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

                                 275--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by Sens. LAVALLE, PERALTA, RITCHIE -- read twice and ordered
  printed, and when printed to be committed to the Committee on  Finance
  --  recommitted  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

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:

  Section 1. Section 92-ee of the state finance law is  REPEALED  and  a
new section 92-ee is added to read as follows:
  S 92-EE. PUBLIC HIGHER EDUCATION QUALITY INITIATIVE ENDOWMENT FUND. 1.
THERE  IS HEREBY ESTABLISHED IN THE CUSTODY OF THE COMPTROLLER A FUND TO
BE KNOWN AS THE "PUBLIC HIGHER EDUCATION QUALITY INITIATIVE  ENDOWMENT",
HEREINAFTER,  "THE  ENDOWMENT."  NOTWITHSTANDING ANY OTHER PROVISIONS OF
LAW, ALL OF THE ASSETS AND INCOME OF THE ENDOWMENT  SHALL  BE  HELD  AND
INVESTED  BY  THE  COMPTROLLER  AS  THE  SOLE 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 APPROPRIATED OR  TRANSFERRED
INTO  SUCH  ENDOWMENT,  AND ANY OTHER AMOUNTS AS MAY BE DEPOSITED IN THE
ENDOWMENT FROM ANY OTHER PUBLIC OR PRIVATE SOURCES. AMOUNTS APPROPRIATED
TO, TRANSFERRED TO, OR DEPOSITED INTO THE ENDOWMENT SHALL  BE  DEDICATED
TO  THE  SOLE PURPOSE OF HIRING FULL-TIME FACULTY AND PROFESSIONAL STAFF
AT THE STATE UNIVERSITY OF NEW YORK, THE CITY UNIVERSITY OF NEW YORK AND
THEIR COMMUNITY COLLEGES AND  SHALL  NOT  BE  USED  TO  HIRE  ADDITIONAL
RESEARCH  FACULTY OR STAFF TO BE EMPLOYED AT THE STATE UNIVERSITY OF NEW
YORK RESEARCH FOUNDATION, CITY UNIVERSITY OF NEW YORK  RESEARCH  FOUNDA-
TION  OR ANY CAMPUS FOUNDATION OR AFFILIATED ENTITY OF THE STATE UNIVER-

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

                                                           LBD03376-02-6

S. 275--A                           2

SITY OF NEW YORK OR CITY  UNIVERSITY  OF  NEW  YORK.  PROVIDED  FURTHER,
MONEYS  IN  THE ENDOWMENT MAY NOT BE INTERCHANGED OR COMMINGLED WITH ANY
OTHER ACCOUNT OR FUND.
  3.  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 FOR THE SOLE PURPOSE OF HIRING  FULL-TIME  FACULTY  AND
PROFESSIONAL STAFF AT THE STATE UNIVERSITY OF NEW YORK, THE CITY UNIVER-
SITY  OF  NEW  YORK AND THEIR COMMUNITY COLLEGES PURSUANT TO SUBDIVISION
TWO OF THIS SECTION.
  4. THE AMOUNT OF ANNUAL PAYMENTS FROM INVESTMENT EARNINGS DISBURSED TO
THE STATE UNIVERSITY OF NEW YORK AND THE CITY  UNIVERSITY  OF  NEW  YORK
SHALL  BE PROPORTIONAL TO THE NUMBER OF STUDENTS ENROLLED SYSTEM-WIDE AT
EACH  PUBLIC  HIGHER  EDUCATION  SYSTEM.  THE  ANNUAL  AMOUNT  OF  MONEY
DISBURSED TO THE STATE UNIVERSITY OF NEW YORK AND THE CITY UNIVERSITY OF
NEW  YORK  SHALL  BE  ALLOCATED  TO  THE CAMPUSES WITHIN SUCH RESPECTIVE
UNIVERSITY SYSTEM.
  5. ALLOCATION OF ENDOWMENT MONEY TO THE CAMPUSES AT THE STATE  UNIVER-
SITY  OF  NEW  YORK  AND CITY UNIVERSITY OF NEW YORK MUST, AT A MINIMUM,
PROVIDE THAT EVERY  CAMPUS  IN  SUCH  PUBLIC  HIGHER  EDUCATION  SYSTEMS
RECEIVES AN ANNUAL ALLOCATION OF FUNDS.
  6.  THE  STATE  UNIVERSITY  OF NEW YORK AND THE CITY UNIVERSITY OF NEW
YORK SHALL GIVE FIRST PREFERENCE TO QUALIFIED  PART-TIME  OR  CONTINGENT
FACULTY  OR  QUALIFIED  PART-TIME  OR CONTINGENT PROFESSIONAL STAFF WHEN
HIRING ADDITIONAL FULL-TIME FACULTY OR PROFESSIONAL STAFF.
  S 2. This act shall take effect April 1, 2017.