Bill Text: NY A03648 | 2017-2018 | General Assembly | Amended

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Bill Title: Establishes the "public higher education quality initiative endowment" fund.

Spectrum: Partisan Bill (Democrat 9-0)

Status: (Engrossed - Dead) 2018-04-30 - REFERRED TO FINANCE [A03648 Detail]

Download: New_York-2017-A03648-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         3648--A
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    January 30, 2017
                                       ___________
        Introduced  by  M.  of  A.  GLICK, FAHY, HEVESI, ABINANTI, PELLEGRINO --
          Multi-Sponsored by -- M. of A. GALEF -- read once and referred to  the
          Committee  on Higher Education -- reported and referred to the Commit-
          tee on Ways and Means -- recommitted to  the  Committee  on  Ways  and
          Means  in  accordance  with  Assembly  Rule  3,  sec.  2  -- committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee
        AN ACT to amend the state finance law, in relation to  establishing  the
          public  higher  education  quality  initiative  endowment fund; and to
          repeal section 92-ee of such law relating thereto
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  92-ee of the state finance law is REPEALED and a
     2  new section 92-ee is added to read as follows:
     3    § 92-ee. Public higher education quality initiative endowment fund. 1.
     4  There is hereby established in the custody of the comptroller a fund  to
     5  be  known as the "public higher education quality initiative endowment",
     6  hereinafter, "the endowment." Notwithstanding any  other  provisions  of
     7  law,  all  of  the  assets and income of the endowment shall be held and
     8  invested by the comptroller as  the  sole  trustee  of  such  endowment,
     9  except such income as may be allocated or distributed by the comptroller
    10  pursuant to appropriation.
    11    2.  The endowment shall consist of amounts appropriated or transferred
    12  into such endowment, and any other amounts as may be  deposited  in  the
    13  endowment from any other public or private sources. Amounts appropriated
    14  to,  transferred  to, or deposited into the endowment shall be dedicated
    15  to the sole purpose of hiring full-time faculty and  professional  staff
    16  at the state university of New York, the city university of New York and
    17  their  community  colleges  and  shall  not  be  used to hire additional
    18  research faculty or staff to be employed at the state university of  New
    19  York  research  foundation, city university of New York research founda-
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03146-03-8
        A. 3648--A                          2
     1  tion or any campus foundation or affiliated entity of the state  univer-
     2  sity  of  New  York  or  city  university of New York. Provided further,
     3  moneys in the endowment may not be interchanged or commingled  with  any
     4  other account or fund.
     5    3.  The  full  amount  of  the  principal  of  the  endowment shall be
     6  preserved and annual payments shall be made from the investment earnings
     7  of the endowment for the sole purpose of hiring  full-time  faculty  and
     8  professional staff at the state university of New York, the city univer-
     9  sity  of  New  York and their community colleges pursuant to subdivision
    10  two of this section.
    11    4. The amount of annual payments from investment earnings disbursed to
    12  the state university of New York and the city  university  of  New  York
    13  shall  be proportional to the number of students enrolled system-wide at
    14  each  public  higher  education  system.  The  annual  amount  of  money
    15  disbursed to the state university of New York and the city university of
    16  New  York  shall  be  allocated  to  the campuses within such respective
    17  university system.
    18    5. Allocation of endowment money to the campuses at the state  univer-
    19  sity  of  New  York  and city university of New York must, at a minimum,
    20  provide that every  campus  in  such  public  higher  education  systems
    21  receives an annual allocation of funds.
    22    6.  The  state  university  of New York and the city university of New
    23  York shall give first preference to qualified  part-time  or  contingent
    24  faculty  or  qualified  part-time  or contingent professional staff when
    25  hiring additional full-time faculty or professional staff.
    26    § 2. This act shall take effect April 1, 2019.