New York S 1379: Requires the natural heritage trust to invest its funds pursuant to the prudent investor act

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S01379 Summary:

BILL NOS01379 

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SAME ASSAME AS A07344

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SPONSORSERRANO

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COSPNSR

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MLTSPNSR

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Amd §§55.07 & 55.13, Arts & Cul L

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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, parks and recreation committee and the chairperson of the assembly tourism, parks, arts and sports development committee.

Go to top S01379 Actions:

BILL NOS01379 

&nbsp

01/09/2025REFERRED TO CULTURAL AFFAIRS, TOURISM, PARKS AND RECREATION

01/07/2026REFERRED TO CULTURAL AFFAIRS, TOURISM, PARKS AND RECREATION

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There are no Assembly votes for this bill in this legislative session.

Go to topS01379 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1379

 2025-2026 Regular Sessions

 IN SENATE

 January 9, 2025
 ___________

 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.
 LBD03080-01-5

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