STATE OF NEW YORK
________________________________________________________________________
7939
IN SENATE
September 22, 2014
___________
Introduced by Sen. NOZZOLIO -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
AN ACT in relation to requiring the BNP Paribas settlement to pay off
any gap elimination adjustment
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding any other provision of law, rule or regu-
2 lation to the contrary, any money received by the state from any settle-
3 ment with BNP Paribas shall be used to offset any gap elimination
4 adjustment referred to in section 3602 of the education law.
5 As used in this section, the term "settlement revenue" shall mean the
6 sum of all revenue received as a result of civil litigation involving
7 BNP Paribas in state fiscal year 2014-2015.
8 For payment of additional aid to school districts otherwise eligible
9 for an apportionment pursuant to subdivision 4 of section 3602 of the
10 education law, in order to support elementary and secondary education,
11 which, notwithstanding any provision of law to the contrary, shall be
12 used for purposes to support through gap elimination adjustment restora-
13 tion apportionments as computed pursuant to paragraph (g) of subdivision
14 17 of section 3602 of the education law; provided that for the 2015-16
15 school year, at least $1,036,699,680 shall be available from the settle-
16 ment revenue and shall be payable no later than April 1, 2015, for the
17 purpose of eliminating the remaining portion of the gap elimination
18 adjustment in such year.
19 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15716-02-4
