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NY S08066
Bill
Status
6/9/2016
Primary Sponsor
Joseph Robach
Click for details
AI Summary
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Establishes a new endowment fund in the custody of the State Comptroller dedicated to supporting SUNY and CUNY
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Requires 10% of all settlement, compromise, or judgment moneys from claims brought by the State or its agencies to be deposited into the endowment fund
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Endowment principal must be preserved with only investment earnings distributed annually to support faculty employment, student financial aid, research grants, and other authorized higher education purposes
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Distributions from the endowment shall supplement rather than replace existing State appropriations to SUNY and CUNY
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Takes effect immediately upon enactment
Legislative Description
Relates to establishing the state university of New York and city university of New York endowment fund.
Last Action
RECOMMITTED TO RULES
6/17/2016