Establishes the "rebuild and renew public higher education facilities fund"

1 Co-sponsor

• Patty Ritchie

Title of bill

An act to amend the state finance law, in relation to establishing the "rebuild and renew public higher education facilities fund"

Purpose

To establish a fund in the joint custody of the State Comptroller and Commissioner of Taxation and Finance to pay for the costs of unanticipated emergency repairs to public higher education.

Summary of provisions

Section 1 amends the state finance law to add a new section to establish the "rebuild and renew public higher education facilities fund".

Section 2 sets forth the effective date.

Justification

The recent floods, as a result of hurricane Irene and campus based fires have caused considerable damage at Binghamton, Cobleskill, Delhi and Canton. As a result, these campuses are faced with the prospect of undertaking extensive unanticipated repairs and reconstruction of critical campus facilities. Currently, these campuses have no source to fund these repairs other than capital funds already appropriated and dedicated to approved projects, thus those projects must be postponed or cancelled. This legislation would create a fund subject to appropriation to meet these emergency needs.

Legislative history

2013-14 S.1656A; 2012 S.7338.

Fiscal implications

To be determined.

Effective date

Immediately and shall be deemed to have been in full force and effect on and after January 1, 2016.