Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 17, 2016 |
recommitted to rules |
Jun 16, 2016 |
ordered to third reading cal.1883 |
Jun 09, 2016 |
referred to rules |
Senate Bill S8066
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Rules 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
Actions
Votes
2015-S8066 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10297
- Current Committee:
- Senate Rules
- Law Section:
- State Finance Law
- Laws Affected:
- Add §92-gg, St Fin L
- Versions Introduced in Other Legislative Sessions:
-
2017-2018:
A3715
2019-2020: A1190
2015-S8066 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8066 TITLE OF BILL : 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 PURPOSE : The purpose of this bill is to create an endowment fund for both the state university of New York and the city university of New York with funds being held and invested by the comptroller. SUMMARY OF PROVISIONS : Section 1. Amends the state finance law be adding section 92-gg which establishes the state university of New York endowment fund and the city university of New York endowment fund which will be in the custody of the comptroller. The assets and income held within the funds will be held and invested by the comptroller as the trustee. The state university of New York endowment fund and the city university of New York endowment fund will be made up of any funds that are transferred to these endowments as well as any other deposits made from other public or private sources. Also, ten percent of money received from settlements or judgments in claims or causes of actions
2015-S8066 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8066 I N S E N A T E June 9, 2016 ___________ Introduced by Sen. ROBACH -- read twice and ordered printed, and when printed to be committed to the Committee on Rules 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-gg to read as follows: S 92-GG. 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, 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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