STATE OF NEW YORK ________________________________________________________________________ 1489 2021-2022 Regular Sessions IN SENATE January 12, 2021 ___________ 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: 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 twenty- 7 nine hundred twenty-five of the public authorities law. 8 § 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 § 3. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03208-01-1