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NY S07939
Bill
Status
9/22/2014
Primary Sponsor
Michael Nozzolio
Click for details
AI Summary
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Requires all money received by New York State from any BNP Paribas settlement to be used to offset gap elimination adjustments as defined in education law section 3602
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Defines "settlement revenue" as all revenue received from civil litigation involving BNP Paribas during state fiscal year 2014-2015
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Directs settlement funds to provide additional aid to eligible school districts for elementary and secondary education to support gap elimination adjustment restoration
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Mandates that at least $1,036,699,680 from settlement revenue be available and paid no later than April 1, 2015 to eliminate remaining gap elimination adjustments for the 2015-16 school year
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Takes effect immediately upon enactment
Legislative Description
Requires any settlement between the state and BNP Paribas to be applied to the gap elimination adjustment.
Last Action
REFERRED TO RULES
9/22/2014