2023 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.