BILL NO A09605
SAME AS SAME AS S06663
SPONSOR Markey
COSPNSR Titone, Millman, Rivera P, Cahill, Reilly, Robinson, Jaffee, Gunther,
Benedetto, McEneny, Schimminger, Englebright, Lupardo, Meng, Galef,
Wright, Moya, Murray, Weprin, Hooper, Gabryszak
MLTSPNSR Arroyo, Barclay, Burling, Calhoun, Ceretto, Crouch, Duprey, Finch,
Goodell, Gottfried, Jordan, Lopez P, Magee, Miller J, Montesano,
Palmesano, Saladino, Sayward, Schimel, Tenney, Thiele, Weisenberg
Amd S152, Ec Dev L; add S99-u, St Fin L
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.
BILL NO A09605
03/20/2012 referred to tourism, parks, arts and sports development
05/01/2012 reported referred to ways and means
05/31/2012 reported
06/01/2012 advanced to third reading cal.707
06/04/2012 substituted by s6663
S06663 AMEND= LITTLE
03/08/2012 REFERRED TO CULTURAL AFFAIRS, TOURISM, PARKS AND RECREATION
03/20/2012 1ST REPORT CAL.379
03/21/2012 2ND REPORT CAL.
03/22/2012 ADVANCED TO THIRD READING
04/18/2012 PASSED SENATE
04/18/2012 DELIVERED TO ASSEMBLY
04/18/2012 referred to tourism, parks, arts and sports development
06/04/2012 substituted for a9605
06/04/2012 ordered to third reading cal.707
06/04/2012 passed assembly
06/04/2012 returned to senate
09/21/2012 DELIVERED TO GOVERNOR
10/03/2012 VETOED MEMO.169
S T A T E O F N E W Y O R K
________________________________________________________________________
9605
I N A S S E M B L Y
March 20, 2012
___________
Introduced by M. of A. MARKEY -- read once and referred to the Committee
on Tourism, Parks, Arts and Sports Development
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
28 COMPTROLLER, BE SECURED BY OBLIGATIONS OF THE UNITED STATES OR THE STATE
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14956-01-2
A. 9605 2
1 HAVING A MARKET VALUE EQUAL AT ALL TIMES TO THE AMOUNT OF SUCH DEPOS-
2 ITS. ALL BANKS AND TRUST COMPANIES ARE AUTHORIZED TO GIVE SECURITY FOR
3 SUCH DEPOSITS. ANY SUCH MONEYS IN SUCH FUND MAY, IN THE DISCRETION OF
4 THE COMPTROLLER, BE INVESTED IN OBLIGATIONS IN WHICH THE COMPTROLLER IS
5 AUTHORIZED TO INVEST PURSUANT TO SECTION NINETY-EIGHT-A OF THIS ARTICLE.
6 4. MONEYS OF SUCH FUND SHALL BE AVAILABLE FOR APPROPRIATION AND ALLO-
7 CATION TO THE DEPARTMENT OF ECONOMIC DEVELOPMENT FOR THE PURPOSE OF
8 FUNDING THE PROMOTION, ATTRACTION, STIMULATION, DEVELOPMENT AND EXPAN-
9 SION OF TOURIST TRAVEL, RESORT, VACATION, CULTURE AND CONVENTION ACTIV-
10 ITIES WITHIN THE STATE AND ITS REGIONS PURSUANT TO PROGRAMS AND ACTIV-
11 ITIES AUTHORIZED PURSUANT TO THE ECONOMIC DEVELOPMENT LAW.
12 S 3. This act shall take effect immediately.
