARD" SHALL MEAN THE MEMBERS OF THE CORPORATION APPOINTED PURSU-
 ANT TO SECTION 45.05 OF THIS ARTICLE.
   3. "TRUST FUND" OR "FUND" SHALL MEAN THE NEW YORK STATE  MUSEUM  PART-
 NERSHIP TRUST FUND ESTABLISHED IN SECTION 45.13 OF THIS ARTICLE.
   § 45.05. NEW  YORK  STATE  MUSEUM  PARTNERSHIP TRUST. 1. A TRUST TO BE
 KNOWN AS THE NEW YORK STATE MUSEUM PARTNERSHIP TRUST  IS  HEREBY  ESTAB-
 LISHED.    SUCH TRUST SHALL BE GOVERNED BY A BOARD WHICH SHALL BE A BODY
 CORPORATE AND POLITIC CONSTITUTING A PUBLIC BENEFIT CORPORATION AND  ITS
 EXISTENCE  SHALL  COMMENCE UPON THE APPOINTMENT OF THE MEMBERS AS HEREIN
 PROVIDED.   SUCH BOARD SHALL CONSIST  OF  TWENTY  TOTAL  MEMBERS  TO  BE
 APPOINTED  AS  FOLLOWS:  FIVE  MEMBERS  APPOINTED  BY THE GOVERNOR; FIVE
 APPOINTED BY THE BOARD OF REGENTS; FOUR APPOINTED BY THE MAJORITY LEADER
 OF THE SENATE, TWO OF WHOM SHALL BE PRIVATE CITIZENS; FOUR APPOINTED  BY
 THE  SPEAKER OF THE ASSEMBLY, TWO OF WHOM SHALL BE PRIVATE CITIZENS; AND
 ONE APPOINTED EACH BY MINORITY  LEADERS  OF  THE  SENATE  AND  ASSEMBLY.
 MEMBERS  SHALL  BE  APPOINTED  FOR  THEIR  INTEREST IN THE ART, HISTORY,
 CULTURE AND NATURAL HISTORY OF NEW YORK; THEIR KNOWLEDGE AND  EXPERIENCE
 REGARDING  RESOURCES  FOR  CULTURAL  AND EDUCATIONAL PROGRAMS; AND THEIR
 SUPPORT FOR THE PURPOSES OF THE MUSEUM PARTNERSHIP TRUST. MEMBERS  SHALL
 BE  APPOINTED  NO LATER THAN NINETY DAYS FOLLOWING AN APPROPRIATION MADE
 BY THE LEGISLATURE FOR THE PURPOSES OF THIS ARTICLE.
   2. AT THE FIRST MEETING OF THE BOARD AND THE FIRST MEETING THEREOF  IN
 EACH  TWO FISCAL YEARS THEREAFTER, THE MEMBERS OF THE BOARD SHALL CHOOSE
 FROM THEIR MEMBERS, A CHAIRPERSON AND VICE-CHAIRPERSON. INITIAL APPOINT-
 MENTS SHALL BE FOR STAGGERED TERMS; APPOINTMENTS BY THE  GOVERNOR  SHALL
 BE  FOR  THREE-YEAR TERMS; APPOINTMENTS BY THE LEGISLATIVE LEADERS SHALL
 BE FOR TWO-YEAR TERMS; APPOINTMENTS BY THE BOARD OF REGENTS SHALL BE FOR
 ONE-YEAR TERMS. ALL SUBSEQUENT TERMS SHALL BE FOR THREE YEARS.   MEMBERS
 MAY BE REAPPOINTED AND MAY SERVE TWO CONSECUTIVE FULL TERMS, IN ADDITION
 TO THE TERM OF THE INITIAL APPOINTMENTS, BUT NOT MORE THAN EIGHT CONSEC-
 UTIVE  YEARS.  EACH  MEMBER SHALL CONTINUE IN OFFICE UNTIL SUCH MEMBER'S
 SUCCESSOR HAS BEEN APPOINTED AND QUALIFIES. SUCH CONTINUATION IN  OFFICE
 S. 8491                             3
 
 SHALL  NOT  BE  COUNTED IN DETERMINING WHETHER A MEMBER HAS SERVED EIGHT
 CONSECUTIVE YEARS. IN THE EVENT OF A VACANCY OCCURRING IN THE OFFICE  OF
 ANY MEMBER, OTHER THAN BY THE EXPIRATION OF A MEMBER'S TERM, SUCH VACAN-
 CY SHALL BE FILLED FOR THE BALANCE OF THE UNEXPIRED TERM, IF APPLICABLE,
 IN  THE SAME MANNER AS THE ORIGINAL APPOINTMENT. MEMBERS FROM GOVERNMENT
 SHALL BE REPLACED IF THEY LEAVE  GOVERNMENT  SERVICE;  A  NEW  APPOINTEE
 SHALL  SERVE  FOR  THE UNEXPIRED TERM OF THE DEPARTING MEMBER AND MAY BE
 REAPPOINTED.
