Bill Text: NY S06663 | 2011-2012 | General Assembly | Introduced


Bill Title: Establishes the "tourism economic development fund" to be funded with revenue from the licensing of the "I Love NY" brand; moneys from such fund shall be appropriated for the promotion, attraction, stimulation, development and expansion of tourist travel, resort, vacation, culture and convention activities in this state.

Spectrum: Bipartisan Bill

Status: (Vetoed) 2012-10-03 - VETOED MEMO.169 [S06663 Detail]

Download: New_York-2011-S06663-Introduced.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6663
                                   I N  S E N A T E
                                     March 8, 2012
                                      ___________
       Introduced  by  Sen.  LITTLE -- 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 economic development law and the state finance  law,
         in relation to resources of the "I Love NY" brand
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 3 of section 152 of  the  economic  development
    2  law, as added by section 1 of part DD of chapter 59 of the laws of 2006,
    3  is amended to read as follows:
    4    3.  Nothing in this article shall prohibit the department from licens-
    5  ing and leasing the brand to any commercial entity,  provided  that  the
    6  appropriate  market  value  for  such  lease  is  obtained;  AND FURTHER
    7  PROVIDED, THAT ANY REVENUE FROM  SUCH  LICENSING  OR  LEASING  SHALL  BE
    8  DEPOSITED  IN  THE  TOURISM  ECONOMIC  DEVELOPMENT  FUND  ESTABLISHED IN
    9  SECTION NINETY-NINE-U OF THE STATE FINANCE LAW, AND  BE  MADE  AVAILABLE
   10  FOR  APPROPRIATION  TO  THE  DEPARTMENT  FOR  THE PURPOSE OF FUNDING THE
   11  PROMOTION, ATTRACTION, STIMULATION, DEVELOPMENT AND EXPANSION OF TOURIST
   12  TRAVEL, RESORT, VACATION, CULTURAL AND CONVENTION ACTIVITIES  AUTHORIZED
   13  PURSUANT TO THIS CHAPTER.
   14    S  2. The state finance law is amended by adding a new section 99-u to
   15  read as follows:
   16    S 99-U. TOURISM ECONOMIC DEVELOPMENT FUND. 1. THERE IS  HEREBY  ESTAB-
   17  LISHED IN THE JOINT CUSTODY OF THE STATE COMPTROLLER AND THE COMMISSION-
   18  ER  OF  TAXATION  AND FINANCE A SPECIAL FUND TO BE KNOWN AS THE "TOURISM
   19  ECONOMIC DEVELOPMENT FUND".
   20    2. SUCH FUND SHALL CONSIST OF: (A) ALL MONEYS DERIVED  FROM  LICENSING
   21  AND  LEASING  OF  THE "I LOVE NY" BRAND; (B) ALL MONEYS APPROPRIATED FOR
   22  THE PURPOSE OF SUCH FUND AND ALL MONEYS TRANSFERRED TO SUCH FUND  PURSU-
   23  ANT  TO  LAW; AND (C) ANY INTEREST EARNED BY THE INVESTMENT OF MONEYS IN
   24  SUCH FUND, WHICH SHALL BE ADDED TO SUCH FUND.
   25    3. MONEYS IN THE TOURISM ECONOMIC DEVELOPMENT FUND SHALL BE KEPT SEPA-
   26  RATE AND SHALL NOT BE COMMINGLED WITH ANY OTHER MONEYS IN THE CUSTODY OF
   27  THE COMPTROLLER. ALL DEPOSITS OF SUCH MONEYS SHALL, IF REQUIRED  BY  THE
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14956-01-2
       S. 6663                             2
    1  COMPTROLLER, BE SECURED BY OBLIGATIONS OF THE UNITED STATES OR THE STATE
    2  HAVING  A  MARKET VALUE EQUAL  AT ALL TIMES TO THE AMOUNT OF SUCH DEPOS-
    3  ITS. ALL BANKS AND TRUST COMPANIES ARE AUTHORIZED TO GIVE  SECURITY  FOR
    4  SUCH  DEPOSITS.  ANY  SUCH MONEYS IN SUCH FUND MAY, IN THE DISCRETION OF
    5  THE COMPTROLLER, BE INVESTED IN OBLIGATIONS IN WHICH THE COMPTROLLER  IS
    6  AUTHORIZED TO INVEST PURSUANT TO SECTION NINETY-EIGHT-A OF THIS ARTICLE.
    7    4.  MONEYS OF SUCH FUND SHALL BE AVAILABLE FOR APPROPRIATION AND ALLO-
    8  CATION TO THE DEPARTMENT OF ECONOMIC  DEVELOPMENT  FOR  THE  PURPOSE  OF
    9  FUNDING  THE  PROMOTION, ATTRACTION, STIMULATION, DEVELOPMENT AND EXPAN-
   10  SION OF TOURIST TRAVEL, RESORT, VACATION, CULTURE AND CONVENTION  ACTIV-
   11  ITIES  WITHIN  THE STATE AND ITS REGIONS PURSUANT TO PROGRAMS AND ACTIV-
   12  ITIES AUTHORIZED PURSUANT TO THE ECONOMIC DEVELOPMENT LAW.
   13    S 3. This act shall take effect immediately.
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