S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1190
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2019
                                ___________
 
 Introduced  by 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
   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:
 
   Section  1.  The  state finance law is amended by adding a new section
 92-ii to read as follows:
   § 92-II. STATE UNIVERSITY OF NEW YORK AND CITY UNIVERSITY OF NEW  YORK
 ENDOWMENT  FUND.    1. THERE IS HEREBY ESTABLISHED IN THE CUSTODY OF THE
 COMPTROLLER A FUND TO BE KNOWN AS THE STATE UNIVERSITY OF NEW  YORK  AND
 CITY  UNIVERSITY  OF NEW YORK ENDOWMENT FUND.  NOTWITHSTANDING ANY OTHER
 PROVISION OF LAW, ALL OF THE ASSETS AND INCOME OF THE ENDOWMENT SHALL BE
 HELD AND INVESTED BY THE  COMPTROLLER  AS  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 TRANSFERRED INTO SUCH ENDOW-
 MENT,  AND  ANY  OTHER AMOUNTS AS MAY BE DEPOSITED IN THE ENDOWMENT FROM
 OTHER PUBLIC OR PRIVATE SOURCES. NOTWITHSTANDING ANY  PROVISION  OF  THE
 LAW  TO  THE  CONTRARY,  IN ADDITION TO ANY OTHER AMOUNTS TRANSFERRED OR
 DEPOSITED, TEN PERCENT OF ALL MONEYS  RECEIVED  AS  THE  RESULT  OF  THE
 SETTLEMENT  OR COMPROMISE OF OR FROM ANY JUDGMENT ARISING FROM ANY CLAIM
 OR CAUSE OF ACTION BROUGHT BY THE STATE OR ANY AGENCY THEREOF  SHALL  BE
 TRANSFERRED AND PAID TO THE STATE COMPTROLLER, AND THE COMPTROLLER SHALL
 DEPOSIT  SUCH  MONEYS  INTO  THE  STATE  UNIVERSITY OF NEW YORK AND CITY
 UNIVERSITY OF NEW YORK ENDOWMENT FUND.
   3. AMOUNTS TRANSFERRED TO OR DEPOSITED INTO  THE  ENDOWMENT  SHALL  BE
 DEDICATED TO THE STATE UNIVERSITY OF NEW YORK AND/OR THE CITY UNIVERSITY
 OF  NEW  YORK, AND SHALL BE USED FOR NO OTHER PURPOSE, AND DISTRIBUTIONS
 FROM THE ENDOWMENT SHALL BE USED TO SUPPLEMENT,  RATHER  THAN  SUPPLANT,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD05014-01-9

 A. 1190                             2
 
 APPROPRIATIONS  FROM THE STATE IN SUPPORT OF THE STATE UNIVERSITY OF NEW
 YORK AND THE CITY UNIVERSITY OF NEW YORK. THE FULL AMOUNT OF THE PRINCI-
 PAL OF THE ENDOWMENT SHALL BE PRESERVED AND  ANNUAL  PAYMENTS  SHALL  BE
 MADE  FROM  THE  INVESTMENT  EARNINGS OF THE ENDOWMENT IN SUPPORT OF THE
 STATE UNIVERSITY OF NEW YORK AND THE CITY UNIVERSITY  OF  NEW  YORK,  TO
 PROVIDE  FUNDING FOR PURPOSES AS DETERMINED BY THE BOARDS OF TRUSTEES OF
 THE STATE UNIVERSITY OF NEW YORK AND THE CITY  UNIVERSITY  OF  NEW  YORK
 WHICH MAY INCLUDE, BUT SHALL NOT BE LIMITED TO, EMPLOYMENT OF ADDITIONAL
 FULL-TIME  FACULTY  MEMBERS,  STUDENT  FINANCIAL  AID TO IMPROVE ACCESS,
 GRANTS FOR RESEARCH AND DEVELOPMENT, AND FOR ADDITIONAL HIGHER EDUCATION
 PURPOSES AS MAY BE AUTHORIZED.
   § 2. This act shall take effect immediately.