   3. A MAJORITY OF THE WHOLE NUMBER OF  MEMBERS  THEN  IN  OFFICE  SHALL
 CONSTITUTE  A QUORUM FOR THE TRANSACTION OF ANY BUSINESS OR THE EXERCISE
 OF ANY POWER OF THE BOARD. EXCEPT AS OTHERWISE SPECIFIED IN  THIS  ARTI-
 CLE, FOR THE TRANSACTION OF ANY BUSINESS OR THE EXERCISE OF ANY POWER OF
 THE  BOARD,  THE  BOARD SHALL HAVE POWER TO ACT BY A MAJORITY OF MEMBERS
 PRESENT AT ANY MEETING AT WHICH A QUORUM IS IN ATTENDANCE. THE BOARD MAY
 DELEGATE TO ONE OR MORE OF ITS MEMBERS, OR TO ITS OFFICERS,  AGENTS  AND
 EMPLOYEES,  OR TO ITS EXECUTIVE COMMITTEE, SUCH POWERS AND DUTIES AS THE
 BOARD MAY DEEM PROPER. THE MEMBERS OF  THE  BOARD  SHALL  SERVE  WITHOUT
 COMPENSATION, BUT SHALL BE ENTITLED TO REIMBURSEMENT OF THEIR ACTUAL AND
 NECESSARY EXPENSES INCURRED IN THE PERFORMANCE OF THEIR OFFICIAL DUTIES.
   4.  NOTWITHSTANDING  ANY  INCONSISTENT  PROVISION OF THIS OR ANY OTHER
 LAW, GENERAL, SPECIAL OR LOCAL, NO OFFICER OR EMPLOYEE OF THE STATE,  OR
 OF  ANY  PUBLIC  CORPORATION AS DEFINED IN THE GENERAL CONSTRUCTION LAW,
 SHALL BE DEEMED TO HAVE FORFEITED OR SHALL FORFEIT HIS OR HER OFFICE  OR
 EMPLOYMENT  OR  ANY  BENEFITS  PROVIDED  UNDER THE RETIREMENT AND SOCIAL
 SECURITY LAW OR UNDER ANY PUBLIC RETIREMENT  SYSTEM  MAINTAINED  BY  THE
 STATE  OR  ANY OF ITS SUBDIVISIONS BY REASON OF HIS OR HER ACCEPTANCE OF
 MEMBERSHIP ON OR CHAIRMANSHIP OF THE BOARD.
   5. THE TRUST AND ITS CORPORATE EXISTENCE SHALL CONTINUE  UNTIL  TERMI-
 NATED  BY  LAW, PROVIDED, HOWEVER, THAT NO SUCH LAW SHALL TAKE EFFECT SO
 LONG AS  THE  TRUST  SHALL  HAVE  BONDS,  NOTES  AND  OTHER  OBLIGATIONS
 OUTSTANDING,  UNLESS  ADEQUATE  PROVISION  HAS BEEN MADE FOR THE PAYMENT
 THEREOF IN THE DOCUMENTS SECURING THE  SAME.  UPON  TERMINATION  OF  THE
 EXISTENCE  OF THE TRUST, ALL ITS RIGHTS AND PROPERTIES SHALL VEST IN THE
 STATE.
   § 45.07. PURPOSE AND POWERS OF TRUST. 1.  THE  PURPOSE  OF  THE  TRUST
 SHALL BE TO SERVE AS A FOCAL POINT FOR THE RECEIPT AND ADMINISTRATION OF
 PRIVATE  GIFTS,  DEVISES  AND  BEQUESTS  OF  REAL  AND PERSONAL PROPERTY
 DONATED TO USE THE ARTS, HISTORY, AND MATERIAL CULTURE TO HELP NEW YORK-
 ERS AND VISITORS UNDERSTAND THE WORLD IN WHICH WE LIVE, AND  TO  OVERSEE
 AND  SUPPORT  THE STATE MUSEUM IN CONJUNCTION WITH THE BOARD OF REGENTS,
 THE OFFICE OF CULTURAL EDUCATION AT THE  DEPARTMENT  OF  EDUCATION,  THE
 COMMISSIONER  OF  EDUCATION,  AND  THE MUSEUM ADVISORY COUNCIL UNDER THE
 BOARD OF REGENTS.
