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Senate Bill S7338

2011-2012 Legislative Session

Establishes the "rebuild and renew public higher education facilities fund"

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Archive: Last Bill Status - In Senate Committee Finance Committee

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2011-S7338 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
State Finance Law
Laws Affected:
Add ยง99-u, St Fin L
Versions Introduced in Other Legislative Sessions:
2013-2014: S1656
2015-2016: S1616
2017-2018: S2549

2011-S7338 (ACTIVE) - Summary

Establishes the "rebuild and renew public higher education facilities fund".

2011-S7338 (ACTIVE) - Sponsor Memo

2011-S7338 (ACTIVE) - Bill Text download pdf 

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

                                  7338

                            I N  S E N A T E

                               May 2, 2012
                               ___________

Introduced  by Sens. LAVALLE, RITCHIE -- 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
  "rebuild and renew public higher education facilities 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
99-u to read as follows:
  S  99-U. REBUILD AND RENEW PUBLIC HIGHER EDUCATION FACILITIES FUND. 1.
THERE IS HEREBY ESTABLISHED IN THE JOINT  CUSTODY  OF  THE  STATE  COMP-
TROLLER  AND  THE COMMISSIONER OF TAXATION AND FINANCE A SPECIAL FUND TO
BE KNOWN AS THE "REBUILD AND RENEW PUBLIC  HIGHER  EDUCATION  FACILITIES
FUND."
  2.  THIS FUND SHALL CONTAIN ALL MONEYS APPROPRIATED BY THE LEGISLATURE
AND PROCEEDS RECEIVED FROM THE SALE OF STATE PERSONAL INCOME TAX REVENUE
BONDS BY AUTHORIZED  ISSUERS  PURSUANT  TO  SECTIONS  SIXTY-EIGHT-A  AND
SIXTY-EIGHT-B OF THIS CHAPTER. SUCH MONEYS SHALL BE USED ONLY TO PAY FOR
THE  COST  OF  UNANTICIPATED  EMERGENCY REPAIRS INCLUDING MAJOR FACILITY
REHABILITATION OR REPLACEMENT TO ANY PUBLIC  HIGHER  EDUCATION  FACILITY
CAUSED  BY  BUT  NOT LIMITED TO, FIRE, FLOOD, HAZARDOUS MATERIAL CONTAM-
INATION, INCLEMENT WEATHER, ACTS OF GOD  OR  ANY  OTHER  INCIDENT  WHICH
CAUSES UNANTICIPATED DAMAGE TO SUCH FACILITIES.
  3.  EXPENDITURES FROM THIS FUND SHALL BE MADE ONLY UPON THE WARRANT OF
A CHANCELLOR OF A PUBLIC HIGHER EDUCATION SYSTEM AND THE ISSUANCE  OF  A
CERTIFICATE OF AVAILABILITY OF FUNDS BY THE DIRECTOR OF THE BUDGET. SUCH
WARRANTS  AND  CERTIFICATES  SHALL BE FILED WITH THE CHAIR OF THE SENATE
FINANCE COMMITTEE, THE CHAIR OF THE ASSEMBLY WAYS  AND  MEANS  COMMITTEE
AND THE STATE COMPTROLLER.
  4. STATE PERSONAL INCOME TAX REVENUE BONDS ISSUED PURSUANT TO SECTIONS
SIXTY-EIGHT-A  AND  SIXTY-EIGHT-B  OF  THIS CHAPTER ARE AUTHORIZED TO BE
SOLD TO REIMBURSE THE STATE FOR EXPENDITURES MADE FOR THE  PURPOSES  SET
FORTH IN SUBDIVISION TWO OF THIS SECTION.
  S  2.  This  act  shall take effect immediately and shall be deemed to
have been in full force and effect on and after January 1, 2011.

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

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