senate Bill S4447

2019-2020 Legislative Session

Relates to establishing the state university of New York and city university of New York endowment fund

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Sponsored By

Current Bill Status - In Senate Committee Finance Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to finance
Mar 11, 2019 referred to finance

Co-Sponsors

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S4447 (ACTIVE) - Details

See Assembly Version of this Bill:
A1190
Current Committee:
Senate Finance
Law Section:
State Finance Law
Laws Affected:
Add §92-ii, St Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10297
2017-2018: A3715

S4447 (ACTIVE) - Summary

Relates to establishing the state university of New York and city university of New York endowment fund.

S4447 (ACTIVE) - Sponsor Memo

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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