Bill Text: NY S07134 | 2009-2010 | General Assembly | Introduced

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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 1-0)

Status: (Engrossed - Dead) 2010-06-25 - referred to education [S07134 Detail]

Download: New_York-2009-S07134-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7134
                                   I N  S E N A T E
                                    March 15, 2010
                                      ___________
       Introduced  by  Sen.  OPPENHEIMER -- 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
         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-t to read as follows:
    3    S 99-T. 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-T  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
   23  OF A WRITTEN AGREEMENT BETWEEN THE SCHOOL DISTRICT OR PROVIDER  AND  THE
   24  STATE  EDUCATION  DEPARTMENT  OUTLINING  THE  NEED FOR SUCH LOAN AND THE
   25  ANTICIPATED TUITION PAYMENT OR TUITION RECONCILIATION THAT WILL  PROVIDE
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD16395-01-0
       S. 7134                             2
    1  REASONABLE  ASSURANCES  OF  REPAYMENT  THAT IS SATISFACTORY TO THE COMP-
    2  TROLLER. SUCH LOAN SHALL NOT BEAR INTEREST AND REPAYMENT  OF  SUCH  LOAN
    3  MAY BE MADE UPON RECEIPT OF TUITION PAYMENTS AND RECONCILIATIONS, PURSU-
    4  ANT TO THE WRITTEN AGREEMENT.
    5    2. THE COMPTROLLER SHALL PROMULGATE RULES AND REGULATIONS WITHIN NINE-
    6  TY  DAYS  OF THE EFFECTIVE DATE OF THIS SECTION FOR THE OPERATION OF THE
    7  SPECIAL EDUCATION SHORT-TERM REVOLVING LOAN FUND  WHICH  SHALL  INCLUDE,
    8  BUT  NOT  BE  LIMITED TO, THE CRITERIA TO BE USED IN DETERMINING SCHOOLS
    9  AND SCHOOL DISTRICTS ELIGIBLE FOR ASSISTANCE; A PROCEDURE AND ANY NECES-
   10  SARY INFORMATION THAT SCHOOLS AND SCHOOL DISTRICTS NEED TO SUBMIT APPLI-
   11  CATIONS FOR A LOAN FROM THIS FUND; A SCHEDULE FOR REVIEWING SUCH  APPLI-
   12  CATIONS,  NOT TO EXCEED THIRTY DAYS, AND NOTIFICATION TO AN APPLICANT OF
   13  APPROVAL OR DISAPPROVAL OF SUCH APPLICATION FOR INTERIM FUNDING; AND ANY
   14  OTHER REQUIREMENTS DEEMED NECESSARY BY THE COMPTROLLER.
   15    S 3. This act shall take effect immediately.