2003 Session

Budget Amendments - HB1400 (Committee Approved)

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Global Settlement Fund (language only)

Item 3-1.01 #17h

Item 3-1.01 #17h

Interfund Transfers

Page 569, after line 56, insert:
"GGG.  On or before June 30, 2003, the State Comptroller shall transfer to the general fund an amount estimated at $8,900,000 from the State Corporation Commission,  received by the Commission as settlement payments, fines or monetary penalties under the Global Settlement Agreement related to the investigation of certain brokerage firms and financial analysts by the State of New York."

(This amendment specifies that Global Settlement payments would be transferred to the state's general fund. Companion amendments in Direct Aid to Public Education provides $8.0 million dollars to restore Literary Fund revenues to be used for an interest rate subsidy loan program for school construction.)