NY Priv Hous Fin L § 47-A (2021)
2021 New York Laws PVH - Private Housing Finance Article 3 - New York State Housing Finance Agency 47-A - State University Construction Bonds and Notes.

§   47-a.   State   university   construction   bonds  and  notes.  1.   Definitions.   For the purposes  of  section  forty-seven  and  of  this   section:a.  "State  university facility" shall mean a classroom, lecture hall,   library, laboratory or other academic building, or any structure  on  or   improvement  to  real  property  of  any  kind or description, including   fixtures and equipment which are an integral part of any such  building,   structure  or  improvement,  a  walkway or roadway, and improvements and   connections for water, sewer, gas, electrical, telephone,  heating,  air   conditioning  and other utility services at a state-operated institution   or statutory or contract college under the  jurisdiction  of  the  state   university  of  New  York,  and  shall  include  a  housing  unit or any   emergency temporary housing, with  necessary  and  usual  attendant  and   related  facilities  and equipment, for the use of students, faculty and   staff, and their families,  at  such  an  institution  or  statutory  or   contract college.b.   "State  university  construction  bonds"  and  "state  university   construction notes" shall mean bonds and notes respectively,  issued  by   the agency pursuant to subdivision two of this section.2. Additional powers of the agency.a. The agency shall have power to cause state university facilities to   be  constructed,  acquired,  reconstructed, rehabilitated or improved on   any real property leased or made available by the  state  university  of   New  York,  or  any  state-operated institution or statutory or contract   college under the jurisdiction of the  state  university  of  New  York,   under  an  agreement with the state university construction fund created   by section three  hundred  seventy-one  of  the  education  law  and  in   connection  therewith  may  authorize  the state university construction   fund to act as its agent for the  purpose  of  constructing,  acquiring,   reconstructing,   rehabilitating  or  improving  such  state  university   facilities.b. The agency shall have power and is hereby authorized from  time  to   time  to  issue negotiable bonds and notes in conformity with applicable   provisions of the uniform commercial code in such principal  amount  as,   in  the  opinion  of  the  agency, shall be necessary, after taking into   account other monies which may be available for the purpose, to  provide   sufficient  funds  for  the  construction,  acquisition, reconstruction,   rehabilitation or improvement of state university facilities pursuant to   the preceding paragraph of this subdivision, the payment of interest  on   state  university  construction  bonds and state university construction   notes issued for such purposes, the establishment of reserves to  secure   such  bonds and notes, and all other expenditures of the agency incident   to and necessary or convenient for any such  construction,  acquisition,   reconstruction,  rehabilitation  or improvement; provided, however, that   the agency shall not issue state university construction bonds and state   university construction notes in an aggregate principal amount exceeding   three billion dollars, excluding state university construction bonds and   state university construction notes issued to refund  outstanding  state   university construction bonds or state university construction notes. In   no  event, however, shall the agency issue state university construction   bonds  or  state  university  construction  notes  after  August  first,   nineteen  hundred  eighty-eight,  except  state  university construction   bonds  or  state  university  construction  notes   issued   to   refund   outstanding  state  university  construction  bonds  or state university   construction  notes;  provided,  however,  that  only  state  university   construction  bonds to be issued to refund state university construction   bonds may be issued after August first, nineteen  hundred  eighty-eight.   Such  bonds  shall  be excluded from such limitation as to the aggregate    principal amount  of  state  university  construction  bonds  and  state   university construction notes if the present value of the aggregate debt   service  on the refunding bonds does not exceed the present value of the   aggregate  debt  service  on  the  bonds  refunded thereby. For purposes   hereof, the present value of the aggregate debt service of the refunding   bonds and the aggregate debt service of the  bonds  refunded,  shall  be   calculated  by  utilizing the true interest cost of the refunding bonds,   which shall be that rate arrived at by doubling the semi-annual interest   rate (compounded semi-annually) necessary to discount the  debt  service   payments  on  the  refunding bonds from the payment dates thereof to the   date of issue of the refunding  bonds  to  the  purchase  price  of  the   refunding  bonds,  including interest accrued thereon prior the issuance   thereof.3. Application of other provisions of article.  Except  as  stated  in   section forty-seven, the other provisions of this article shall apply to   state  university  construction  bonds and state university construction   notes issued by the agency pursuant to this section, provided,  however,   that such bonds and notes, subject to any agreements with the holders of   particular bonds or notes pledging any specified portions thereof, shall   be secured by a pledge to the payment thereof of (i) rentals paid to the   agency  with  respect  to  state university facilities financed with the   proceeds of such bonds and notes, and (ii) any other assets,  monies  or   accounts  pledged  or assigned to the agency as security for the payment   of such rentals, and provided further that no resolution or  resolutions   authorizing  state  university  construction  bonds and state university   construction notes shall (i) pledge all or any  part  of  the  fees  and   charges made or received by the agency pursuant to subdivision eleven of   section  forty-four  in  connection with the making of mortgage loans or   commitments therefor, or all or any  part  of  the  monies  received  in   payment  of such mortgage loans and interest thereon, or (ii) pledge all   or any part of the mortgages of the agency or obligations  securing  the   same, or (iii) provide as to the use and disposition of the gross income   from  mortgages owned by the agency or as to the payment of principal of   mortgages owned by the agency, or (iv) pledge all or  any  part  of  the   rentals  paid  to the agency under leases, subleases or other agreements   for health facilities or mental hygiene facilities entered into  by  the   agency  in  accordance with this article, or (v) pledge or assign all or   any part of any other assets, monies or accounts pledged or assigned  to   the  agency  as  security  for  the  payment  of rentals for such health   facilities or mental hygiene facilities.4. Repayment fund. The agency shall create  and  establish  a  special   fund  (herein  referred to as state university repayment fund) and shall   pay into such fund any monies which the agency shall receive in  payment   of  rentals  due  under  one  or  more  lease  agreements referred to in   subdivision three of this section. Such monies and any other monies paid   into the state university repayment fund may, in the discretion  of  the   agency  but  subject  to agreements with the holders of state university   construction bonds and state university construction notes, be  used  by   the  agency (a) for the repayment of advances, if any, from the state to   the agency in connection with state university facilities in  accordance   with  the  provisions of repayment agreements between the agency and the   director of the budget, (b) to pay all costs, expenses  and  charges  of   financing  the construction, acquisition, reconstruction, rehabilitation   or improvement of state  university  facilities  on  any  real  property   leased  or  made  available to the agency by the state university of New   York, including fees and expenses of trustees and paying agents and  the   reasonable  costs  of  services performed by the commissioner of housing   and division of housing in respect thereof, and (c) for the  payment  of    the  principal of and interest on state university construction bonds or   state university construction notes issued by the agency when  the  same   shall  become  due whether at maturity or on call for redemption and for   the  payment  of  any  redemption premium required to be paid where such   bonds or notes are redeemed prior to their  stated  maturities,  and  to   purchase   state  university  construction  bonds  or  state  university   construction notes issued by the agency.