§ 92-ee. New York state higher education endowment. There is hereby
established in the custody of the comptroller a fund to be known as the
New York state higher education endowment. 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. The endowment shall consist of amounts
transferred into such endowment, and any other amounts as may be
deposited in the endowment from other public or private sources. Amounts
transferred to or deposited into the endowment shall be dedicated to the
city university of New York and the state 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 city university of New York and the state
university of New York. The full amount of the principal of the
endowment shall be preserved and annual payments shall be made from the
investment earnings of the endowment in support of the city university
of New York and the state university of New York, to provide funding for
purposes including, but not 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.