NY State Fin L § 97-V-2 (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 97-V*2 - New York State Musical Instrument Revolving Fund.

* §  97-v.  New York state musical instrument revolving fund. 1. There   is hereby established in the custody of the state comptroller, a special   fund to be known as the "New York  state  musical  instrument  revolving   fund".2.  The fund shall consist of all monies appropriated for its purpose,   all monies transferred to such fund  pursuant  to  law  and  all  monies   required  by  the provisions of this section or any other law to be paid   into or credited to this fund, including all monies received by the fund   or donated to  it.  The  total  of  monies  deposited  as  a  result  of   appropriations  from state funds into this fund shall not exceed the sum   of five hundred thousand dollars. Monies  in  the  fund  shall  be  kept   separate  and  shall  not  be commingled with any other monies otherwise   appropriated or received except as hereby provided.3. Monies of the fund, when allocated, shall be available to  the  New   York  state council on the arts for the purpose of providing assistance,   excluding administrative costs, for the  loan,  lease  and  purchase  of   musical  instruments and other related property and equipment, as herein   provided,   by   not-for-profit   symphony   orchestras   and/or   other   not-for-profit  musical entities incorporated in the state and organized   for the purpose of the presentation of performing arts for  the  benefit   of  the  public  and  which  have  been  approved pursuant to guidelines   established by the council. Such monies  shall  also  be  available  for   administrative costs of the council pursuant to approval by the director   of the budget. Notwithstanding any other inconsistent provisions of this   chapter,  should  the  council determine that there is a compelling need   for the loan, lease or purchase of  property  or  equipment  other  than   musical  instruments  by not-for-profit symphony orchestras and/or other   not-for-profit musical entities incorporated in the state and  organized   for  the  purpose of the presentation of performing arts for the benefit   of the public, and upon approval of the  director  of  the  budget,  the   council  may  assist  such  organization  in acquiring such equipment in   accordance with guidelines established by the council. The council shall   contract with one or more not-for-profit entities which shall distribute   such monies, however, in no case shall monies of the fund be distributed   nor shall a contract to distribute such monies be  approved  unless  the   fund  shall  have  sufficient  monies  to  effectuate  all such approved   distributions and contracts.Purchases, leases and loans of musical instruments and other equipment   shall not be approved or effected if such purchases, leases or loans are   eligible for financing from any other state assistance program.4. The state council on the arts shall establish guidelines  necessary   to administer the fund. Guidelines shall include, but not be limited to:   qualifications  and  conditions for assistance, which may require public   service performances, terms of lease or installment  sale  payments  and   finance  charges  on  installment  sales  at  rates  of  interest which,   notwithstanding any other provision of law, shall not be less than three   per cent per annum nor more than ten per cent per annum, provisions  for   insurance of the instrument or other equipment, provisions for necessary   security  agreement arrangements, and any other terms and conditions the   council may require as necessary to properly effectuate  the  provisions   of this section.5.  The  not-for-profit entity of entities with whom the state council   on the arts has contracted pursuant to subdivision three of this section   shall enter into contractual arrangements with  applicants  approved  by   the  council. All contracts must be approved by the state council on the   arts and the  comptroller  prior  to  the  distribution  of  any  monies   thereunder.  Such  contracts shall assure that the not-for-profit entity    or entities retain title  to  the  instrument  or  equipment  until  the   provisions and intent of this section are satisfied.6.  Notwithstanding  any  other provisions of law, should a default in   payment of monies for the purchase or lease of an  instrument  or  other   equipment  occur,  the  council  shall so notify the comptroller and the   attorney general who shall take such steps  as  may  be  necessary.  The   not-for-profit  entity  or  entities,  after  such notification is made,   shall take steps to effect repossession regardless of whether any  note,   memorandum,  instrument or other writing has been recorded or regardless   of whether any other person has notice of such possessory rights to  the   instrument  or equipment. Any contract between the not-for-profit agency   or agencies and a not-for-profit symphony  orchestra  or  other  musical   entity  authorized  by  this article, shall assure the right and provide   guarantees for such repossession. Subsequent to the taking of possession   of the instrument or equipment, the comptroller or not-for-profit agency   or agencies may offer the same for sale at public auction to the highest   bidder pursuant to guidelines established by the comptroller.7. The comptroller is authorized to deduct the difference between  the   purchaser's  or  lessee's  outstanding  obligation  at  the  time of the   auction provided for in subdivision five of this section, and the amount   realized from that auction,  after  deductions  for  all  necessary  and   proper  costs  of  the  auction  are made, from any other grant or other   assistance approved by the council on the arts for that  purchaser.  The   difference  deducted by the comptroller and the net amount realized from   the auction shall be deposited in the New York state musical  instrument   revolving fund.8.  Nothing  contained herein shall prevent the council from receiving   grants, gifts or bequests for the purposes of the  fund  as  defined  in   this section and depositing them into the fund according to law.9.  The  state council on the arts shall provide by September first of   each year, to the governor, the temporary president of the  senate,  the   speaker  of  the  assembly, the chairman of the senate finance committee   and the chairman of the assembly ways  and  means  committee,  a  report   containing guidelines and amendments established by the state council on   the  arts  and a complete financial statement including, but not limited   to, monies  allocated,  collected,  transferred  or  otherwise  paid  or   credited  to  the  fund. A projected schedule of disbursements, receipts   and needs of the fund for the next fiscal year shall be included in each   report. In addition, any amendments to the guidelines shall be  provided   to   the   above   listed   individuals  within  thirty  days  of  their   establishment by the state council on the arts.10. No monies shall be payable from this fund, except on the audit and   warrant of the comptroller on vouchers certified and  submitted  by  the   chairman of the state council on the arts.* NB There are 2 § 97-v's