BILL NUMBER: S9278
SPONSOR: FERNANDEZ
 
TITLE OF BILL:
An act to amend the state finance law, in relation to interest earned on
the statewide opioid settlement agreement money
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1. Notwithstanding subdivision eleven of section four of this
chapter, such fund shall consist of money received by the state pursuant
to any statewide opioid settlement agreements, including any interest
earned on such money, as defined in section 25.18 of the mental hygiene
law. All moneys shall remain in such fund unless and until directed by
statute or appropriation.
Section 2. This act shall take effect immediately
 
PURPOSE AND SPECIFIC PROVISIONS:
 
JUSTIFICATION:
In the Governor's 26-27 FY Aid to Localities proposal, the Executive
wants to allow New York State to use the $35 million in interest earned
on the opioid litigation settlement funds to replace current spending.
This is a clear violation of the current New York State statute.
This legislation clarifies that interest earned on money from the opioid
settlement fund cannot be used to replace current spending.
 
LEGISLATIVE HISTORY:
New Legislation
 
FISCAL IMPLICATIONS:
None to the state
 
EFFECTIVE DATE:
This act shall take effect immediately

Statutes affected:
S9278: 99-nn state finance law, 99-nn(4) state finance law