Bill Text: NY S04447 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to establishing the state university of New York and city university of New York endowment fund.
Spectrum: Partisan Bill (Democrat 9-0)
Status: (Introduced - Dead) 2020-01-08 - REFERRED TO FINANCE [S04447 Detail]
Download: New_York-2019-S04447-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4447 2019-2020 Regular Sessions IN SENATE March 11, 2019 ___________ Introduced by Sens. MAY, BENJAMIN, GOUNARDES, JACKSON, KENNEDY, MONTGOM- ERY, SALAZAR, STAVISKY -- read twice and ordered printed, and when printed to be committed to the Committee on Finance AN ACT to amend the state finance law, in relation to establishing the state university of New York and the city university of New York endowment fund 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 92-ii to read as follows: 3 § 92-ii. State university of New York and city university of New York 4 endowment fund. 1. There is hereby established in the custody of the 5 comptroller a fund to be known as the state university of New York and 6 city university of New York endowment fund. Notwithstanding any other 7 provision of law, all of the assets and income of the endowment shall be 8 held and invested by the comptroller as 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 transferred into such endow- 12 ment, and any other amounts as may be deposited in the endowment from 13 other public or private sources. Notwithstanding any provision of the 14 law to the contrary, in addition to any other amounts transferred or 15 deposited, ten percent of all moneys received as the result of the 16 settlement or compromise of or from any judgment arising from any claim 17 or cause of action brought by the state or any agency thereof shall be 18 transferred and paid to the state comptroller, and the comptroller shall 19 deposit such moneys into the state university of New York and city 20 university of New York endowment fund. 21 3. Amounts transferred to or deposited into the endowment shall be 22 dedicated to the state university of New York and/or the city university 23 of New York, and shall be used for no other purpose, and distributions EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05014-01-9S. 4447 2 1 from the endowment shall be used to supplement, rather than supplant, 2 appropriations from the state in support of the state university of New 3 York and the city university of New York. The full amount of the princi- 4 pal of the endowment shall be preserved and annual payments shall be 5 made from the investment earnings of the endowment in support of the 6 state university of New York and the city university of New York, to 7 provide funding for purposes as determined by the boards of trustees of 8 the state university of New York and the city university of New York 9 which may include, but shall not be limited to, employment of additional 10 full-time faculty members, student financial aid to improve access, 11 grants for research and development, and for additional higher education 12 purposes as may be authorized. 13 § 2. This act shall take effect immediately.