STATEMENT TO

 

[Second Reprint]

SENATE, No. 1672

 

with Assembly Floor Amendments

(Proposed By Assemblymen O'TOOLE and GUSCIORA)

 

ADOPTED: FEBRUARY 20, 1997

 

 

      This amendment provides that any interest that accrues on the moneys held by the Palisades Interstate Park Commission in an interest bearing account pursuant to section 1 of the bill shall be used for the acquisition of lands or interests therein in Sterling Forest, New York, or costs related thereto. It also clarifies that if a purchase agreement is not entered into within three years of the effective date of the bill, that those interest earnings shall be returned to the "Water Conservation Fund" (i.e., the fund created by the 1969 "Water Conservation Bond Act") along with the appropriated principal amount of $10 million. Finally, it makes several technical changes to the bill to provide for the consistent use of the term "lands or interests therein" throughout the bill and law.