§ 97-yyyy. Arts fund. 1. There is hereby created in the joint custody
of the state comptroller and the commissioner of taxation and finance a
fund to be known as the "arts fund".

2. Such fund shall consist of all revenues received by the department
of taxation and finance, pursuant to the provisions of section six
hundred thirty-g of the tax law and all other moneys appropriated,
credited, or transferred thereto from any other fund or source pursuant
to law. For each state fiscal year, there shall be appropriated to the
fund by the state, in addition to all other moneys required to be
deposited into such fund, an amount equal to the amounts of moneys
collected and deposited into the fund pursuant to section six hundred
thirty-g of the tax law during the preceding calendar year, as certified
by the comptroller. Nothing contained herein shall prevent the state
from receiving grants, gifts or bequests for the purposes of the fund as
defined in this section and depositing them into the fund according to
law.

3. Moneys of the fund may be invested by the state comptroller, and
income from the investments of moneys deposited to this fund pursuant to
section six hundred thirty-g of the tax law shall be credited solely to
this fund.