Bill Text: NY A05368 | 2015-2016 | General Assembly | Amended

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

Spectrum: Slight Partisan Bill (Democrat 4-2)

Status: (Engrossed - Dead) 2016-06-09 - REFERRED TO FINANCE [A05368 Detail]

Download: New_York-2015-A05368-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         5368--A
                               2015-2016 Regular Sessions
                   IN ASSEMBLY
                                    February 20, 2015
                                       ___________
        Introduced  by  M.  of  A. GLICK, FAHY -- Multi-Sponsored by -- M. of A.
          RAIA -- read once and referred to the Committee on Higher Education --
          recommitted to the Committee on Higher Education  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 Section 92-ee of the state finance law is  REPEALED  and  a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-
    20  tion  or any campus foundation or affiliated entity of the state univer-
    21  sity of New York or city  university  of  New  York.  Provided  further,
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03376-03-6