New York Codes, Rules and Regulations › Title 8 - EDUCATION DEPARTMENT › Chapter V - State University of New York › Subchapter D - Code of Standards and Procedures for the Administration and Operation of Community Colleges under the Program of State University of New York › Part 603 - The College Capital Budget › Section 603.1 - State assistance for capital costs

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The maximum amount of State financial aid
				  for capital costs of community colleges shall be limited to one-half of the
				  amount of capital expenditures approved by the State university trustees. Such
				  expenditures shall be deemed to include the value of any property or services
				  furnished by a local sponsor or sponsors as its or their share of capital costs
				  as fixed by the State University trustees with the approval of the Director of
				  the Budget in accordance with law. Proposed capital expenditures shall be
				  submitted for approval in the form of capital budgets. In their determination
				  on such proposals, the State University trustees will give due consideration to
				  the master plan, the relationship of the proposed expenditures to the
				  facilities to be furnished thereby and the need for such facilities with
				  respect to the potential number of students and the area to be served by the
				  community college concerned. In any case, where a local sponsor has received
				  State financial assistance based on expenditures for capital facilities of a
				  community college and shall thereafter dispose of such facilities either by
				  sale, other than in part payment for a new article, or by discontinuance of
				  their use for community college purposes, State financial assistance for costs
				  of any new capital facilities shall be limited by crediting to such assistance
				  otherwise payable an amount computed as follows: one half, or if the State
				  contributed less than one half, such lesser percentage of original capital
				  costs as may have been paid by the State, of the value of such facilities at
				  the time so disposed of as fixed by the State University trustees with the
				  approval of the Director of the Budget, but in no event shall such value be
				  fixed for such purpose at more than the original cost of such facilities nor
				  less than the amount actually received by the local sponsor upon sale
				  thereof.
(b) Upon approval by the
				  State University trustees, the capital construction budget shall be forwarded
				  to the Governor with a request for inclusion in the Executive Budget request to
				  the Legislature. Where an appropriation is passed for a construction project,
				  the local sponsor may arrange for financing and construction with the Dormitory
				  Authority of the State of New York with the approval of the State University
				  trustees and the Director of the Budget. The State University trustees will not
				  approve any application or agreement for financing unless an appropriation has
				  been made for the project. The capital construction will be financed by the
				  local sponsor with the approval of the Dormitory Authority or pursuant to the
				  terms of an agreement between the local sponsor and the Dormitory Authority
				  with the approval of the Director of the Budget and the State University
				  trustees. The State shall annually thereafter appropriate and pay to the local
				  sponsor 50 percent of the costs of financing, to be disposed of pursuant to the
				  foregoing agreements or approvals.