NY State Fin L § 97-P (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 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.