N.Y. Public Authorities Law § 1680-q: State university of New York dormitory facilities

* § 1680-q. State university of New York dormitory facilities. 1. As

used in or referred to in this section, unless a different meaning

appears from the context, the following terms shall have the following

respective meanings:

(a) "Agreement" means an agreement by and between the authority and

the state university entered into pursuant to this section.

(b) "Dormitory facilities revenue fund" means the fund established

pursuant to subdivision three of this section.

(c) "Dormitory facilities revenues" means all moneys, including rents,

fees and charges, derived from the use or occupancy of dormitory

facilities.

(d) "Dormitory facility" means a dormitory, as such term is defined in

paragraph (a) of subdivision two of section sixteen hundred seventy-six

of this title.

(e) "Dormitory facility revenue bond" means any note or bond of the

authority (i) issued on or after the first day of April, two thousand

thirteen for the purposes of financing dormitory facilities or

refinancing notes or bonds issued previously in connection with

dormitory facilities, including notes or bonds issued to pay costs

incurred in connection with the issuance of such notes or bonds, to fund

any reserve for the payment of debt service on such bonds, to fund any

reserve established for the improvement, repair, maintenance or

operations of dormitory facilities, or to pay or provide for the payment

of any note or bond previously issued for any such purpose, and (ii) is

payable from moneys on deposit in the dormitory facilities revenue fund

and is not payable from any revenue of the state.

(f) "Prior dormitory facility bond" means any note or bond of the

authority issued prior to April first, two thousand thirteen in

connection with dormitory facilities.

(g) "State university" means the state university of New York, a

corporation within the state education department and within the

university of the state of New York created by section three hundred

fifty-two of the education law.

2. The authority may, from and after April first, two thousand

thirteen, issue dormitory facility revenue bonds in an amount not to

exceed one billion eight hundred forty-four million dollars.

Notwithstanding any other rule or law, such bonds shall not be a debt of

the state of New York or the state university nor shall the state or the

state university be liable thereon, nor shall they be payable out of any

funds other than those of the authority constituting dormitory

facilities revenues. Such amount shall be exclusive of bonds and notes

issued to fund any reserve fund or funds, cost of issuance, original

issue premium, and to refund any prior dormitory facility bonds or any

dormitory facility revenue bonds. The authority and the state university

are hereby authorized to enter into agreements relating to, among other

things, the acquisition of property or interests therein, the

construction, reconstruction, rehabilitation, improvement, equipping and

furnishing of dormitory facilities, the operation and maintenance of

dormitory facilities, and the billing, collection and disbursement of

dormitory facilities revenues, the title to which has been conveyed,

assigned or otherwise transferred to the authority pursuant to paragraph

y of subdivision two of section three hundred fifty-five of the

education law. In no event shall the state university have any

obligation under the agreement to make payment with respect to, on

account of or to pay dormitory facilities revenue bonds, and such bonds

shall be payable solely from the dormitory facilities revenues assigned

to the authority by the state university. No debt shall be contracted

except to finance capital works or purposes. Notwithstanding any other

provision of law, dormitory facility revenues shall not be deemed to be

revenues of the state. Notwithstanding any other rule or law, the state

shall not be liable for any payments on any dormitory facility revenue

bonds, and such bonds shall not be a debt of the state and shall not be

payable out of any funds other than the dormitory facilities revenues

assigned to the authority by the state university.

3. (a) There is hereby established in the custody of the commissioner

of taxation and finance a special fund to be known as the dormitory

facilities revenue fund. Such fund shall consist of all dormitory

facilities revenues conveyed, assigned or otherwise transferred to the

authority pursuant to paragraph y of subdivision two of section three

hundred fifty-five of the education law, which upon receipt by the

commissioner of taxation and finance shall be deposited in such fund and

held by the commissioner of taxation and finance pursuant to subdivision

four of section four of the state finance law. The moneys in the fund

shall be the sole and exclusive property of the authority. The moneys

held in the fund shall be held separate and apart from and not

commingled with any moneys of the state or any other moneys in the

custody of the commissioner of taxation and finance. All deposits of

moneys shall, if required by the commissioner of taxation and finance,

be secured by obligations of the United States of America or of the

state having a market value equal at all times to the amount of such

deposits and all banks and trust companies are authorized to give

security for such deposits. Any moneys in such fund may, in the

discretion of the commissioner of taxation and finance, be invested in

obligations described in section ninety-eight of the state finance law.

