Section 94-D. New York state collectible series fund

1. There is hereby
  established in the joint  custody  of  the  state  comptroller  and  the
  commissioner of taxation and finance a fund to be known as the "New York
  state collectible series fund."
    2.  Such fund shall consist of all revenues received by the state from
  the  sale  of  collectible  memorabilia  as  provided  for  in   section
  seventy-four-a of the state law.
    3.  Moneys  in  the  fund,  following appropriation by the legislature
  shall be administered by the education department for payment of  grants
  to  state  and  local  museums,  and  to  those  public  and association
  libraries, historical  societies  and  archives  that  hold  collections
  and/or artifacts relating to the state's history and heritage; provided,
  however  that  not more than five percent of such moneys may be utilized
  annually for the administrative expenses of such  panel.  Such  expenses
  shall  include  the  cost of informing the public of the availability of
  such memorabilia and advising local  museums  and  libraries  concerning
  this program.