Bill Text: NY A04988 | 2015-2016 | General Assembly | Introduced
Bill Title: Establishes the special education short-term revolving loan fund and authorizes the state comptroller to provide special education short-term revolving loans to certain special act school districts or approved special education providers.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2016-01-06 - referred to education [A04988 Detail]
Download: New_York-2015-A04988-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 4988 2015-2016 Regular Sessions I N A S S E M B L Y February 10, 2015 ___________ Introduced by M. of A. NOLAN -- read once and referred to the Committee on Education AN ACT to amend the state finance law, in relation to establishing the special education short-term revolving loan fund, and in relation to authorizing the state comptroller to provide special education short- term revolving loans to certain special act school districts or approved special education providers THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. The state finance law is amended by adding a new section 2 99-w to read as follows: 3 S 99-W. SPECIAL EDUCATION SHORT-TERM REVOLVING LOAN FUND. 1. THERE IS 4 HEREBY ESTABLISHED IN THE JOINT CUSTODY OF THE COMPTROLLER AND THE 5 COMMISSIONER OF TAXATION AND FINANCE A FUND TO BE KNOWN AS THE SPECIAL 6 EDUCATION SHORT-TERM REVOLVING LOAN FUND. SUCH FUND SHALL CONSIST OF 7 MONEYS MADE AVAILABLE PURSUANT TO APPROPRIATION AND ANY OTHER SOURCES IN 8 ORDER TO PROVIDE SUPPORT FOR PROMPT CONTRACTING WITH AND PAYMENT OF 9 NOT-FOR-PROFIT ORGANIZATIONS. 10 2. MONEYS OF THE FUND MAY BE EXPENDED PURSUANT TO SECTION ONE HUNDRED 11 SEVENTY-NINE-FF OF THIS CHAPTER. MONEYS SHALL BE PAID OUT OF THE FUND ON 12 THE AUDIT AND WARRANT OF THE STATE COMPTROLLER PURSUANT TO SUCH SECTION. 13 S 2. The state finance law is amended by adding a new section 179-ff 14 to read as follows: 15 S 179-FF. SPECIAL EDUCATION SHORT-TERM REVOLVING LOANS. 1. THE COMP- 16 TROLLER IS AUTHORIZED TO PROVIDE LOANS FROM THE SPECIAL EDUCATION 17 SHORT-TERM REVOLVING LOAN FUND ESTABLISHED BY SECTION NINETY-NINE-W OF 18 THIS CHAPTER TO ANY SPECIAL ACT SCHOOL DISTRICT OR APPROVED SPECIAL 19 EDUCATION PROVIDER SEEKING SHORT-TERM FINANCING FOR OPERATIONS, PENDING 20 TUITION PAYMENTS AS AUTHORIZED UNDER SECTION FORTY-FOUR HUNDRED FIVE OF 21 THE EDUCATION LAW. THE COMPTROLLER MAY PROVIDE SUCH A LOAN TO A SPECIAL 22 ACT SCHOOL DISTRICT OR APPROVED SPECIAL EDUCATION PROVIDER UPON RECEIPT EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08707-01-5 A. 4988 2 1 OF A WRITTEN AGREEMENT BETWEEN THE SCHOOL DISTRICT OR PROVIDER AND THE 2 STATE EDUCATION DEPARTMENT OUTLINING THE NEED FOR SUCH LOAN AND THE 3 ANTICIPATED TUITION PAYMENT OR TUITION RECONCILIATION THAT WILL PROVIDE 4 REASONABLE ASSURANCES OF REPAYMENT THAT IS SATISFACTORY TO THE COMP- 5 TROLLER. SUCH LOAN SHALL NOT BEAR INTEREST AND REPAYMENT OF SUCH LOAN 6 MAY BE MADE UPON RECEIPT OF TUITION PAYMENTS AND RECONCILIATIONS, PURSU- 7 ANT TO THE WRITTEN AGREEMENT. 8 2. THE COMPTROLLER SHALL PROMULGATE RULES AND REGULATIONS WITHIN NINE- 9 TY DAYS OF THE EFFECTIVE DATE OF THIS SECTION FOR THE OPERATION OF THE 10 SPECIAL EDUCATION SHORT-TERM REVOLVING LOAN FUND WHICH SHALL INCLUDE, 11 BUT NOT BE LIMITED TO, THE CRITERIA TO BE USED IN DETERMINING SCHOOLS 12 AND SCHOOL DISTRICTS ELIGIBLE FOR ASSISTANCE; A PROCEDURE AND ANY NECES- 13 SARY INFORMATION THAT SCHOOLS AND SCHOOL DISTRICTS NEED TO SUBMIT APPLI- 14 CATIONS FOR A LOAN FROM THIS FUND; A SCHEDULE FOR REVIEWING SUCH APPLI- 15 CATIONS, NOT TO EXCEED THIRTY DAYS, AND NOTIFICATION TO AN APPLICANT OF 16 APPROVAL OR DISAPPROVAL OF SUCH APPLICATION FOR INTERIM FUNDING; AND ANY 17 OTHER REQUIREMENTS DEEMED NECESSARY BY THE COMPTROLLER. 18 S 3. This act shall take effect immediately.