N.Y. Education Law § 6276: Agreements with dormitory authority

§ 6276. Agreements with dormitory authority. (a) To fulfill the

purposes contained in subdivision a of section sixty-two hundred

seventy-three of this article, the fund may enter into leases, subleases

or other agreements with the dormitory authority to which the board of

higher education may be a party under which the authority may provide

facilities for the use of the city university. The fund may enter into

an agreement with the dormitory authority to which the board of higher

education and the city of New York shall be parties under which the

authority may acquire, design, construct or otherwise provide and

furnish and equip facilities for the use of Hunter College which may

include therein a police and fire station upon a site set forth in and

in accordance with the terms of such agreement, as authorized in

paragraph f of subdivision two of section sixteen hundred eighty of the

public authorities law. The provisions of the dormitory authority act

shall govern the relationships of the dormitory authority, the fund, and

the board of higher education in the city of New York with respect to

all such leases, subleases or other agreements and actions thereunder,

and the fund may apply to the payment of rentals and other payments

required from the fund by any such leases, subleases or other agreements

and may pledge as security for such payments to the dormitory authority

with respect to such leases, subleases or other agreements all or part

of the resources of the fund. The dormitory authority shall not issue

obligations for the provision of a senior or community college facility

unless a certificate of availability of funds has been approved by the

director of the budget and an appropriation for such facility has been

enacted.

(b) Neither the state, nor the city or the city university of New

York, shall be liable for any rentals payable by the fund pursuant to

the terms of any lease, sublease or other agreement entered into by the

fund under this article. Any such lease, sublease or other agreement

shall contain among its terms a statement to that effect.

(c) Housing units provided under this article for faculty, staff and

married students and the families thereof shall be used and occupied

pursuant to leases or other agreements between the faculty, staff and

married students and the city university, the provisions of which have

been approved by the dormitory authority and the city university

construction fund. There shall be paid to the city university, pursuant

to such leases or other agreements by such faculty, staff and married

students, except the chancellor of the city university and the

presidents of any of the senior colleges or graduate institutions

thereof and their families, rentals, the total amount of receipts from

which rentals in each city fiscal year is to be at least equal to (i)

the portion of the rentals to be paid to the dormitory authority by the

fund in that city fiscal year which is allocable to such housing units

and (ii) the expense of all direct and indirect costs of operation of

such housing units. From such receipts the city university shall account

for and pay to the fund an amount equal to the portion of the rentals to

be paid to the dormitory authority by the fund in that city fiscal year

which is allocable to such housing units, and the fund shall pay such

amount to the dormitory authority in accordance with its agreements

therewith. The estimated amount of rentals allocable to such housing

units shall be separately stated from the amount required to be included

in the city university construction fund's report submitted pursuant to

clause three of subdivision seven of section sixty-two hundred

seventy-four of this article and shall not be included in the amount

equal to the aggregate of all rentals and such other payments due to the

dormitory authority from the fund of which the state and city are each

obligated to pay to the fund one-half pursuant to section sixty-two

hundred seventy-nine of this article.

(d) Any pledge of or other security interest in moneys, earnings,

income, revenues, accounts, contract rights, general intangibles or

other personal property, or any other resources held, made or created by

the fund or on its behalf by any duly authorized officer, employee or

agent thereof including the comptroller of the city of New York when

acting as agent pursuant to this article or by any other person to

secure such person's obligations to the fund, shall be valid, binding

and perfected from the time when such pledge or other security interest

attaches, without any physical delivery of the collateral or further

act. The lien of any such pledge or other security interest shall be

valid, binding and perfected as against all parties having claims of any

kind in tort, contract or otherwise against the fund irrespective of

whether or not such parties have notice thereof. No instrument by which

such a pledge or other security interest is created nor any financing

statement need be recorded or filed. This subdivision shall apply

notwithstanding the provisions of the uniform commercial code.