Assembly Bill A9200

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9200
 
                           I N  A S S E M B L Y
 
                             February 14, 2024
                                ___________
 
 Introduced  by  M.  of  A.  CUNNINGHAM  -- read once and referred to the
   Committee on Higher Education
 
 AN ACT to amend the education law, in relation  to  financing  for  SUNY
   downstate medical center
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. This act shall be known and may be cited as the "SUNY down-
 state medical support act of 2024".
   § 2. Article 5 of the education law is amended by adding  a  new  part
 2-A to read as follows:
 
                                 PART 2-A
                    SUNY DOWNSTATE MEDICAL SUPPORT FUND
 SECTION 286. DEFINITIONS.
         287.  ESTABLISHMENT OF THE FUND.
         288.  OBJECTIVES OF THE FUND.
         289.  CAPITALIZATION OF THE FUND.
         289-A. ADMINISTRATION OF THE FUND.
         289-B. OVERSIGHT AND ACCOUNTABILITY.
 § 286. DEFINITIONS. AS USED IN THIS PART:
   1. "FUND" REFERS TO THE SUNY DOWNSTATE MEDICAL SUPPORT FUND.
   2.  "INSTITUTION"  REFERS  TO  ANY  SUNY  DOWNSTATE  MEDICAL CENTER OR
 HEALTH-RELATED INSTITUTION.
   3. "ELIGIBLE INSTITUTION" REFERS TO ANY INSTITUTION  UNDER  THE  STATE
 UNIVERSITY OF NEW YORK (SUNY) SYSTEM PRIMARILY INVOLVED IN HEALTH EDUCA-
 TION, RESEARCH, AND PATIENT CARE.
   §  287.  ESTABLISHMENT  OF  THE FUND. 1. THERE IS HEREBY ESTABLISHED A
 SPECIAL FUND TO BE KNOWN AS THE "SUNY DOWNSTATE MEDICAL SUPPORT FUND".
   2. THE FUND SHALL CONSIST OF MONIES RAISED  THROUGH  THE  ISSUANCE  OF
 BONDS AS OTHERWISE AUTHORIZED BY LAW, GRANTS FROM ANY GOVERNMENTAL UNIT,
 AND  ANY  ADDITIONAL  APPROPRIATIONS AS SET FORTH IN SECTION TWO HUNDRED
 EIGHTY-NINE OF THIS PART.
   § 288. OBJECTIVES OF THE FUND. THE FUND SHALL BE DEDICATED TO:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14467-01-4
              

 A. 9200                             2
 
   1. PROVIDING FINANCIAL SUPPORT TO ELIGIBLE  INSTITUTIONS  FOR  INFRAS-
 TRUCTURAL UPGRADES AND EXPANSION;
   2. FACILITATING RESEARCH AND DEVELOPMENT GRANTS IN MEDICAL AND HEALTH-
 RELATED FIELDS;
   3.  OFFERING  SCHOLARSHIPS  AND  FINANCIAL  AID  TO STUDENTS ATTENDING
 ELIGIBLE INSTITUTIONS; AND
   4. SUPPORTING COMMUNITY HEALTH INITIATIVES AND OUTREACH  PROGRAMS  LED
 BY ELIGIBLE INSTITUTIONS.
   §  289.  CAPITALIZATION  OF THE FUND. 1. THE INITIAL CAPITALIZATION OF
 THE FUND SHALL BE ATTAINED THROUGH THE ISSUANCE OF REVENUE BONDS BY  THE
 STATE TREASURY.
   2.  BONDS  SHALL  BE TAX-EXEMPT TO ENCOURAGE INVESTMENTS BY INDIVIDUAL
 AND INSTITUTIONAL INVESTORS.
   3. THE STATE SHALL PLEDGE TO ALLOCATE A PORTION  OF  ANNUAL  BUDGETARY
 SURPLUSES  TO  THE FUND TO ENSURE ITS GROWTH AND SUSTAINABILITY, SUBJECT
 TO LEGISLATIVE APPROPRIATION.
   § 289-A. ADMINISTRATION OF THE FUND. 1. THE FUND SHALL BE ADMINISTERED
 BY A BOARD CONSISTING OF THE CHANCELLOR OF  THE  STATE  UNIVERSITY,  THE
 PRESIDENT OF SUNY DOWNSTATE MEDICAL CENTER, AND THREE ADDITIONAL MEMBERS
 APPOINTED BY THE GOVERNOR, WITH ADVICE AND CONSENT FROM THE LEGISLATURE.
   2.  THE  BOARD  SHALL  MEET QUARTERLY TO REVIEW THE PERFORMANCE OF THE
 FUND, AUTHORIZE DISBURSEMENTS, AND ENSURE COMPLIANCE WITH THE OBJECTIVES
 OF THIS PART.
   3. AN ANNUAL REPORT SHALL BE SUBMITTED TO  THE  LEGISLATURE  DETAILING
 THE FUND'S ACTIVITIES, FINANCIAL HEALTH, AND CONTRIBUTIONS TO THE ELIGI-
 BLE INSTITUTIONS.
   §  289-B.  OVERSIGHT AND ACCOUNTABILITY. 1. THE MANAGEMENT OF THE FUND
 SHALL BE SUBJECT  TO  OVERSIGHT  BY  THE  LEGISLATIVE  HIGHER  EDUCATION
 COMMITTEES.
   2.  THE  OVERSIGHT  COMMITTEES  SHALL  CONDUCT A JOINT ANNUAL AUDIT TO
 ENSURE PROPER USE OF THE FUND'S RESOURCES.
   § 3. Severability. If any clause,  sentence,  paragraph,  subdivision,
 section  or part of this act shall be adjudged by any court of competent
 jurisdiction to be invalid, such judgment shall not affect,  impair,  or
 invalidate the remainder thereof, but shall be confined in its operation
 to the clause, sentence, paragraph, subdivision, section or part thereof
 directly  involved  in the controversy in which such judgment shall have
 been rendered. It is hereby declared to be the intent of the legislature
 that this act would have been enacted even if  such  invalid  provisions
 had not been included herein.
   § 4. This act shall take effect immediately.