NY Pub Auth L § 1680-Q (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 4 - Dormitory Authority 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  three   hundred   ninety-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