NY Educ L § 451 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 10 - New York City Educational Construction Fund 451 - Statement of Legislative Findings and Purposes.

§ 451. Statement  of  legislative  findings  and  purposes.  There  is   threatened in the city of New York a serious shortage of elementary  and   secondary  school  buildings  under  the  jurisdiction  of  the board of   education of the city of New York. This shortage is  occasioned  by  the   age and obsolescence of many existing school buildings, the large number   of  new school buildings that are needed in various areas of the city of   New York, the scarcity and high cost of  available  land  in  the  areas   where  such schools are needed, the typical under-utilization of land by   elementary and secondary school buildings and the  existing  limitations   on  the amount of state and city funds available for the construction of   such buildings.In  order  to  facilitate  the  timely  construction  of  such  school   buildings  in  combination  with other compatible and lawful uses, which   combination would provide a highly desirable and economic utilization of   available land, there should be created a corporate governmental  agency   of  the state, constituting a public benefit corporation, to be known as   the "New York city educational construction fund," which  could  receive   and administer moneys for the construction and improvement of elementary   and  secondary  school  buildings  in  the  city  of  New York and whose   principal purpose would be the timely and responsive provision  of  such   combined  occupancy  structures in accordance with the foreseeable needs   of the city of New York for additional  or  replacement  elementary  and   secondary  educational  facilities  and the desirability of facilitating   maximum and appropriate utilization  of  available  land.  In  order  to   encourage  the  investment of private capital in such combined occupancy   structures and enable the construction of additional  school  facilities   within   existing  financial  limitations  through  the  utilization  of   incidental revenue produced  thereby,  the  New  York  city  educational   construction  fund  should  be  empowered,  through  the issuance of its   bonds, notes or other obligations to the private  investing  public,  to   obtain  a  portion of the funds necessary to finance the construction of   the school portion of such structures and to apply the revenues received   from both the school and non-school portions thereof to the  payment  of   such  bonds,  notes  or  other  obligations.  In  furtherance  of  these   purposes, the creation, continued operation and solvency of the New York   city educational construction fund, including  the  maintenance  of  the   capital  reserve  fund  provided  for in subdivision one of section four   hundred sixty-two of this article, is hereby declared  to  be  a  school   purpose  for  which  public  monies may be appropriated, apportioned and   expended.While responsibility for the educational affairs of  the  city  school   district  of  the  city  of  New York, including the selection of school   sites and  the  design  and  construction  of  school  facilities,  must   continue  in  the  board  of education of the city of New York, title to   such sites and the school facilities  constructed  thereon  pursuant  to   this  article  should  be  vested in the fund in order to facilitate the   exercise of its powers.