S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5140

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 12, 2015
                               ___________

Introduced by M. of A. ABINANTI -- read once and referred to the Commit-
  tee on Governmental Operations

AN  ACT  to authorize the state comptroller to transfer custody of funds
  to the natural heritage trust to be administered as a permanent endow-
  ment for the Rockefeller state park preserve

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Legislative  intent.  Rockefeller  state park preserve is
under the jurisdiction of the New York state office of parks, recreation
and historic preservation. The state park, located in Westchester  Coun-
ty,  was  created  through  gifts  of land by members of the Rockefeller
family.  In 1983, the John D. Rockefeller III fund made a gift of  three
million dollars to New York state, to create a permanent endowment to be
used  for  the  care  and  maintenance  of  the  Rockefeller  state park
preserve. Under the terms of donation, the three million  dollar  endow-
ment  has  been  under  the  custody and management of the office of the
state comptroller. The natural heritage trust, a public  benefit  corpo-
ration  established  pursuant  to  article  55  of the arts and cultural
affairs law, accepts and administers private donations for environmental
and cultural purposes, including administering permanent  endowments  to
benefit state parks. The legislature finds that it is in the best inter-
est  of  the  state, and consistent with the donor's intent, to transfer
custody of the three million dollar endowment from  the  office  of  the
state  comptroller  to  the  natural  heritage  trust,  to allow for the
investment of endowment funds by the natural heritage trust  in  accord-
ance with its adopted investment policies.
  S 2. The office of the state comptroller is authorized and directed to
transfer three million dollars from the non-expendable trust fund of the
fiduciary  fund  of the state, together with any accrued interest at the
time of transfer, to the natural heritage trust for the investment ther-
eof as directed by this act.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08366-01-5
              

A. 5140                             2

  S 3. Upon transfer from the  office  of  the  state  comptroller,  the
natural  heritage  trust  shall  deposit  such  funds  into  a dedicated
account, to be administered as a permanent endowment. The natural herit-
age trust shall invest such funds  in  accordance  with  its  investment
guidelines.  The  natural heritage trust shall transfer income and earn-
ings derived from the endowment account to the office of  parks,  recre-
ation and historic preservation to be used solely for the care and main-
tenance  of  the Rockefeller state park preserve, in accordance with the
directions and restrictions established by the John D.  Rockefeller  III
fund.  In  furtherance  of such directions, no part of the three million
dollar endowment shall be applied  for  new  capital  construction,  the
principal  of  said  three million dollar endowment shall not be invaded
for any purpose, and any income and earnings in excess of that disbursed
for the care and maintenance of  the  Rockefeller  state  park  preserve
shall accrue to the endowment account.
  S 4. This act shall take effect immediately.