Bill > A07344

This bill amends the Arts and Cultural Affairs Law to require the Natural Heritage Trust to invest its funds according to the Prudent Investor Act, which is a legal standard that guides investment decisions to ensure responsible and careful management of financial assets. Specifically, the bill adds a new provision allowing the trust to invest and reinvest its funds consistent with the Prudent Investor Act as established in the Estates, Powers, and Trusts Law and in accordance with the Public Authorities Law. Additionally, the bill expands the trust's annual reporting requirements by mandating that the detailed report of operations, accomplishments, receipts, disbursements, assets, and liabilities be submitted not only to the existing recipients (such as the governor, finance committee chairs, and state comptroller) but also to the chairs of the Senate Cultural Affairs, Tourism, Parks and Recreation Committee and the Assembly Tourism, Parks, Arts and Sports Development Committee. The bill is effective immediately upon enactment.

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https://www.nysenate.gov/legislation/bills/2025/A7344