NY S07134

Establishes the Special Education Short-Term Revolving Loan Fund in joint custody of the State Comptroller and Commissioner of Taxation and Finance, funded through appropriations and other sources

Authorizes the State Comptroller to provide interest-free short-term loans from the fund to special act school districts or approved special education providers for operational financing pending tuition payments under Education Law Section 4405

Requires written agreement between the borrowing school district or provider and the State Education Department documenting the loan need and anticipated tuition payment that will provide reasonable assurance of repayment

Mandates the Comptroller promulgate rules and regulations within 90 days establishing eligibility criteria, application procedures and requirements, and a 30-day application review schedule

Takes effect immediately upon enactment