It is enacted by the General Assembly as follows:

SECTION 1. Title 42 of the General Laws entitled "State Affairs and Government" is hereby amended by adding thereto the following chapter:

42-4.1-1. Legislative findings and purpose. -- (a) The general assembly hereby finds that:

(1) Yachting and yacht racing are vital elements of the tourist and manufacturing economies of the state of Rhode Island. The competition for the America's Cup that was staged in Rhode Island waters for almost fifty (50) years is an important part of the cultural heritage of the state.

(2) As a participant in five (5) America's Cup regattas, and a two-time successful defender of the America's Cup, the twelve-meter yacht COURAGEOUS best exemplifies the spirit of America's Cup competition during the era when this competition was based in Newport.

(3) The yacht COURAGEOUS is now owned by The Museum of Yachting, a not-for-profit corporation organized and located at Fort Adams State Park in Newport.

(4) It is in the public interest that the yacht COURAGEOUS be maintained as a living example of the involvement of the city of Newport and the state of Rhode Island as the host and location of the America's Cup competition, the longest-running sports competition in the world.

(b) The purpose of this chapter is to provide the inspirational backing of the state of Rhode Island for the maintenance of the yacht COURAGEOUS, in the ownership of a public, nonprofit entity, as an exhibit and monument to the importance of the yachting industry to the heritage and commerce of the state of Rhode Island.

42-4.1-2. Designation of Rhode Island State Yacht. -- The twelve-meter yacht "COURAGEOUS" is hereby designated the Rhode Island State Yacht.

SECTION 2. This act shall take effect upon passage.