   2. TO CARRY OUT SUCH PURPOSES UNDER SUBDIVISION ONE OF  THIS  SECTION,
 THE TRUST SHALL:
   (A) OVERSEE, AND PARTICIPATE ACTIVELY IN, A CAMPAIGN TO SECURE PRIVATE
 AND PUBLIC FUNDS TO CREATE AN INITIAL ENDOWMENT;
   (B) REVIEW AND APPROVE A BUDGET REQUEST AND WORK PLAN ANNUALLY FOR THE
 OPERATION  OF  THE  BOARD  AND FOR THE USE OF TRUST FUNDS TO SUPPORT THE
 PURPOSES OF THE TRUST FUND; AND
   (C) REPORT TO THE GOVERNOR AND THE LEGISLATURE AT  LEAST  EVERY  THREE
 YEARS AS TO THE ACTIVITIES OF THE TRUST INCLUDING INFORMATION PERTAINING
 TO FUND RAISING, EXPENDITURES AND PROJECTS UNDERTAKEN AND THE SUFFICIEN-
 CY  OF  THE  PRINCIPAL  TO  GENERATE  INTEREST  ADEQUATE  TO ACHIEVE THE
 PURPOSES OF THE TRUST.
   3. THE TRUST SHALL HAVE THE POWER:
 S. 8491                             4
 
   (A) TO MAKE AND ADOPT OFFICIAL BYLAWS FOR  THE  MANAGEMENT  AND  REGU-
 LATION  OF  ITS  AFFAIRS  PROVIDED  THAT SUCH BYLAWS SHALL ONLY BE MADE,
 ADOPTED OR AMENDED BY A MAJORITY OF THE WHOLE NUMBER OF THE  MEMBERS  OF
 THE BOARD THEN IN OFFICE;
   (B) TO CONTRACT FOR AND TO ACCEPT ASSISTANCE, INCLUDING BUT NOT LIMIT-
 ED  TO UNCONDITIONAL GIFTS, DEVISES AND BEQUESTS, AND, WITH THE APPROVAL
 OF THE GOVERNOR, CONDITIONAL GIFTS, DEVISES AND  BEQUESTS,  OF  REAL  OR
 PERSONAL  PROPERTY  FOR  ART,  MATERIAL  CULTURE, HISTORIC PRESERVATION,
 NATURAL HISTORY STUDIES, ENVIRONMENTAL EDUCATION AND TO  ADMINISTER  AND
 EXPEND FUNDS MADE AVAILABLE TO THE CORPORATION FOR ANY OF ITS PURPOSES;
   (C)  TO MAKE AND EXECUTE CONTRACTS AND ALL OTHER INSTRUMENTS NECESSARY
 OR CONVENIENT FOR THE EXERCISE OF ITS POWERS AND  FUNCTIONS  UNDER  THIS
 ARTICLE;
   (D)  TO  APPOINT  OFFICERS,  AGENTS AND EMPLOYEES, AND PRESCRIBE THEIR
 DUTIES AND QUALIFICATIONS AND FIX THEIR COMPENSATION;
   (E) TO CONTRACT FOR PROFESSIONAL AND TECHNICAL ASSISTANCE AND ADVICE;
   (F) TO PROVIDE IN ITS OFFICIAL BYLAWS FOR THE  HOLDING  OF  AN  ANNUAL
 MEETING,  AT  WHICH ANNUAL MEETING A MAJORITY OF THE WHOLE NUMBER OF THE
 MEMBERS OF THE BOARD THEN IN OFFICE MAY TRANSACT ANY BUSINESS  OR  EXER-
 CISE ANY POWER OF THE BOARD;
   (G)  TO  INVEST AND REINVEST MONEYS AS PROVIDED IN THIS ARTICLE AND TO
