S08255 Summary:
| BILL NO | S08255 |
| SAME AS | No Same As |
| SPONSOR | SERRANO |
| COSPNSR | |
| MLTSPNSR | |
| Amd 97-v, St Fin L | |
| Renames the New York state musical instrument revolving fund as the New York state music grant fund; broadens the use of such funds to be available as grants to not-for-profit symphony orchestras and/or other not-for-profit musical entities incorporated in the state and organized for the purpose of the presentation of performing arts and education in the performing arts for the benefit of the public and which have been approved pursuant to guidelines established by the council. | |
S08255 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 8255 2025-2026 Regular Sessions IN SENATE May 27, 2025 ___________ Introduced by Sen. SERRANO -- (at request of the NYS Council on The Arts) -- 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 the New York state musical instrument revolving fund The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 97-v of the state finance law, as added by chapter 2 851 of the laws of 1983, subdivision 3 as amended by chapter 83 of the 3 laws of 1995, is amended to read as follows: 4 § 97-v. New York state [musical instrument revolving] music grant 5 fund. 1. There is hereby established in the custody of the state comp- 6 troller, a special fund to be known as the "New York state [musical7instrument revolving] music grant fund". 8 2. The fund shall consist of all monies appropriated for its purpose, 9 all monies transferred to such fund pursuant to law and all monies 10 required by the provisions of this section or any other law to be paid 11 into or credited to this fund, including all monies received by the fund 12 or donated to it. The total of monies deposited as a result of appropri- 13 ations from state funds into this fund shall not exceed the sum of five 14 hundred thousand dollars. Monies in the fund shall be kept separate and 15 shall not be commingled with any other monies otherwise appropriated or 16 received except as hereby provided. 17 3. Monies of the fund, when allocated, shall be available to the New 18 York state council on the arts for the purpose of providing assistance, 19 excluding administrative costs, for [the loan, lease and purchase of20musical instruments and other related property and equipment, as herein21provided, by] grants to not-for-profit symphony orchestras and/or other 22 not-for-profit musical entities incorporated in the state and organized 23 for the purpose of the presentation of performing arts for the benefit 24 of the public and which have been approved pursuant to guidelines estab- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09945-01-5S. 8255 2 1 lished by the council. Such monies shall also be available for adminis- 2 trative costs of the council pursuant to approval by the director of the 3 budget. [Notwithstanding any other inconsistent provisions of this chap-4ter, should the council determine that there is a compelling need for5the loan, lease or purchase of property or equipment other than musical6instruments by not-for-profit symphony orchestras and/or other not-for-7profit musical entities incorporated in the state and organized for the8purpose of the presentation of performing arts for the benefit of the9public, and upon approval of the director of the budget, the council may10assist such organization in acquiring such equipment in accordance with11guidelines established by the council. The council shall contract with12one or more not-for-profit entities which shall distribute such monies,13however, in no case shall monies of the fund be distributed nor shall a14contract to distribute such monies be approved unless the fund shall15have sufficient monies to effectuate all such approved distributions and16contracts.17Purchases, leases and loans of musical instruments and other equipment18shall not be approved or effected if such purchases, leases or loans are19eligible for financing from any other state assistance program.] 20 4. [The state council on the arts shall establish guidelines necessary21to administer the fund. Guidelines shall include, but not be limited to:22qualifications and conditions for assistance, which may require public23service performances, terms of lease or installment sale payments and24finance charges on installment sales at rates of interest which,25notwithstanding any other provision of law, shall not be less than three26per cent per annum nor more than ten per cent per annum, provisions for27insurance of the instrument or other equipment, provisions for necessary28security agreement arrangements, and any other terms and conditions the29council may require as necessary to properly effectuate the provisions30of this section.315. The not-for-profit entity of entities with whom the state council32on the arts has contracted pursuant to subdivision three of this section33shall enter into contractual arrangements with applicants approved by34the council. All contracts must be approved by the state council on the35arts and the comptroller prior to the distribution of any monies there-36under. Such contracts shall assure that the not-for-profit entity or37entities retain title to the instrument or equipment until the38provisions and intent of this section are satisfied.396. Notwithstanding any other provisions of law, should a default in40payment of monies for the purchase or lease of an instrument or other41equipment occur, the council shall so notify the comptroller and the42attorney general who shall take such steps as may be necessary. The43not-for-profit entity or entities, after such notification is made,44shall take steps to effect repossession regardless of whether any note,45memorandum, instrument or other writing has been recorded or regardless46of whether any other person has notice of such possessory rights to the47instrument or equipment. Any contract between the not-for-profit agency48or agencies and a not-for-profit symphony orchestra or other musical49entity authorized by this article, shall assure the right and provide50guarantees for such repossession. Subsequent to the taking of possession51of the instrument or equipment, the comptroller or not-for-profit agency52or agencies may offer the same for sale at public auction to the highest53bidder pursuant to guidelines established by the comptroller.547. The comptroller is authorized to deduct the difference between the55purchaser's or lessee's outstanding obligation at the time of the56auction provided for in subdivision five of this section, and the amountS. 8255 3 1realized from that auction, after deductions for all necessary and prop-2er costs of the auction are made, from any other grant or other assist-3ance approved by the council on the arts for that purchaser. The differ-4ence deducted by the comptroller and the net amount realized from the5auction shall be deposited in the New York state musical instrument6revolving fund.78.] Nothing contained herein shall prevent the council from receiving 8 grants, gifts or bequests for the purposes of the fund as defined in 9 this section and depositing them into the fund according to law. 10 [9. The state council on the arts shall provide by September first of11each year, to the governor, the temporary president of the senate, the12speaker of the assembly, the chairman of the senate finance committee13and the chairman of the assembly ways and means committee, a report14containing guidelines and amendments established by the state council on15the arts and a complete financial statement including, but not limited16to, monies allocated, collected, transferred or otherwise paid or cred-17ited to the fund. A projected schedule of disbursements, receipts and18needs of the fund for the next fiscal year shall be included in each19report. In addition, any amendments to the guidelines shall be provided20to the above listed individuals within thirty days of their establish-21ment by the state council on the arts.2210.] 5. No monies shall be payable from this fund, except on the audit 23 and warrant of the comptroller on vouchers certified and submitted by 24 the [chairman of the] state council on the arts. 25 § 2. This act shall take effect immediately.