Bill Text: NY S04075 | 2023-2024 | General Assembly | Introduced

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Bill Title: Establishes the "public higher education quality initiative endowment" fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2024-01-03 - REFERRED TO FINANCE [S04075 Detail]

Download: New_York-2023-S04075-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4075

                               2023-2024 Regular Sessions

                    IN SENATE

                                    February 2, 2023
                                       ___________

        Introduced  by  Sen.  MAY  --  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  establishing  the
          public  higher  education  quality  initiative  endowment fund; and to
          repeal section 92-ee of such law relating thereto

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Section  92-ee of the state finance law is REPEALED and a
     2  new section 92-ee is added to read as follows:
     3    § 92-ee. Public higher education quality initiative endowment fund. 1.
     4  There is hereby established in the custody of the comptroller a fund  to
     5  be  known as the "public higher education quality initiative endowment",
     6  hereinafter, "the endowment." Notwithstanding any  other  provisions  of
     7  law,  all  of  the  assets and income of the endowment shall be held and
     8  invested by the comptroller as  the  sole  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 appropriated or transferred
    12  into such endowment, and any other amounts as may be  deposited  in  the
    13  endowment from any other public or private sources. Amounts appropriated
    14  to,  transferred  to, or deposited into the endowment shall be dedicated
    15  to the sole purpose of hiring full-time faculty and  professional  staff
    16  at the state university of New York, the city university of New York and
    17  their  community  colleges  and  shall  not  be  used to hire additional
    18  research faculty or staff to be employed at the state university of  New
    19  York  research  foundation, city university of New York research founda-
    20  tion or any campus foundation or affiliated entity of the state  univer-
    21  sity  of  New  York  or  city  university of New York. Provided further,
    22  moneys in the endowment may not be interchanged or commingled  with  any
    23  other account or fund.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08576-01-3
        S. 4075                             2

     1    3.  The  full  amount  of  the  principal  of  the  endowment shall be
     2  preserved and annual payments shall be made from the investment earnings
     3  of the endowment for the sole purpose of hiring  full-time  faculty  and
     4  professional staff at the state university of New York, the city univer-
     5  sity  of  New  York and their community colleges pursuant to subdivision
     6  two of this section.
     7    4. The amount of annual payments from investment earnings disbursed to
     8  the state university of New York and the city  university  of  New  York
     9  shall  be proportional to the number of students enrolled system-wide at
    10  each  public  higher  education  system.  The  annual  amount  of  money
    11  disbursed to the state university of New York and the city university of
    12  New  York  shall  be  allocated  to  the campuses within such respective
    13  university system.
    14    5. Allocation of endowment money to the campuses at the state  univer-
    15  sity  of  New  York  and city university of New York must, at a minimum,
    16  provide that every  campus  in  such  public  higher  education  systems
    17  receives an annual allocation of funds.
    18    6.  The  state  university  of New York and the city university of New
    19  York shall give first preference to qualified  part-time  or  contingent
    20  faculty  or  qualified  part-time  or contingent professional staff when
    21  hiring additional full-time faculty or professional staff.
    22    § 2. This act shall take effect April 1, 2024.