§ 97-P — Community college tuition and instructional income fund

§ 97-p. Community college tuition and instructional income fund. 1.\nThere is hereby established in the custody of the commissioner of\ntaxation and finance a special account to be known as the "community\ncollege tuition and instructional income fund."\n 2. All moneys (i) received by any local sponsor of a community college\nor any community college from tuition and instructional fees received\nfrom students attending any such community college, (ii) appropriated or\nmade available by any local sponsor of a community college pursuant to\nthe provisions of subdivision five of section sixty-three hundred four\nof the education law, and (iii) appropriated or made available from any\nstate aid or other financial assistance provided to a local sponsor or\ncommunity college by the state of New York, to the extent such moneys\nare either (a) assigned by the local sponsor of such community college\nto the dormitory authority, or (b) payable to the dormitory authority\npursuant to an agreement entered into by the dormitory authority and the\nstate university of New York pursuant to subdivision twenty-one of\nsection sixteen hundred seventy-eight of the public authorities law and\nparagraph x of subdivision two of section three hundred fifty-five of\nthe education law shall be paid over to the commissioner of taxation and\nfinance and such funds shall be deposited by the commissioner of\ntaxation and finance to the credit of the community college tuition and\ninstructional income fund.\n 3. Moneys in the community college tuition and instructional income\nfund shall be kept separate and shall not be commingled with any other\nmoneys in the hands of the commissioner of taxation and finance. All\ndeposits of such moneys shall, if required by the commissioner of\ntaxation and finance, be secured by obligations of the United States or\nof the state of market value equal at all times to the amount of the\ndeposit and all banks and trust companies are authorized to give such\nsecurities for such deposits.\n 4. Subject to the terms of any agreement between any local sponsor and\nthe dormitory authority, or between the state university of New York and\nthe dormitory authority, any such moneys in the community college\ntuition and instructional income fund may, in the discretion of the\ncommissioner of taxation and finance, be invested by the commissioner of\ntaxation and finance in obligations of the United States or the state or\nobligations the principal and interest of which are guaranteed by the\nUnited States or the state, or in certificates of deposit fully secured\nby similar obligations, or in accordance with the provisions of section\nninety-eight-b of this article.\n 5. The commissioner of taxation and finance shall at all times\nmaintain on deposit in the community college tuition and instructional\nincome fund the aggregate amount of money needed by each local sponsor\nto comply in full with each obligation of each local sponsor under the\nterms of each lease, sublease or agreement of each local sponsor with\nthe dormitory authority or with the terms of any agreement between the\nstate university of New York and the dormitory authority, which is then\nin effect until the next succeeding June thirtieth.\n The commissioner of taxation and finance shall make payments from the\nmoneys on deposit in the community college tuition and instructional\nincome fund to the authority in amounts and at the times required by\neach obligation of each local sponsor under the terms of each lease,\nsublease or agreement of each local sponsor with the dormitory authority\nor at the times required by any agreement between the state university\nof New York and the dormitory authority which is then in effect.\n 6. The commissioner of taxation and finance shall from time to time\nbut in no event later than the last day of each month of each year pay\nover to each community college the moneys in excess of the amount of\nmoney required to be maintained in the community college tuition and\ninstructional income fund pursuant to subdivision five of such section,\nexcept those moneys resulting from the investment of funds paid by the\nstate of New York pursuant to the provisions of subdivision eight of\nsection sixty-three hundred four of the education law which moneys shall\nbe a credit to the state against future payments pursuant to such\nstatute. Prior to making any such transfer, the commissioner of taxation\nand finance shall make and deliver to the director of the budget, the\nchancellor of the state university and the dormitory authority his\ncertificate stating the amount to be maintained on deposit in the\ncommunity college tuition and instructional income fund for each\ncommunity college to comply in full with the provisions of subdivision\nfive of this section.\n 7. The provisions of this section shall not apply to the local sponsor\nof any community college in the city of New York or to any community\ncollege in the city of New York.\n