Assembly Bill A10010

2013-2014 Legislative Session

Establishes the "public higher education quality initiative endowment" fund; repealer

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A10010 (ACTIVE) - Details

See Senate Version of this Bill:
S7807
Current Committee:
Assembly Higher Education
Law Section:
State Finance Law
Laws Affected:
Rpld & add §92-ee, St Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: A5368, S275
2017-2018: A3648, S2074
2019-2020: A7406, S5740

2013-A10010 (ACTIVE) - Summary

Establishes the "public higher education quality initiative endowment" fund.

2013-A10010 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10010

                          I N  A S S E M B L Y

                              June 6, 2014
                               ___________

Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Glick) --
  read once and referred to the Committee on Higher Education

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:

  Section  1.  Section  92-ee of the state finance law is REPEALED and a
new section 92-ee is added to read as follows:
  S 92-EE. PUBLIC HIGHER EDUCATION QUALITY INITIATIVE ENDOWMENT FUND. 1.
THERE IS HEREBY ESTABLISHED IN THE CUSTODY OF THE COMPTROLLER A FUND  TO
BE  KNOWN AS THE "PUBLIC HIGHER EDUCATION QUALITY INITIATIVE ENDOWMENT",
HEREINAFTER, "THE ENDOWMENT." NOTWITHSTANDING ANY  OTHER  PROVISIONS  OF
LAW,  ALL  OF  THE  ASSETS AND INCOME OF THE ENDOWMENT SHALL BE HELD AND
INVESTED BY THE COMPTROLLER AS  THE  SOLE  TRUSTEE  OF  SUCH  ENDOWMENT,
EXCEPT SUCH INCOME AS MAY BE ALLOCATED OR DISTRIBUTED BY THE COMPTROLLER
PURSUANT TO APPROPRIATION.
  2.  THE ENDOWMENT SHALL CONSIST OF AMOUNTS APPROPRIATED OR TRANSFERRED
INTO SUCH ENDOWMENT, AND ANY OTHER AMOUNTS AS MAY BE  DEPOSITED  IN  THE
ENDOWMENT FROM ANY OTHER PUBLIC OR PRIVATE SOURCES. AMOUNTS APPROPRIATED
TO,  TRANSFERRED  TO, OR DEPOSITED INTO THE ENDOWMENT SHALL BE DEDICATED
TO THE SOLE PURPOSE OF HIRING FULL-TIME FACULTY AND  PROFESSIONAL  STAFF
AT THE STATE UNIVERSITY OF NEW YORK, THE CITY UNIVERSITY OF NEW YORK AND
THEIR  COMMUNITY  COLLEGES  AND  SHALL  NOT  BE  USED TO HIRE ADDITIONAL
RESEARCH FACULTY OR STAFF TO BE EMPLOYED AT THE STATE UNIVERSITY OF  NEW
YORK  RESEARCH  FOUNDATION, CITY UNIVERSITY OF NEW YORK RESEARCH FOUNDA-
TION OR ANY CAMPUS FOUNDATION OR AFFILIATED ENTITY OF THE STATE  UNIVER-
SITY  OF  NEW  YORK  OR  CITY  UNIVERSITY OF NEW YORK. PROVIDED FURTHER,
MONEYS IN THE ENDOWMENT MAY NOT BE INTERCHANGED OR COMMINGLED  WITH  ANY
OTHER ACCOUNT OR FUND.
  3.  THE  FULL  AMOUNT  OF  THE  PRINCIPAL  OF  THE  ENDOWMENT SHALL BE
PRESERVED AND ANNUAL PAYMENTS SHALL BE MADE FROM THE INVESTMENT EARNINGS
OF THE ENDOWMENT FOR THE SOLE PURPOSE OF HIRING  FULL-TIME  FACULTY  AND
PROFESSIONAL STAFF AT THE STATE UNIVERSITY OF NEW YORK, THE CITY UNIVER-

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

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