 ENTER INTO AGREEMENTS WITH THE STATE COMPTROLLER CONCERNING THE TRANSFER
 OF MONEYS AMONG THE VARIOUS ACCOUNTS;
   (H) TO CREATE COMMITTEES, INCLUDING AN EXECUTIVE COMMITTEE COMPOSED OF
 NOT FEWER THAN FIVE MEMBERS OF THE BOARD INCLUDING ONE  OF  THE  MEMBERS
 APPOINTED  BY THE GOVERNOR, ONE OF THE MEMBERS APPOINTED BY THE MAJORITY
 LEADER OF THE SENATE, ONE OF THE MEMBERS APPOINTED BY THE SPEAKER OF THE
 ASSEMBLY AND ONE OF THE MEMBERS APPOINTED BY THE BOARD OF  REGENTS,  AND
 SPECIAL  COMMITTEES,  TO CARRY OUT ITS BUSINESS EFFECTIVELY AND MAY ALSO
 CREATE TASK FORCES, REGIONAL CAMPAIGN COMMITTEES, AND OTHER BODIES  MADE
 UP  OF  INDIVIDUALS  BEYOND ITS OWN MEMBERS TO ASSIST IN THE WORK OF THE
 BOARD;
   (I) TO EXERCISE AND PERFORM SUCH OTHER POWERS AND DUTIES AS SHALL HAVE
 BEEN OR MAY BE FROM TIME TO TIME CONFERRED BY LAW;
   (J) TO PARTICIPATE AND COOPERATE WITH OTHER PUBLIC AND  PRIVATE  AGEN-
 CIES  HAVING  MUTUAL  INTERESTS AND PURPOSES IN APPROPRIATE PROGRAMS AND
 PROJECTS INTENDED TO PRESERVE AND IMPROVE THE HISTORY, ARTS AND CULTURAL
 RESOURCES OF THE NEW YORK STATE MUSEUM IN FURTHERANCE OF THE  EDUCATION,
 WELFARE AND ENJOYMENT OF ITS PEOPLE;
   (K) TO SUE AND BE SUED; AND
   (L) TO DO ALL THINGS NECESSARY OR CONVENIENT TO CARRY OUT THE PURPOSES
 OF THIS ARTICLE.
   § 45.09. TEMPORARY  ASSIGNMENT  AND TRANSFER OF EMPLOYEES. WHENEVER IN
 THE OPINION OF THE BOARD IT WOULD BE IN THE  PUBLIC  INTEREST,  IT  MAY,
 AFTER  PRIOR  APPROVAL OF THE DIRECTOR OF THE BUDGET, REQUEST THE TEMPO-
 RARY ASSIGNMENT AND TRANSFER OF CERTAIN EMPLOYEES OF  ANY  OTHER  BOARD,
 COMMISSION,  AGENCY OR DEPARTMENT OF THE STATE OR ITS POLITICAL SUBDIVI-
 SIONS, AND SUCH OTHER BOARD, COMMISSION, AGENCY OR DEPARTMENT, IF IN ITS
 OPINION SUCH TRANSFER WILL NOT INTERFERE WITH  THE  PERFORMANCE  OF  ITS
 DUTIES  AND  FUNCTIONS  MAY  MAKE  SUCH  ASSIGNMENT AND TRANSFER OF SUCH
 EMPLOYEES TO THE TRUST. SUCH ASSIGNMENT AND TRANSFER OR EXTENSION THERE-
 OF SHALL NOT IN ANY WAY AFFECT THE CIVIL SERVICE STATUS,  CONTINUITY  OF
 SERVICE, RETIREMENT PLAN STATUS, RIGHT TO COMPENSATION, GRADE OR COMPEN-
 SATION OR OTHER RIGHTS OR PRIVILEGES OF ANY EMPLOYEE SO TRANSFERRED.
