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.
                                                                   LBD05014-01-9

        S. 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.
feedback