S T A T E O F N E W Y O R K
________________________________________________________________________
8574
2009-2010 Regular Sessions
I N A S S E M B L Y
May 28, 2009
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Introduced by M. of A. PEOPLES -- (at request of the Dormitory Authori-
ty) -- read once and referred to the Committee on Corporations,
Authorities and Commissions
AN ACT to amend the public authorities law, in relation to providing for
the financing and construction of capital facilities for certain not-
for-profit corporations affiliated with the state university of New
York
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph (b) of subdivision 2 of section 1676 of the
public authorities law is amended by adding a new undesignated paragraph
to read as follows:
ANY ENTITY ORGANIZED BY OFFICERS, EMPLOYEES, ALUMNI OR STUDENTS OF THE
STATE UNIVERSITY OF NEW YORK TO SUPPORT THE STATE UNIVERSITY AND QUALI-
FIED AS AN ORGANIZATION UNDER THE UNITED STATES INTERNAL REVENUE CODE AS
AS EXEMPT FROM INCOME TAX FOR THE FINANCING, REFINANCING, ACQUISITION,
DESIGN, CONSTRUCTION, RECONSTRUCTION, REHABILITATION, IMPROVEMENT,
FURNISHING AND EQUIPPING OF ANY HOUSING UNIT FOR THE USE OF STUDENTS,
FACULTY, STAFF AND THEIR FAMILIES OR ANY ACADEMIC BUILDING, ADMINIS-
TRATION BUILDING, LIBRARY, LABORATORY, CLASSROOM, HEALTH FACILITY OR
OTHER FACILITY, BUILDING OR STRUCTURE ESSENTIAL, NECESSARY OR USEFUL IN
FURTHERING THE ACADEMIC, CULTURAL, HEALTH OR RESEARCH PROGRAMS OF THE
STATE UNIVERSITY OF NEW YORK, INCLUDING ALL NECESSARY AND USUAL ATTEND-
ANT AND RELATED FACILITIES AND EQUIPMENT.
S 2. Subdivision 1 of section 1680 of the public authorities law is
amended by adding a new undesignated paragraph to read as follows:
ANY ENTITY ORGANIZED BY OFFICERS, EMPLOYEES, ALUMNI OR STUDENTS OF THE
STATE UNIVERSITY OF NEW YORK TO SUPPORT THE STATE UNIVERSITY AND QUALI-
FIED AS AN ORGANIZATION UNDER THE UNITED STATES INTERNAL REVENUE CODE AS
EXEMPT FROM INCOME TAX FOR THE FINANCING, REFINANCING, ACQUISITION,
DESIGN, CONSTRUCTION, RECONSTRUCTION, REHABILITATION, IMPROVEMENT,
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09048-02-9
A. 8574 2
FURNISHING AND EQUIPPING OF ANY HOUSING UNIT FOR THE USE OF STUDENTS,
FACULTY, STAFF AND THEIR FAMILIES OR ANY ACADEMIC BUILDING, ADMINIS-
TRATION BUILDING, LIBRARY, LABORATORY, CLASSROOM, HEALTH FACILITY OR ANY
OTHER BUILDING, FACILITY OR STRUCTURE ESSENTIAL, NECESSARY OR USEFUL IN
FURTHERING THE ACADEMIC, CULTURAL, HEALTH OR RESEARCH PROGRAMS FOR THE
STATE UNIVERSITY OF NEW YORK, INCLUDING ALL NECESSARY AND USUAL ATTEND-
ANT AND RELATED FACILITIES AND EQUIPMENT; PROVIDED, HOWEVER, THAT ANY
PROJECT PROPOSED TO BE UNDERTAKEN PURSUANT TO THIS PARAGRAPH SHALL FIRST
BE APPROVED BY THE STATE UNIVERSITY OF THE STATE OF NEW YORK; PROVIDED
FURTHER AND NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, THAT
ANY SUCH NOT-FOR-PROFIT ENTITY, THE STATE UNIVERSITY OF THE STATE OF NEW
YORK AND THE STATE UNIVERSITY CONSTRUCTION FUND ARE HEREBY AUTHORIZED TO
TAKE SUCH ACTIONS AND TO ENTER INTO SUCH AGREEMENTS WITH THE DORMITORY
AUTHORITY AS ARE NECESSARY TO: (I) UNDERTAKE THE FINANCING, REFINANCING,
ACQUISITION, DESIGN, CONSTRUCTION, RECONSTRUCTION, REHABILITATION,
IMPROVEMENT, FURNISHING AND EQUIPPING OF ANY FACILITY AS PROVIDED IN
THIS PARAGRAPH, INCLUDING, BUT NOT LIMITED TO, PROVIDING FOR THE SALE,
LEASE, TRANSFER OR CONVEYANCE OF STATE-OWNED PROPERTY UNDER THE JURIS-
DICTION OF THE STATE UNIVERSITY TO THE NOT-FOR-PROFIT ENTITY OR (II)
GRANT THE AUTHORITY A LIEN ON ANY REVENUES OR PROPERTY OR ANY MONEYS TO
BE RECEIVED BY THE NOT-FOR-PROFIT ENTITY TO THE EXTENT THAT SUCH REVEN-
UES, PROPERTY OR MONEYS ARE PLEDGED BY THE ENTITY TO THE DORMITORY
AUTHORITY TO SECURE THE PAYMENT OF ALL AMOUNTS OWED TO THE AUTHORITY ON
ACCOUNT OF ANY PROJECT UNDERTAKEN PURSUANT TO THIS PARAGRAPH, PROVIDED
FURTHER, THAT ANY PROJECT UNDERTAKEN BY THE DORMITORY AUTHORITY PURSUANT
TO THIS PARAGRAPH SHALL CONSTITUTE A PUBLIC WORK FOR PURPOSES OF THE
LABOR LAW AND SHALL BE SUBJECT TO THE REQUIREMENTS OF ARTICLE FIFTEEN-A
OF THE EXECUTIVE LAW. ALL STATE OFFICERS ARE HEREBY AUTHORIZED AND
REQUIRED TO PAY ALL SUCH FUNDS SO ASSIGNED AND PLEDGED TO THE DORMITORY
AUTHORITY OR, UPON THE DIRECTION OF THE DORMITORY AUTHORITY, TO ANY
TRUSTEE OF ANY DORMITORY AUTHORITY BOND OR NOTE ISSUE. NEITHER THE STATE
OF NEW YORK, THE STATE UNIVERSITY OF NEW YORK NOR THE STATE UNIVERSITY
CONSTRUCTION FUND SHALL TAKE ANY ACTION IN SUCH MANNER AS TO IMPAIR OR
DIMINISH THE RIGHTS AND REMEDIES OF THE AUTHORITY PURSUANT TO ANY SUCH
PLEDGE AND ASSIGNMENT AND ANY LIEN OR OTHER SECURITY INTEREST CREATED
PURSUANT TO THIS PARAGRAPH.
S 3. This act shall take effect immediately.