Qualifies the permitted use of proceeds from the lease of lands located at the state university of New York at Purchase, the official text

S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7486--A
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              April 17, 2025
                                ___________
 
 Introduced  by  Sen.  MAYER  -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Higher  Education  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee
 
 AN ACT to amend chapter 405 of the laws of 2011, relating to authorizing
   the lease of lands located at the state  university  of  New  York  at
   Purchase,  in relation to the permitted use of proceeds from the lease
   of such lands
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision (a) of section 13 of chapter 405 of the laws of
 2011,  relating  to  authorizing the lease of lands located at the state
 university of New York at Purchase, as amended by  chapter  562  of  the
 laws of 2023, is amended to read as follows:
   (a)  Any  contracts  or leases entered into by the state university of
 New York with the Purchase college advancement corporation  pursuant  to
 this act shall be subject to approval of the attorney general as to form
 as well as by the director of the budget and the state comptroller.  Any
 and  all proceeds relating to the leases authorized by this act shall be
 allocated by the board of trustees for Purchase college, state universi-
 ty of New York, in the following manner:   seventy-five percent  to  the
 student  financial  aid  for  NEW  YORK  STATE RESIDENT students who are
 eligible to receive A FEDERAL PELL GRANT, OR a tuition assistance  award
 or  supplemental  tuition assistance pursuant to section 667 or 667-a of
 the education law, and twenty-five percent to support current and  addi-
 tional full-time faculty positions.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11614-02-5