S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2074--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2017
                                ___________
 
 Introduced  by  Sens.  LAVALLE, AKSHAR, FUNKE, ORTT, PERALTA, RITCHIE --
   read twice and ordered printed, and when printed to  be  committed  to
   the Committee on Finance -- recommitted to the Committee on Finance in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 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 Section 92-ee of the state finance law is  REPEALED  and  a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:
   § 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-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD03146-02-8

 S. 2074--A                          2
 
 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-
 SITY  OF  NEW  YORK AND THEIR COMMUNITY COLLEGES PURSUANT TO SUBDIVISION
 TWO OF THIS SECTION.
   4. THE AMOUNT OF ANNUAL PAYMENTS FROM INVESTMENT EARNINGS DISBURSED TO
 THE STATE UNIVERSITY OF NEW YORK AND THE CITY  UNIVERSITY  OF  NEW  YORK
 SHALL  BE PROPORTIONAL TO THE NUMBER OF STUDENTS ENROLLED SYSTEM-WIDE AT
 EACH  PUBLIC  HIGHER  EDUCATION  SYSTEM.  THE  ANNUAL  AMOUNT  OF  MONEY
 DISBURSED TO THE STATE UNIVERSITY OF NEW YORK AND THE CITY UNIVERSITY OF
 NEW  YORK  SHALL  BE  ALLOCATED  TO  THE CAMPUSES WITHIN SUCH RESPECTIVE
 UNIVERSITY SYSTEM.
   5. ALLOCATION OF ENDOWMENT MONEY TO THE CAMPUSES AT THE STATE  UNIVER-
 SITY  OF  NEW  YORK  AND CITY UNIVERSITY OF NEW YORK MUST, AT A MINIMUM,
 PROVIDE THAT EVERY  CAMPUS  IN  SUCH  PUBLIC  HIGHER  EDUCATION  SYSTEMS
 RECEIVES AN ANNUAL ALLOCATION OF FUNDS.
   6.  THE  STATE  UNIVERSITY  OF NEW YORK AND THE CITY UNIVERSITY OF NEW
 YORK SHALL GIVE FIRST PREFERENCE TO QUALIFIED  PART-TIME  OR  CONTINGENT
 FACULTY  OR  QUALIFIED  PART-TIME  OR CONTINGENT PROFESSIONAL STAFF WHEN
 HIRING ADDITIONAL FULL-TIME FACULTY OR PROFESSIONAL STAFF.
   § 2. This act shall take effect April 1, 2019.