   § 45.11. AUTHORIZED EXPENDITURES. THE TRUST MAY MAKE EXPENDITURES FROM
 THE  TRUST  FUND,  SUBJECT TO AVAILABILITY OF FUND MONIES, PROVIDED SUCH
 S. 8491                             5
 
 EXPENDITURES ARE WITHIN A BUDGET APPROVED  BY  THE  BOARD  AND  ARE  NOT
 OTHERWISE RESTRICTED BY LAW, FOR THE FOLLOWING PURPOSES:
   1.  SUPPORT  FOR  A DEVELOPMENT CAMPAIGN TO OBTAIN DONATIONS FROM NON-
 STATE GOVERNMENT SOURCES INCLUDING PRIVATE CITIZENS, FOUNDATIONS, ORGAN-
 IZATIONS AND THE FEDERAL GOVERNMENT AND FOR EXPENSES  FOR  THE  MEETINGS
 AND OPERATION OF THE BOARD AND THE TRUST;
   2.  INTERNSHIPS  TO  STUDENTS  IN NEW YORK STATE WHO ARE PREPARING FOR
 CAREERS IN MUSEUMS AND FELLOWSHIPS TO  EXPERT  PRACTITIONERS  IN  MUSEUM
 PRESERVATION  AND  CURATION AND EDUCATIONAL PROGRAMS UNDER THE DIRECTION
 OF THE PROFESSIONAL STAFF OF THE NEW YORK STATE MUSEUM;
   3. HIRING AN EXECUTIVE DIRECTOR TO ADMINISTER THE FUNDS OF THE  TRUST,
 WHICH  MAY INCLUDE THE HIRING OF EXPERT STAFF IN PRESERVATION, CURATION,
 AND PUBLIC AND EDUCATIONAL PROGRAMS; AND
   4. PURCHASE OF SUPPLIES AND SERVICES AND PURCHASE OR LEASE  OF  EQUIP-
 MENT NEEDED FOR ACTIVITIES AUTHORIZED BY THIS ARTICLE.
   § 45.13. NEW  YORK  STATE  MUSEUM  PARTNERSHIP TRUST FUND. 1. THERE IS
 HEREBY ESTABLISHED IN THE CUSTODY OF THE TRUST  A  SPECIAL  FUND  TO  BE
 KNOWN  AS  THE "NEW YORK STATE MUSEUM PARTNERSHIP TRUST FUND". THE TRUST
 SHALL ESTABLISH THE FOLLOWING THREE SEPARATE AND DISTINCT ACCOUNTS WITH-
 IN THE NEW YORK STATE  MUSEUM  PARTNERSHIP  TRUST  FUND:  THE  ENDOWMENT
 ACCOUNT,  AND  THE  SPECIAL  PROJECT ACCOUNT, WHICH SHALL EACH BE IN THE
 CUSTODY OF THE TRUST, AND THE OPERATION AND MAINTENANCE  ACCOUNT,  WHICH
 SHALL  BE  IN THE JOINT CUSTODY OF THE STATE COMPTROLLER AND THE COMMIS-
 SIONER OF TAXATION AND FINANCE.
   2. MONEYS IN THE TRUST FUND SHALL CONSIST OF  APPROPRIATIONS  THEREFOR
 AND DONATIONS WHICH MAY INCLUDE ANY FORM OF EQUITY, FIXED INCOME SECURI-
 TIES,  INSURANCE  OR ANY OTHER ASSET CONVERTIBLE INTO CASH, AND EARNINGS
 THEREON.   PURSUANT TO AGREEMENTS MADE AT  LEAST  ANNUALLY  BETWEEN  THE
 TRUST  BOARD  AND THE STATE COMPTROLLER, THE TRUST SHALL TRANSFER SUFFI-
 CIENT FUNDS FROM THE ENDOWMENT ACCOUNT TO THE OPERATION AND  MAINTENANCE
 ACCOUNT FOR THE TIMELY PAYMENT OF ESTIMATED COSTS AND OPERATING EXPENSES
 PURSUANT TO BUDGETS ADOPTED BY THE TRUST.
   3.  EARNINGS FROM THE ENDOWMENT ACCOUNT MAY BE USED BY THE TRUST BOARD
 FOR ITS OPERATION AND FOR THE OTHER PURPOSES AUTHORIZED IN THIS ARTICLE.
 MONEYS IN THE ENDOWMENT ACCOUNT, AND EARNINGS THEREON, MAY  BE  INVESTED
 AND  REINVESTED  BY THE TRUST BOARD CONSISTENT WITH THE PRUDENT INVESTOR
 STANDARD OF SECTION 11-2.3 OF THE ESTATES, POWERS  AND  TRUSTS  LAW  AND
 PURSUANT TO THE PROVISIONS OF SECTION TWENTY-NINE HUNDRED TWENTY-FIVE OF
 THE PUBLIC AUTHORITIES LAW. THE TRUST BOARD SHALL GIVE DUE CONSIDERATION
 TO  BALANCING THE LONG-TERM GROWTH OF THE ENDOWMENT, LONG-TERM TRENDS OF
 THE ECONOMY AND THE NEEDS OF TRUST OPERATIONS  AND  THE  STATE  ARCHIVES
 WITH  THE GOAL THAT THE ENDOWMENT SHALL PROVIDE A PERMANENT, GROWING AND
 VIABLE SOURCE OF FUNDS TO FULFILL THE TRUST PURPOSES.  THE  TRUST  BOARD
 SHALL OBTAIN AN ANNUAL INDEPENDENT AUDIT AND AUDITED FINANCIAL STATEMENT
 OF THE BOOKS AND ACCOUNTS OF THE TRUST, BY A CERTIFIED ACCOUNTING FIRM.
