Assembly Actions -
Senate Actions - UPPERCASE
|Jan 08, 2020||
referred to finance
|Mar 11, 2019||
referred to finance
Senate Bill S4447
2019-2020 Legislative Session
Archive: Last Bill Status - In Senate Committee Finance Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2019-S4447 (ACTIVE) - Details
2019-S4447 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4447 SPONSOR: MAY 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 by adding section 92-ii which establishes the state university of New York 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 endow- ment fund and the city university of New York endowment fund will be
2019-S4447 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4447 2019-2020 Regular Sessions I N S E N A T E March 11, 2019 ___________ Introduced by Sens. MAY, BENJAMIN, GOUNARDES, JACKSON, KENNEDY, MONTGOM- ERY, SALAZAR, STAVISKY -- 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 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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