N.Y. State Finance Law 99-BB*4 – SUNY Stony Brook Eastern Long Island Hospital Affiliation escrow fund
* § 99-bb. SUNY Stony Brook Eastern Long Island Hospital Affiliation escrow fund. 1. Notwithstanding any other provision of law, rule, regulation, or practice to the contrary, there is hereby established in the joint custody of the comptroller and the chancellor of the state university of New York (SUNY) a trust and agency fund, to be known as the "SUNY Stony Brook Eastern Long Island Hospital Affiliation escrow fund" which shall be available without fiscal year limitation.
Terms Used In N.Y. State Finance Law 99-BB*4
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
2. The SUNY Stony Brook Eastern Long Island Hospital Affiliation escrow fund shall consist of (i) all monies generated through the activities of Stony Brook at Eastern Long Island Hospital, including but not limited to patient revenue, federal reimbursement, and other associated revenue sources, (ii) rent payments made by Stony Brook University Hospital to the Eastern Long Island Hospital Association under a certain lease agreement approved by the director of the budget, the office of the New York state attorney general and the office of the New York state comptroller and (iii) to the extent permitted under the lease agreement referred to in paragraph (ii) of this subdivision, working capital advances and capital acquisition advances made by Stony Brook University Hospital to the Eastern Long Island Hospital Association.
3. Monies of the SUNY Stony Brook Eastern Long Island Hospital Affiliation escrow fund shall be expended only for the purposes of Stony Brook at Eastern Long Island Hospital.
* NB There are 5 § 99-bb's