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Senate Bill S7665

2021-2022 Legislative Session

Relates to creating the New York state private not-for-profit special education schools revolving loan fund; appropriation

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Archive: Last Bill Status - In Senate Committee Finance Committee

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2021-S7665 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Appropriations
Laws Affected:
Add §4409, Ed L

2021-S7665 (ACTIVE) - Summary

Creates the New York state private not-for-profit special education schools revolving loan fund to provide zero interest loans to private not-for-profit special education schools in NYC to cover a portion of tuition costs for up to two years; appropriates two hundred million dollars.

2021-S7665 (ACTIVE) - Sponsor Memo

2021-S7665 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7665
 
                             I N  S E N A T E
 
                              January 5, 2022
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN  ACT to amend the education law, in relation to creating the New York
   state private not-for-profit special education schools revolving  loan
   fund; and making an appropriation therefor
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The education law is amended by adding a new  section  4409
 to read as follows:
   §  4409. REVOLVING LOAN FUND FOR PRIVATE NOT-FOR-PROFIT SPECIAL EDUCA-
 TION SCHOOLS IN CITIES WITH A POPULATION OF  ONE  MILLION  OR  MORE.  1.
 THERE  IS  HEREBY  ESTABLISHED  A FUND TO BE KNOWN AS THE NEW YORK STATE
 PRIVATE NOT-FOR-PROFIT SPECIAL EDUCATION SCHOOLS  REVOLVING  LOAN  FUND.
 SUCH  FUND  SHALL CONSIST OF MONEYS MADE AVAILABLE PURSUANT TO APPROPRI-
 ATION AND ANY OTHER SOURCES IN ORDER TO PROVIDE SUPPORT TO PRIVATE  NOT-
 FOR-PROFIT SCHOOLS FOR SPECIAL EDUCATION STUDENTS OF SCHOOL AGE APPROVED
 PURSUANT  TO  SECTION  FORTY-FOUR HUNDRED FOUR OF THIS ARTICLE. THE FUND
 SHALL BE ADMINISTERED BY THE DEPARTMENT;  PROVIDED,  HOWEVER,  THAT  THE
 COMMISSIONER MAY ENTER INTO AN AGREEMENT WITH A BANK OR TRUST COMPANY TO
 ADMINISTER LOANS UNDER THIS SECTION.
   2.  (A)  LOANS  UNDER  THIS  SECTION SHALL BE INTEREST FREE, EXCEPT AS
 OTHERWISE PROVIDED IN THIS SUBDIVISION.  A SCHOOL SHALL  BE  ALLOWED  TO
 SUBMIT  ONE LOAN REQUEST APPLICATION EVERY TWO YEARS. THE LENDING PERIOD
 SHALL BE A MAXIMUM OF TWENTY-FOUR MONTHS. A SCHOOL SHALL SUBMIT  TO  THE
 DEPARTMENT  A LOAN REPAYMENT SCHEDULE DETAILING HOW THE FULL AMOUNT WILL
 BE REPAID WITHIN THE FINAL NINETY DAYS OF  THE  TWENTY-FOUR  MONTH  LOAN
 PERIOD AND COMPLETE ALL PAYMENTS AS PER THAT SCHEDULE. IF A SCHOOL FAILS
 TO  COMPLY  WITH SUCH SCHEDULE IT WILL NOT RECEIVE ANY NEW FUNDING UNTIL
 THE LOAN IS FULLY REPAID. AN INTEREST RATE  OF  SIX  PERCENT  PER  ANNUM
 SHALL BE CHARGED FOR EACH MONTH THAT A LOAN PAYMENT IS IN ARREARS.
   (B) ALL NEW LOAN REQUEST APPLICATIONS SHALL BE SUBMITTED NO LATER THAN
 THE  LAST  DAY  OF  THE TWENTY-FIRST MONTH IN THE TWENTY-FOUR MONTH LOAN
 PERIOD. THE COMPTROLLER SHALL DETERMINE IF AVAILABLE FUNDS  CAN  SATISFY
 THE  LOAN  REQUESTS  OF  ALL  SUCH ELIGIBLE APPLICATIONS BY THE FIRST OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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