Bill Text: NY A05354 | 2023-2024 | General Assembly | Introduced

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Bill Title: Limits certain state aid for universities with large endowments except to fund tuition assistance programs.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to higher education [A05354 Detail]

Download: New_York-2023-A05354-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5354

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      March 7, 2023
                                       ___________

        Introduced  by  M.  of  A.  O'DONNELL  --  read once and referred to the
          Committee on Higher Education

        AN ACT to amend the education law and the  public  authorities  law,  in
          relation to state funding for certain higher educational institutions

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The education law is amended by adding a new section  358-a
     2  to read as follows:
     3    §  358-a.  Limits  on  state aid for certain higher educational insti-
     4  tutions. Notwithstanding section three hundred fifty-eight of this arti-
     5  cle, or any other provision of law, no state aid shall  be  provided  to
     6  any  higher  educational  institution which has an endowment of over ten
     7  billion dollars, and which is located in a city with a population of one
     8  million or more; provided, however, that state aid may be  provided  for
     9  the purpose of tuition assistance programs.
    10    §  2.  The  public  authorities law is amended by adding a new section
    11  1679-d to read as follows:
    12    § 1679-d. Limits on issuing bonds and notes for certain higher  educa-
    13  tional  institutions.  Notwithstanding any other provision of this arti-
    14  cle, the dormitory authority of the state of New York  shall  not  issue
    15  bonds  and  notes  for  any  higher educational institution which has an
    16  endowment of over ten billion dollars and which is  located  in  a  city
    17  with a population of one million or more.
    18    § 3. This act shall take effect immediately.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08632-02-3