The commissioner of taxation and finance shall certify to the authority

and the state university not later than the fifteenth day of each month

the amount of dormitory facilities revenues deposited in the fund during

the preceding calendar month and the amount held in the fund as of the

last day of such preceding calendar month.

(b) During each twelve month period commencing July first of a

calendar year and ending on June thirtieth of the succeeding calendar

year, the commissioner of taxation and finance shall pay, without

appropriation, to or upon the order of the authority from the moneys in

the fund the amount certified to the commissioner of taxation and

finance by the authority pursuant to paragraph (c) of this subdivision.

Any moneys remaining in the fund after payment to the authority of the

amount so certified shall be paid by the commissioner of taxation and

finance in accordance with the agreement. All rights, title and interest

in and to any moneys paid to or upon the order of the state university

pursuant to the agreement shall vest in the state university and be the

absolute property of the state university, and the authority shall no

longer have any interest in such moneys.

(c) The authority shall, not later than by the first day of June of

each calendar year, certify to the commissioner of taxation and finance

and to the state university: (i) the amount of the rentals, including

the amounts required for payment of the principal of, and interest on

prior dormitory facility bonds required to be made by the state

university to the authority during the twelve month period commencing on

the succeeding July first and ending on the succeeding June thirtieth

pursuant to the agreement between the authority and the state

university, dated as of the twentieth day of September, nineteen hundred

ninety-five, as amended and restated; (ii) the amount required to

maintain any reserves for the repair and replacement of dormitory

facilities or the operations and maintenance of dormitory facilities in

connection with the prior dormitory facility bonds; (iii) the amount

required for payment of the principal of, whether at maturity or due

through mandatory redemption, and interest on dormitory facility revenue

bonds payable on January first of such twelve month period and on July

first next succeeding such twelve month period; (iv) the amount required

to maintain any reserves for the repair and replacement of dormitory

facilities or the operations and maintenance of dormitory facilities in

connection with the dormitory facility revenue bonds; (v) the amount

required to restore any reserve for the payment of debt service on

dormitory facility revenue bonds to its requirement; and (vi) the costs,

expenses and overhead of the dormitory authority to be incurred during

such twelve month period in connection with and reasonably related to

dormitory facilities financed through the issuance of dormitory facility

revenue bonds. Each such amount shall be separately stated and

identified in such certificate. Any such certificate submitted by the

dormitory authority may be amended by the dormitory authority from time

to time as necessary to adjust the amounts set forth therein. The moneys

paid to the authority pursuant to paragraph (b) of this subdivision

shall be applied by the authority in the order of priority in which the

amounts set forth in such certification are stated in this paragraph.

4. (a) The dormitory authority, in consultation with the state

university of New York, shall prepare an annual report due on September

thirtieth, commencing on September thirtieth, two thousand fourteen, of

every calendar year relating to the provisions of paragraph y of

subdivision two of section three hundred fifty-five of the education

law; subdivision eight of section three hundred fifty-five of the

education law; and this section. The report shall include, but not be

limited to: (i) the total dormitory facilities revenues assigned or

otherwise transferred from the state university of New York to the

dormitory authority in the prior state university fiscal year and the

sum of such transfers made in the five prior fiscal years; (ii) the sum

of monies, if any, transferred to the state university of New York from

the dormitory facilities revenue fund in the prior state university

fiscal year; (iii) a list of any increase in rents, fees and other

charges that relate to dormitory facilities per campus to students; (iv)

a summary of all costs associated with the construction, reconstruction,

rehabilitation, improvement, equipping, furnishing, repair, maintenance

and operations of dormitory facilities that the dormitory authority

funded with dormitory facilities revenues and the proceeds of dormitory

facility revenue bonds; (v) a summary and justification of dormitory

authority administrative expenses and costs incurred related to the

dormitory facilities revenue fund; (vi) the issuance amounts, debt

service costs and savings, if any, of all state university of New York

dormitory bonds issued prior to April first, two thousand thirteen and

refinanced by the dormitory authority with dormitory facility revenue

bonds; (vii) total amount of debt service payments made per year on

dormitory facility revenue bonds; and (viii) an estimated date when the

dormitory authority will reach the cap on dormitory facility revenue

bonds.

(b) The report authorized by this section shall be submitted to the

governor, the director of the budget, the speaker of the assembly, the

temporary president of the senate, chairs of the senate and assembly

higher education committees, the chair of the senate finance committee

and the chair of the assembly ways and means committee.

* NB There are 2 § 1680-q's