STATE OF NEW YORK
________________________________________________________________________
1190
2019-2020 Regular Sessions
IN ASSEMBLY
January 14, 2019
___________
Introduced by M. of A. GLICK -- read once and referred to the Committee
on Higher Education
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:
1 Section 1. The state finance law is amended by adding a new section
2 92-ii to read as follows:
3 § 92-ii. State university of New York and city university of New York
4 endowment fund. 1. There is hereby established in the custody of the
5 comptroller a fund to be known as the state university of New York and
6 city university of New York endowment fund. Notwithstanding any other
7 provision of law, all of the assets and income of the endowment shall be
8 held and invested by the comptroller as trustee of such endowment,
9 except such income as may be allocated or distributed by the comptroller
10 pursuant to appropriation.
11 2. The endowment shall consist of amounts transferred into such endow-
12 ment, and any other amounts as may be deposited in the endowment from
13 other public or private sources. Notwithstanding any provision of the
14 law to the contrary, in addition to any other amounts transferred or
15 deposited, ten percent of all moneys received as the result of the
16 settlement or compromise of or from any judgment arising from any claim
17 or cause of action brought by the state or any agency thereof shall be
18 transferred and paid to the state comptroller, and the comptroller shall
19 deposit such moneys into the state university of New York and city
20 university of New York endowment fund.
21 3. Amounts transferred to or deposited into the endowment shall be
22 dedicated to the state university of New York and/or the city university
23 of New York, and shall be used for no other purpose, and distributions
24 from the endowment shall be used to supplement, rather than supplant,
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05014-01-9
A. 1190 2
1 appropriations from the state in support of the state university of New
2 York and the city university of New York. The full amount of the princi-
3 pal of the endowment shall be preserved and annual payments shall be
4 made from the investment earnings of the endowment in support of the
5 state university of New York and the city university of New York, to
6 provide funding for purposes as determined by the boards of trustees of
7 the state university of New York and the city university of New York
8 which may include, but shall not be limited to, employment of additional
9 full-time faculty members, student financial aid to improve access,
10 grants for research and development, and for additional higher education
11 purposes as may be authorized.
12 § 2. This act shall take effect immediately.
