2023 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.