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Assembly Bill A5354

2023-2024 Legislative Session

Relates to limiting certain state aid for universities with large endowments

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Archive: Last Bill Status - In Assembly Committee

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2023-A5354 (ACTIVE) - Details

Current Committee:
Assembly Higher Education
Law Section:
Education Law
Laws Affected:
Add §358-a, Ed L; add §1679-d, Pub Auth L

2023-A5354 (ACTIVE) - Summary

Limits certain state aid for universities with large endowments except to fund tuition assistance programs.

2023-A5354 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5354
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 7, 2023
                                ___________
 
 Introduced  by  M.  of  A.  O'DONNELL  --  read once and referred to the
   Committee on Higher Education
 
 AN ACT to amend the education law and the  public  authorities  law,  in
   relation to state funding for certain higher educational institutions
 
   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  358-a
 to read as follows:
   §  358-A.  LIMITS  ON  STATE AID FOR CERTAIN HIGHER EDUCATIONAL INSTI-
 TUTIONS. NOTWITHSTANDING SECTION THREE HUNDRED FIFTY-EIGHT OF THIS ARTI-
 CLE, OR ANY OTHER PROVISION OF LAW, NO STATE AID SHALL  BE  PROVIDED  TO
 ANY  HIGHER  EDUCATIONAL  INSTITUTION WHICH HAS AN ENDOWMENT OF OVER TEN
 BILLION DOLLARS, AND WHICH IS LOCATED IN A CITY WITH A POPULATION OF ONE
 MILLION OR MORE; PROVIDED, HOWEVER, THAT STATE AID MAY BE  PROVIDED  FOR
 THE PURPOSE OF TUITION ASSISTANCE PROGRAMS.
   §  2.  The  public  authorities law is amended by adding a new section
 1679-d to read as follows:
   § 1679-D. LIMITS ON ISSUING BONDS AND NOTES FOR CERTAIN HIGHER  EDUCA-
 TIONAL  INSTITUTIONS.  NOTWITHSTANDING ANY OTHER PROVISION OF THIS ARTI-
 CLE, THE DORMITORY AUTHORITY OF THE STATE OF NEW YORK  SHALL  NOT  ISSUE
 BONDS  AND  NOTES  FOR  ANY  HIGHER EDUCATIONAL INSTITUTION WHICH HAS AN
 ENDOWMENT OF OVER TEN BILLION DOLLARS AND WHICH IS  LOCATED  IN  A  CITY
 WITH A POPULATION OF ONE MILLION OR MORE.
   § 3. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08632-02-3

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