§ 1680-Q — State university of New York dormitory facilities

New York § 1680-Q

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 4: Dormitory Authority
• Art. 8: Miscellaneous Authorities

Text

* § 1680-q. State university of New York dormitory facilities. 1. As\nused in or referred to in this section, unless a different meaning\nappears from the context, the following terms shall have the following\nrespective meanings:\n (a) "Agreement" means an agreement by and between the authority and\nthe state university entered into pursuant to this section.\n (b) "Dormitory facilities revenue fund" means the fund established\npursuant to subdivision three of this section.\n (c) "Dormitory facilities revenues" means all moneys, including rents,\nfees and charges, derived from the use or occupancy of dormitory\nfacilities.\n (d) "Dormitory facility" means a dormitory, as such term is defined in\nparagraph (a) of subdivision two of section sixteen hundred seventy-six\nof this title.\n (e) "Dormitory facility revenue bond" means any note or bond of the\nauthority (i) issued on or after the first day of April, two thousand\nthirteen for the purposes of financing dormitory facilities or\nrefinancing notes or bonds issued previously in connection with\ndormitory facilities, including notes or bonds issued to pay costs\nincurred in connection with the issuance of such notes or bonds, to fund\nany reserve for the payment of debt service on such bonds, to fund any\nreserve established for the improvement, repair, maintenance or\noperations of dormitory facilities, or to pay or provide for the payment\nof any note or bond previously issued for any such purpose, and (ii) is\npayable from moneys on deposit in the dormitory facilities revenue fund\nand is not payable from any revenue of the state.\n (f) "Prior dormitory facility bond" means any note or bond of the\nauthority issued prior to April first, two thousand thirteen in\nconnection with dormitory facilities.\n (g) "State university" means the state university of New York, a\ncorporation within the state education department and within the\nuniversity of the state of New York created by section three hundred\nfifty-two of the education law.\n 2. The authority may, from and after April first, two thousand\nthirteen, issue dormitory facility revenue bonds in an amount not to\nexceed one billion three hundred ninety-four million dollars.\nNotwithstanding any other rule or law, such bonds shall not be a debt of\nthe state of New York or the state university nor shall the state or the\nstate university be liable thereon, nor shall they be payable out of any\nfunds other than those of the authority constituting dormitory\nfacilities revenues. Such amount shall be exclusive of bonds and notes\nissued to fund any reserve fund or funds, cost of issuance, original\nissue premium, and to refund any prior dormitory facility bonds or any\ndormitory facility revenue bonds. The authority and the state university\nare hereby authorized to enter into agreements relating to, among other\nthings, the acquisition of property or interests therein, the\nconstruction, reconstruction, rehabilitation, improvement, equipping and\nfurnishing of dormitory facilities, the operation and maintenance of\ndormitory facilities, and the billing, collection and disbursement of\ndormitory facilities revenues, the title to which has been conveyed,\nassigned or otherwise transferred to the authority pursuant to paragraph\ny of subdivision two of section three hundred fifty-five of the\neducation law. In no event shall the state university have any\nobligation under the agreement to make payment with respect to, on\naccount of or to pay dormitory facilities revenue bonds, and such bonds\nshall be payable solely from the dormitory facilities revenues assigned\nto the authority by the state university. No debt shall be contracted\nexcept to finance capital works or purposes. Notwithstanding any other\nprovision of law, dormitory facility revenues shall not be deemed to be\nrevenues of the state. Notwithstanding any other rule or law, the state\nshall not be liable for any payments on any dormitory facility revenue\nbonds, and such bonds shall not be a debt of the state and shall not be\npayable out of any funds other than the dormitory facilities revenues\nassigned to the authority by the state university.\n 3. (a) There is hereby established in the custody of the commissioner\nof taxation and finance a special fund to be known as the dormitory\nfacilities revenue fund. Such fund shall consist of all dormitory\nfacilities revenues conveyed, assigned or otherwise transferred to the\nauthority pursuant to paragraph y of subdivision two of section three\nhundred fifty-five of the education law, which upon receipt by the\ncommissioner of taxation and finance shall be deposited in such fund and\nheld by the commissioner of taxation and finance pursuant to subdivision\nfour of section four of the state finance law. The moneys in the fund\nshall be the sole and exclusive property of the authority. The moneys\nheld in the fund shall be held separate and apart from and not\ncommingled with any moneys of the state or any other moneys in the\ncustody of the commissioner of taxation and finance. All deposits of\nmoneys shall, if required by the commissioner of taxation and finance,\nbe secured by obligations of the United States of America or of the\nstate having a market value equal at all times to the amount of such\ndeposits and all banks and trust companies are authorized to give\nsecurity for such deposits. Any moneys in such fund may, in the\ndiscretion of the commissioner of taxation and finance, be invested in\nobligations described in section ninety-eight of the state finance law.