S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10297

                          I N  A S S E M B L Y

                              May 20, 2016
                               ___________

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:

  Section  1.  The  state finance law is amended by adding a new section
92-gg to read as follows:
  S 92-GG. STATE UNIVERSITY OF NEW YORK AND CITY UNIVERSITY OF NEW  YORK
ENDOWMENT  FUND.    1. THERE IS HEREBY ESTABLISHED IN THE CUSTODY OF THE
COMPTROLLER A FUND TO BE KNOWN AS THE STATE UNIVERSITY OF NEW  YORK  AND
CITY  UNIVERSITY  OF NEW YORK ENDOWMENT FUND.  NOTWITHSTANDING ANY OTHER
PROVISION OF LAW, ALL OF THE ASSETS AND INCOME OF THE ENDOWMENT SHALL BE
HELD AND INVESTED BY THE  COMPTROLLER  AS  TRUSTEE  OF  SUCH  ENDOWMENT,
EXCEPT SUCH INCOME AS MAY BE ALLOCATED OR DISTRIBUTED BY THE COMPTROLLER
PURSUANT TO APPROPRIATION.
  2. THE ENDOWMENT SHALL CONSIST OF AMOUNTS TRANSFERRED INTO SUCH ENDOW-
MENT,  AND  ANY  OTHER AMOUNTS AS MAY BE DEPOSITED IN THE ENDOWMENT FROM
OTHER PUBLIC OR PRIVATE SOURCES. NOTWITHSTANDING ANY  PROVISION  OF  THE
LAW  TO  THE  CONTRARY,  IN ADDITION TO ANY OTHER AMOUNTS TRANSFERRED OR
DEPOSITED, TEN PERCENT OF ALL MONEYS  RECEIVED  AS  THE  RESULT  OF  THE
SETTLEMENT  OR COMPROMISE OF OR FROM ANY JUDGMENT ARISING FROM ANY CLAIM
OR CAUSE OF ACTION BROUGHT BY THE STATE OR ANY AGENCY THEREOF  SHALL  BE
TRANSFERRED AND PAID TO THE STATE COMPTROLLER, AND THE COMPTROLLER SHALL
DEPOSIT  SUCH  MONEYS  INTO  THE  STATE  UNIVERSITY OF NEW YORK AND CITY
UNIVERSITY OF NEW YORK ENDOWMENT FUND.
  3. AMOUNTS TRANSFERRED TO OR DEPOSITED INTO  THE  ENDOWMENT  SHALL  BE
DEDICATED TO THE STATE UNIVERSITY OF NEW YORK AND/OR THE CITY UNIVERSITY
OF  NEW  YORK, AND SHALL BE USED FOR NO OTHER PURPOSE, AND DISTRIBUTIONS
FROM THE ENDOWMENT SHALL BE USED TO SUPPLEMENT,  RATHER  THAN  SUPPLANT,
APPROPRIATIONS  FROM THE STATE IN SUPPORT OF THE STATE UNIVERSITY OF NEW
YORK AND THE CITY UNIVERSITY OF NEW YORK. THE FULL AMOUNT OF THE PRINCI-
PAL OF THE ENDOWMENT SHALL BE PRESERVED AND  ANNUAL  PAYMENTS  SHALL  BE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD15536-02-6

A. 10297                            2

MADE  FROM  THE  INVESTMENT  EARNINGS OF THE ENDOWMENT IN SUPPORT OF THE
STATE UNIVERSITY OF NEW YORK AND THE CITY UNIVERSITY  OF  NEW  YORK,  TO
PROVIDE  FUNDING FOR PURPOSES AS DETERMINED BY THE BOARDS OF TRUSTEES OF
THE  STATE  UNIVERSITY  OF  NEW YORK AND THE CITY UNIVERSITY OF NEW YORK
WHICH MAY INCLUDE, BUT SHALL NOT BE LIMITED TO, EMPLOYMENT OF ADDITIONAL
FULL-TIME FACULTY MEMBERS, STUDENT  FINANCIAL  AID  TO  IMPROVE  ACCESS,
GRANTS FOR RESEARCH AND DEVELOPMENT, AND FOR ADDITIONAL HIGHER EDUCATION
PURPOSES AS MAY BE AUTHORIZED.
  S 2. This act shall take effect immediately.