What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
1 Co-sponsor
History
- Referred to corporations, authorities and commissions
- Print number 3693a
- Amend (t) and recommit to finance
- Reported and committed to finance
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides for the financing and construction of capital facilities for certain not-for-profit corporations affiliated with the state university of New York
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor Crystal Peoples-Stokes
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the public authorities law, in relation to providing for the financing and construction of capital facilities for certain not-for-profit entities affiliated with the state university of New York
Purpose of the bill
To authorize the Dormitory Authority of the State of New York ("DASNY") to provide financing and construction services to any not-for-profit entity organized by officers, employees, alumni or students of the State University of New York ("SUNY"), other than any entity which is organized exclusively by students of the State University, for the purpose of providing one or more facilities for the State University at Buffalo ("UB") on its campuses in the Town of Amherst and City of Buffalo, respectively, and student housing facilities in the City of Syracuse for use by students attending the SUNY College of Environmental Science and Forestry.
Summary of provisions
Sections one and two of the bill would amend the definition of "dormitory" and "educational institution", respectively, to include any not-for-profit entity organized by officers, employees, alumni or students of SUNY, other than any entity which is organized exclusively by students of the State University, and qualified as tax-exempt under the Internal Revenue Code for the purpose of providing housing and other facilities that have been specifically authorized by statutory enactment as a "project." In addition, the consent of SUNY would also be required for any project permitted to be undertaken pursuant to this legislation. The bill also specifically provides that no agreement providing for the financing, refinancing, acquisition, design, construction, reconstruction, rehabilitation, improvement, furnishing and equipping of any project pursuant to this authorization shall provide for the operation and maintenance of such project after its completion, by an entity other than the State University of New York.
Read the full memo (890 words)
The types of projects generally contemplated by this bill include academic and administration buildings, libraries, laboratories, classrooms or any other facility, building or structure essential, necessary or useful in furthering the academic, cultural, health or research programs of SUNY. However, the only projects currently authorized under this bill are: (1) one or more facilities to be located on or adjacent to one or more campuses of the State University of Buffalo in the Town of Amherst and the City of Buffalo for any of the foregoing purposes, including, but not limited to, a hotel, conference center, retail facilities and certain other facilities to. provide educational, training and economic opportunities to residents of Town of Amherst and the City of Buffalo; and (2) student housing facilities in the City of Syracuse for use by students attending the SUNY College of Environmental Science and Forestry. The housing facilities for the College of Environmental Science and Forestry would not be located on the College's campus but rather, would be located on land adjacent to the campus.
In connection with authorized projects, this bill further provides that the not-for-profit entity, SUNY and the State University Construction Fund may enter into agreements with DASNY and take such actions as are necessary to: (a) undertake the financing of any facility for such not-for-profit entity, including, but not limited to, providing for the sale; lease, transfer or conveyance of state-owned property under the jurisdiction of the State University to the not-for-profit entity; and (b) grant DASNY a lien on any revenues, property or moneys pledged by the not-for-profit corporation to DASNY to secure the payment of all amounts owed to DASNY. It further authorizes and requires state officers to pay any funds that are so assigned and pledged to DASNY or, upon the direction of the dormitory
authority, to any trustee of any dormitory authority bond or note issue.
Existing law
DASNY is currently able to provide construction and financing services to SUNY but not to not-for-profit corporations organized for the benefit of SUNY.
Prior legislative history
None
Statement in support
Although DASNY is currently able to provide construction and financing services directly to SUNY through DASNY's existing programs, some SUNY colleges and universities have identified situations when it would be in their best interests to undertake certain projects through legally separate not-for-profit entities established for these purposes. Among the benefits of financing through these separate entities would be the ability to utilize revenues and assets of the not-for-profit entity to secure any debt issued to finance the cost of the project. This bill would provide DASNY with the flexibility to meet these needs for any project specifically authorized by statutory enactment.
The New York State Commission on Higher Education's Final Report recognized the need to upgrade and enhance SUNY facilities. As stated in the Report: "For New York State's public universities to remain competitive with those in other key states, additional capital investment is required. Compared to public systems in peer states, New York ranks fifth in overall capital investment for the most recent five-year period available (2000-01 through 2005-06), and sixth on a per FTE basis...It is important to identify innovative financing structures ....or otherwise provide financial support for investment in priority needs and initiatives (e.g., public-private partnerships)."
Budget implications
This bill would have positive budget implications for the State, in so far as it would reduce the amount of State supported debt that would otherwise be required to finance capital improvements for SUNY.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.