   4.  MONEYS  IN  THE SPECIAL PROJECT ACCOUNT SHALL BE USED FOR CARRYING
 OUT THE SPECIAL PROJECTS DESIGNATED IN THE DONATION THEREOF.
   5. THE TRUST IS INTENDED TO SUPPLEMENT, NOT REPLACE OR REDUCE, REGULAR
 STATE APPROPRIATIONS TO THE STATE MUSEUM. THE STATE MAY MATCH THE  FIRST
 FIVE MILLION DOLLARS DONATED TO THE ENDOWMENT ACCOUNT IN ANY FISCAL YEAR
 FOLLOWING THE RECEIPT OF MONEYS.
   § 45.15. CREATION  OF  TRUST FOR A PUBLIC PURPOSE. IT IS HEREBY FOUND,
 DETERMINED AND DECLARED THAT THE CREATION OF THE TRUST AND THE  CARRYING
 OUT  OF ITS CORPORATE PURPOSES IS IN ALL RESPECTS FOR THE BENEFIT OF THE
 PEOPLE OF THE STATE OF NEW YORK, FOR THE PRESERVATION AND IMPROVEMENT OF
 THE HISTORY, ARTS AND CULTURAL RESOURCES THROUGH THE STATE  MUSEUM,  AND
 S. 8491                             6
 
 IS  A  PUBLIC PURPOSE, IN THAT THE TRUST WILL BE PERFORMING AN ESSENTIAL
 GOVERNMENTAL FUNCTION IN THE EXERCISE OF THE POWERS CONFERRED UPON IT BY
 THIS ARTICLE AND THE TRUST SHALL NOT BE REQUIRED TO PAY TAXES OR ASSESS-
 MENTS  UPON ANY OF THE PROPERTY ACQUIRED BY IT OR UNDER ITS JURISDICTION
 AND CONTROL, OR UPON ITS ACTIVITIES IN THE OPERATION AND MAINTENANCE  OF
 SUCH  PROPERTIES OR USE OF ANY MONEYS, REVENUES OR OTHER INCOME RECEIVED
 BY THE CORPORATION. ALL CONTRIBUTIONS OF REAL OR PERSONAL PROPERTY  MADE
 TO  THE  TRUST  WHETHER  BY  GIFT,  DEVISE  OR  BEQUEST SHALL QUALIFY AS
 DEDUCTIONS IN COMPUTING THE NET TAXABLE INCOME  OF  THE  DONOR  FOR  THE
 PURPOSES  OF ANY INCOME TAX IMPOSED BY THE STATE OR ANY POLITICAL SUBDI-
 VISION THEREOF.
   § 45.17. MEMBERS AND EMPLOYEES NOT TO PROFIT. NO  OFFICER,  MEMBER  OR
 EMPLOYEE  OF  THE  TRUST  SHALL  RECEIVE  OR MAY BE LAWFULLY ENTITLED TO
 RECEIVE ANY PECUNIARY PROFIT FROM THE OPERATION THEREOF  EXCEPT  REASON-
 ABLE  COMPENSATION FOR SERVICES IN EFFECTING ONE OR MORE OF ITS PURPOSES
 SET FORTH UNDER THIS ARTICLE.
   § 3. The sum of two hundred  fifty  thousand  dollars  ($250,000),  is
 hereby  appropriated  to  the  New  York  state museum partnership trust
 established pursuant to section one of this act out of any moneys in the
 state treasury general fund to the credit of the board  of  such  trust,
 not  otherwise  appropriated,  and  made  immediately available, for the
 purpose of hiring an executive director of the  New  York  state  museum
 partnership trust. Such moneys shall be payable on the audit and warrant
 of  the  comptroller  on  vouchers certified or approved by the New York
 state museum partnership trust in the manner prescribed by law.
   § 4. This act shall take effect immediately.