Bill Text: NY S02549 | 2017-2018 | General Assembly | Amended

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Bill Title: Establishes the "rebuild and renew public higher education facilities fund".

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2018-05-18 - PRINT NUMBER 2549B [S02549 Detail]

Download: New_York-2017-S02549-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         2549--B
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 13, 2017
                                       ___________
        Introduced  by Sens. LAVALLE, RITCHIE -- read twice and ordered printed,
          and when printed to be committed to the Committee on Finance -- recom-
          mitted to the Committee on Finance in accordance with Senate  Rule  6,
          sec.  8  --  committee  discharged, bill amended, ordered reprinted as
          amended and recommitted to said  committee  --  committee  discharged,
          bill  amended,  ordered  reprinted  as amended and recommitted to said
          committee
        AN ACT to amend the state finance law, in relation to  establishing  the
          "rebuild and renew public higher education facilities 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  99-ee to read as follows:
     3    § 99-ee. Rebuild and renew public higher education facilities fund. 1.
     4  There  is  hereby  established  in  the joint custody of the state comp-
     5  troller and the commissioner of taxation and finance a special  fund  to
     6  be  known  as  the "rebuild and renew public higher education facilities
     7  fund."
     8    2. This fund shall contain all moneys appropriated by the  legislature
     9  for  the  purposes  of  this fund and proceeds received from the sale of
    10  state personal income tax revenue bonds by authorized  issuers  pursuant
    11  to sections sixty-eight-a and sixty-eight-b of this chapter. Such moneys
    12  shall  be  used  only  to  pay  for  the cost of unanticipated emergency
    13  repairs including major facility rehabilitation or  replacement  to  any
    14  public  higher  education  facility  caused by but not limited to, fire,
    15  flood, hazardous material contamination, inclement weather, acts of  God
    16  or  any other incident which causes unanticipated damage to such facili-
    17  ties.
    18    3. Expenditures from this fund shall be made only upon the warrant  of
    19  a  chancellor  of a public higher education system and the issuance of a
    20  certificate of availability of funds by the director of the budget. Such
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07978-03-8
        S. 2549--B                          2
     1  warrants and certificates shall be filed with the chair  of  the  senate
     2  finance  committee,  the  chair of the assembly ways and means committee
     3  and the state comptroller.
     4    4. State personal income tax revenue bonds issued pursuant to sections
     5  sixty-eight-a  and  sixty-eight-b  of  this chapter are authorized to be
     6  sold to carry out the purposes set forth  in  subdivision  two  of  this
     7  section.
     8    §  2.  This  act  shall take effect immediately and shall be deemed to
     9  have been in full force and effect on and after January 1, 2018.