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.
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