§ 97-V*2 — New York state musical instrument revolving fund

New York § 97-V*2

• Jurisdiction: New York
• Law STF: State Finance
• Art. 6: Funds of the State

Text

* § 97-v. New York state musical instrument revolving fund. 1. There\nis hereby established in the custody of the state comptroller, a special\nfund to be known as the "New York state musical instrument revolving\nfund".\n 2. The fund shall consist of all monies appropriated for its purpose,\nall monies transferred to such fund pursuant to law and all monies\nrequired by the provisions of this section or any other law to be paid\ninto or credited to this fund, including all monies received by the fund\nor donated to it. The total of monies deposited as a result of\nappropriations from state funds into this fund shall not exceed the sum\nof five hundred thousand dollars. Monies in the fund shall be kept\nseparate and shall not be commingled with any other monies otherwise\nappropriated or received except as hereby provided.\n 3. Monies of the fund, when allocated, shall be available to the New\nYork state council on the arts for the purpose of providing assistance,\nexcluding administrative costs, for the loan, lease and purchase of\nmusical instruments and other related property and equipment, as herein\nprovided, by not-for-profit symphony orchestras and/or other\nnot-for-profit musical entities incorporated in the state and organized\nfor the purpose of the presentation of performing arts for the benefit\nof the public and which have been approved pursuant to guidelines\nestablished by the council. Such monies shall also be available for\nadministrative costs of the council pursuant to approval by the director\nof the budget. Notwithstanding any other inconsistent provisions of this\nchapter, should the council determine that there is a compelling need\nfor the loan, lease or purchase of property or equipment other than\nmusical instruments by not-for-profit symphony orchestras and/or other\nnot-for-profit musical entities incorporated in the state and organized\nfor the purpose of the presentation of performing arts for the benefit\nof the public, and upon approval of the director of the budget, the\ncouncil may assist such organization in acquiring such equipment in\naccordance with guidelines established by the council. The council shall\ncontract with one or more not-for-profit entities which shall distribute\nsuch monies, however, in no case shall monies of the fund be distributed\nnor shall a contract to distribute such monies be approved unless the\nfund shall have sufficient monies to effectuate all such approved\ndistributions and contracts.\n Purchases, leases and loans of musical instruments and other equipment\nshall not be approved or effected if such purchases, leases or loans are\neligible for financing from any other state assistance program.\n 4. The state council on the arts shall establish guidelines necessary\nto administer the fund. Guidelines shall include, but not be limited to:\nqualifications and conditions for assistance, which may require public\nservice performances, terms of lease or installment sale payments and\nfinance charges on installment sales at rates of interest which,\nnotwithstanding any other provision of law, shall not be less than three\nper cent per annum nor more than ten per cent per annum, provisions for\ninsurance of the instrument or other equipment, provisions for necessary\nsecurity agreement arrangements, and any other terms and conditions the\ncouncil may require as necessary to properly effectuate the provisions\nof this section.\n 5. The not-for-profit entity of entities with whom the state council\non the arts has contracted pursuant to subdivision three of this section\nshall enter into contractual arrangements with applicants approved by\nthe council. All contracts must be approved by the state council on the\narts and the comptroller prior to the distribution of any monies\nthereunder. Such contracts shall assure that the not-for-profit entity\nor entities retain title to the instrument or equipment until the\nprovisions and intent of this section are satisfied.\n 6. Notwithstanding any other provisions of law, should a default in\npayment of monies for the purchase or lease of an instrument or other\nequipment occur, the council shall so notify the comptroller and the\nattorney general who shall take such steps as may be necessary. The\nnot-for-profit entity or entities, after such notification is made,\nshall take steps to effect repossession regardless of whether any note,\nmemorandum, instrument or other writing has been recorded or regardless\nof whether any other person has notice of such possessory rights to the\ninstrument or equipment. Any contract between the not-for-profit agency\nor agencies and a not-for-profit symphony orchestra or other musical\nentity authorized by this article, shall assure the right and provide\nguarantees for such repossession. Subsequent to the taking of possession\nof the instrument or equipment, the comptroller or not-for-profit agency\nor agencies may offer the same for sale at public auction to the highest\nbidder pursuant to guidelines established by the comptroller.\n 7. The comptroller is authorized to deduct the difference between the\npurchaser's or lessee's outstanding obligation at the time of the\nauction provided for in subdivision five of this section, and the amount\nrealized from that auction, after deductions for all necessary and\nproper costs of the auction are made, from any other grant or other\nassistance approved by the council on the arts for that purchaser. The\ndifference deducted by the comptroller and the net amount realized from\nthe auction shall be deposited in the New York state musical instrument\nrevolving fund.\n 8. Nothing contained herein shall prevent the council from receiving\ngrants, gifts or bequests for the purposes of the fund as defined in\nthis section and depositing them into the fund according to law.\n 9. The state council on the arts shall provide by September first of\neach year, to the governor, the temporary president of the senate, the\nspeaker of the assembly, the chairman of the senate finance committee\nand the chairman of the assembly ways and means committee, a report\ncontaining guidelines and amendments established by the state council on\nthe arts and a complete financial statement including, but not limited\nto, monies allocated, collected, transferred or otherwise paid or\ncredited to the fund. A projected schedule of disbursements, receipts\nand needs of the fund for the next fiscal year shall be included in each\nreport. In addition, any amendments to the guidelines shall be provided\nto the above listed individuals within thirty days of their\nestablishment by the state council on the arts.\n 10. No monies shall be payable from this fund, except on the audit and\nwarrant of the comptroller on vouchers certified and submitted by the\nchairman of the state council on the arts.\n * NB There are 2 § 97-v's\n