Bill Text: NY A05626 | 2013-2014 | General Assembly | Introduced

New York Assembly Bill 5626 (Prior Session Legislation)

Introduced

Bill Title: 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.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2014-02-11 - reported referred to ways and means [A05626 Detail]

Download: New_York-2013-A05626-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5626
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                     March 4, 2013
                                      ___________
       Introduced  by  M. of A. ENGLEBRIGHT, TITONE -- Multi-Sponsored by -- M.
         of A. JACOBS -- 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:
    1    Section  1.  Subdivision  13 of section 55.07 of the arts and cultural
    2  affairs law is renumbered subdivision 14 and a  new  subdivision  13  is
    3  added to read as follows:
    4    13.  TO  INVEST  AND  REINVEST THE FUNDS OF THE CORPORATION CONSISTENT
    5  WITH THE PRUDENT INVESTOR ACT AS ESTABLISHED IN SECTION  11-2.3  OF  THE
    6  ESTATES,   POWERS   AND  TRUSTS  LAW  AND  IN  ACCORDANCE  WITH  SECTION
    7  TWENTY-NINE HUNDRED TWENTY-FIVE OF THE PUBLIC AUTHORITIES LAW.
    8    S 2. Subdivision 3 of section 55.13 of the arts and  cultural  affairs
    9  law is amended to read as follows:
   10    3.  The  trust  shall  submit  to the governor, the chairperson of the
   11  senate finance committee, the chairperson of the assembly ways and means
   12  committee, THE CHAIRPERSON OF  THE  SENATE  CULTURAL  AFFAIRS,  TOURISM,
   13  PARKS AND RECREATION COMMITTEE, THE CHAIRPERSON OF THE ASSEMBLY TOURISM,
   14  PARKS,  ARTS AND SPORTS DEVELOPMENT COMMITTEE and the state comptroller,
   15  within ninety days after the end of its  fiscal  year,  a  complete  and
   16  detailed  report of its operations and accomplishments, its receipts and
   17  disbursements and its assets and liabilities.
   18    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09325-01-3