N.Y. State Finance Law § 97-p: Community college tuition and instructional income fund

§ 97-p. Community college tuition and instructional income fund. 1.

There is hereby established in the custody of the commissioner of

taxation and finance a special account to be known as the "community

college tuition and instructional income fund."

2. All moneys (i) received by any local sponsor of a community college

or any community college from tuition and instructional fees received

from students attending any such community college, (ii) appropriated or

made available by any local sponsor of a community college pursuant to

the provisions of subdivision five of section sixty-three hundred four

of the education law, and (iii) appropriated or made available from any

state aid or other financial assistance provided to a local sponsor or

community college by the state of New York, to the extent such moneys

are either (a) assigned by the local sponsor of such community college

to the dormitory authority, or (b) payable to the dormitory authority

pursuant to an agreement entered into by the dormitory authority and the

state university of New York pursuant to subdivision twenty-one of

section sixteen hundred seventy-eight of the public authorities law and

paragraph x of subdivision two of section three hundred fifty-five of

the education law shall be paid over to the commissioner of taxation and

finance and such funds shall be deposited by the commissioner of

taxation and finance to the credit of the community college tuition and

instructional income fund.

3. Moneys in the community college tuition and instructional income

fund shall be kept separate and shall not be commingled with any other

moneys in the hands of the commissioner of taxation and finance. All

deposits of such moneys shall, if required by the commissioner of

taxation and finance, be secured by obligations of the United States or

of the state of market value equal at all times to the amount of the

deposit and all banks and trust companies are authorized to give such

securities for such deposits.

4. Subject to the terms of any agreement between any local sponsor and

the dormitory authority, or between the state university of New York and

the dormitory authority, any such moneys in the community college

tuition and instructional income fund may, in the discretion of the

commissioner of taxation and finance, be invested by the commissioner of

taxation and finance in obligations of the United States or the state or

obligations the principal and interest of which are guaranteed by the

United States or the state, or in certificates of deposit fully secured

by similar obligations, or in accordance with the provisions of section

ninety-eight-b of this article.

5. The commissioner of taxation and finance shall at all times

maintain on deposit in the community college tuition and instructional

income fund the aggregate amount of money needed by each local sponsor

to comply in full with each obligation of each local sponsor under the

terms of each lease, sublease or agreement of each local sponsor with

the dormitory authority or with the terms of any agreement between the

state university of New York and the dormitory authority, which is then

in effect until the next succeeding June thirtieth.

The commissioner of taxation and finance shall make payments from the

moneys on deposit in the community college tuition and instructional

income fund to the authority in amounts and at the times required by

each obligation of each local sponsor under the terms of each lease,

sublease or agreement of each local sponsor with the dormitory authority

or at the times required by any agreement between the state university

of New York and the dormitory authority which is then in effect.

6. The commissioner of taxation and finance shall from time to time

but in no event later than the last day of each month of each year pay

over to each community college the moneys in excess of the amount of

money required to be maintained in the community college tuition and

instructional income fund pursuant to subdivision five of such section,

except those moneys resulting from the investment of funds paid by the

state of New York pursuant to the provisions of subdivision eight of

section sixty-three hundred four of the education law which moneys shall

be a credit to the state against future payments pursuant to such

statute. Prior to making any such transfer, the commissioner of taxation

and finance shall make and deliver to the director of the budget, the

chancellor of the state university and the dormitory authority his

certificate stating the amount to be maintained on deposit in the

community college tuition and instructional income fund for each

community college to comply in full with the provisions of subdivision

five of this section.

7. The provisions of this section shall not apply to the local sponsor

of any community college in the city of New York or to any community

college in the city of New York.