What's happening
This bill requires the Natural Heritage Trust to invest its funds under the prudent investor act and expands annual reporting requirements.
Why it matters
Requires the Natural Heritage Trust to follow modern investment standards. By mandating investment under the prudent investor act, the bill ensures the Trust manages its funds with a focus on risk, diversification, and long-term growth, aligning its practices with those used by professional fiduciaries.
Improves transparency and oversight. The expanded annual reporting obligations mean more legislative committees will receive detailed information about the Trust’s finances and operations, making it easier for lawmakers and the public to monitor how funds are used.
May impact funding for conservation and cultural projects. By potentially leading to better investment returns and stricter oversight, the bill could increase the resources available for the Trust’s environmental, heritage, and cultural initiatives, benefiting communities and public assets across New York.
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Who cares
Headline styles
Invest Trust Funds Wisely
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Referred to ways and means
- Reported referred to ways and means
- Referred to tourism, parks, arts and sports development
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3238
2017-2018 Regular Sessions
IN ASSEMBLY
January 27, 2017
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 operations
The People of the State of New York, represented in Senate and Assembly, 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 twentynine 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.
LBD03852-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.