\nThe commissioner of taxation and finance shall certify to the authority\nand the state university not later than the fifteenth day of each month\nthe amount of dormitory facilities revenues deposited in the fund during\nthe preceding calendar month and the amount held in the fund as of the\nlast day of such preceding calendar month.\n (b) During each twelve month period commencing July first of a\ncalendar year and ending on June thirtieth of the succeeding calendar\nyear, the commissioner of taxation and finance shall pay, without\nappropriation, to or upon the order of the authority from the moneys in\nthe fund the amount certified to the commissioner of taxation and\nfinance by the authority pursuant to paragraph (c) of this subdivision.\nAny moneys remaining in the fund after payment to the authority of the\namount so certified shall be paid by the commissioner of taxation and\nfinance in accordance with the agreement. All rights, title and interest\nin and to any moneys paid to or upon the order of the state university\npursuant to the agreement shall vest in the state university and be the\nabsolute property of the state university, and the authority shall no\nlonger have any interest in such moneys.\n (c) The authority shall, not later than by the first day of June of\neach calendar year, certify to the commissioner of taxation and finance\nand to the state university: (i) the amount of the rentals, including\nthe amounts required for payment of the principal of, and interest on\nprior dormitory facility bonds required to be made by the state\nuniversity to the authority during the twelve month period commencing on\nthe succeeding July first and ending on the succeeding June thirtieth\npursuant to the agreement between the authority and the state\nuniversity, dated as of the twentieth day of September, nineteen hundred\nninety-five, as amended and restated; (ii) the amount required to\nmaintain any reserves for the repair and replacement of dormitory\nfacilities or the operations and maintenance of dormitory facilities in\nconnection with the prior dormitory facility bonds; (iii) the amount\nrequired for payment of the principal of, whether at maturity or due\nthrough mandatory redemption, and interest on dormitory facility revenue\nbonds payable on January first of such twelve month period and on July\nfirst next succeeding such twelve month period; (iv) the amount required\nto maintain any reserves for the repair and replacement of dormitory\nfacilities or the operations and maintenance of dormitory facilities in\nconnection with the dormitory facility revenue bonds; (v) the amount\nrequired to restore any reserve for the payment of debt service on\ndormitory facility revenue bonds to its requirement; and (vi) the costs,\nexpenses and overhead of the dormitory authority to be incurred during\nsuch twelve month period in connection with and reasonably related to\ndormitory facilities financed through the issuance of dormitory facility\nrevenue bonds. Each such amount shall be separately stated and\nidentified in such certificate. Any such certificate submitted by the\ndormitory authority may be amended by the dormitory authority from time\nto time as necessary to adjust the amounts set forth therein. The moneys\npaid to the authority pursuant to paragraph (b) of this subdivision\nshall be applied by the authority in the order of priority in which the\namounts set forth in such certification are stated in this paragraph.\n 4. (a) The dormitory authority, in consultation with the state\nuniversity of New York, shall prepare an annual report due on September\nthirtieth, commencing on September thirtieth, two thousand fourteen, of\nevery calendar year relating to the provisions of paragraph y of\nsubdivision two of section three hundred fifty-five of the education\nlaw; subdivision eight of section three hundred fifty-five of the\neducation law; and this section. The report shall include, but not be\nlimited to: (i) the total dormitory facilities revenues assigned or\notherwise transferred from the state university of New York to the\ndormitory authority in the prior state university fiscal year and the\nsum of such transfers made in the five prior fiscal years; (ii) the sum\nof monies, if any, transferred to the state university of New York from\nthe dormitory facilities revenue fund in the prior state university\nfiscal year; (iii) a list of any increase in rents, fees and other\ncharges that relate to dormitory facilities per campus to students; (iv)\na summary of all costs associated with the construction, reconstruction,\nrehabilitation, improvement, equipping, furnishing, repair, maintenance\nand operations of dormitory facilities that the dormitory authority\nfunded with dormitory facilities revenues and the proceeds of dormitory\nfacility revenue bonds; (v) a summary and justification of dormitory\nauthority administrative expenses and costs incurred related to the\ndormitory facilities revenue fund; (vi) the issuance amounts, debt\nservice costs and savings, if any, of all state university of New York\ndormitory bonds issued prior to April first, two thousand thirteen and\nrefinanced by the dormitory authority with dormitory facility revenue\nbonds; (vii) total amount of debt service payments made per year on\ndormitory facility revenue bonds; and (viii) an estimated date when the\ndormitory authority will reach the cap on dormitory facility revenue\nbonds.\n (b) The report authorized by this section shall be submitted to the\ngovernor, the director of the budget, the speaker of the assembly, the\ntemporary president of the senate, chairs of the senate and assembly\nhigher education committees, the chair of the senate finance committee\nand the chair of the assembly ways and means committee.\n * NB There are 2 § 1680-q's\n