STATE OF NEW YORK
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4822
2011-2012 Regular Sessions
IN ASSEMBLY
February 8, 2011
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Introduced by M. of A. P. RIVERA -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the state finance law, in relation to use of the funds
in the abandoned property fund for capital market investments in
emerging domestic markets
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 95 of the state finance law, as
2 amended by chapter 516 of the laws of 1992, is amended to read as
3 follows:
4 3. Whenever the amount of moneys in the abandoned property fund as of
5 the last day of any month shall exceed the greater of the sum of six
6 million dollars or an amount which in the comptroller's sole discretion
7 is necessary to satisfy claims against such fund during the immediately
8 succeeding month, the comptroller shall draw a warrant or voucher upon
9 such special fund for the amount in excess of such sum and shall pay
10 such amount into [the state treasury to the credit of the general] a
11 separate account within the abandoned property fund which shall be used
12 exclusively for such capital market investments in emerging domestic
13 markets as the comptroller shall determine will generate a reasonable
14 return thereon. The proceeds from such investment may be returned to
15 such separate account for further capital market investments in emerging
16 domestic markets and/or, upon appropriation thereof, be paid into the
17 state treasury to the credit of the general fund. Notwithstanding the
18 foregoing, the comptroller and the director of the budget or their
19 respective designees shall review the balance remaining in the abandoned
20 property fund as of the last day of the months of March, June, September
21 and December in each year, as soon as practicable after each such date,
22 and may mutually agree upon an amount to be paid [from such fund] into
23 the [state treasury to the credit of the general fund] separate account
24 for capital market investments, which may cause the balance in such fund
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01103-01-1
A. 4822 2
1 to fall below six million dollars; provided, however, in no event shall
2 the amount of moneys in the abandoned property fund exceed seven hundred
3 fifty thousand dollars at the end of the last day of the fiscal year.
4 § 2. This act shall take effect on the sixtieth day after it shall
5 have become a law.
