Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Sep 22, 2014 |
referred to rules |
Senate Bill S7939
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Rules Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2013-S7939 (ACTIVE) - Details
- Current Committee:
- Senate Rules
- Law Section:
- Education
- Versions Introduced in 2015-2016 Legislative Session:
-
S512
2013-S7939 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7939 TITLE OF BILL: An act in relation to requiring the BNP Paribas settlement to pay off any gap elimination adjustment PURPOSE: This legislation requires any settlement between the state and BNP Paribas to be applied to the gap elimination adjustment. SUMMARY OF PROVISIONS: Section 1: Notwithstanding any other provision of law, rule or regulation to the contrary, any money received by the state from any settlement with BNP Paribas shall be used to offset any gap elimination adjustment referred to in section 3602 of the education law. Section 2: Provides for an immediate effective date. JUSTIFICATION: The Gap Elimination Adjustment (GEA) was introduced in 2010 as a purported temporary solution to closing New York State's $10 billion budget deficit. Effectively, it spreads out some of the state's fiscal shortfall among all school districts by reducing the amount of
2013-S7939 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7939 I N S E N A T E September 22, 2014 ___________ Introduced by Sen. NOZZOLIO -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT in relation to requiring the BNP Paribas settlement to pay off any gap elimination adjustment THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding any other provision of law, rule or regu- lation to the contrary, any money received by the state from any settle- ment with BNP Paribas shall be used to offset any gap elimination adjustment referred to in section 3602 of the education law. As used in this section, the term "settlement revenue" shall mean the sum of all revenue received as a result of civil litigation involving BNP Paribas in state fiscal year 2014-2015. For payment of additional aid to school districts otherwise eligible for an apportionment pursuant to subdivision 4 of section 3602 of the education law, in order to support elementary and secondary education, which, notwithstanding any provision of law to the contrary, shall be used for purposes to support through gap elimination adjustment restora- tion apportionments as computed pursuant to paragraph (g) of subdivision 17 of section 3602 of the education law; provided that for the 2015-16 school year, at least $1,036,699,680 shall be available from the settle- ment revenue and shall be payable no later than April 1, 2015, for the purpose of eliminating the remaining portion of the gap elimination adjustment in such year. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15716-02-4
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.