Assembly Bill A8575

2009-2010 Legislative Session

Relates to the powers and duties of the dormitory authority for the financing and construction of certain not-for-profit corporations and entities

download bill text pdf

Archive: Last Bill Status - In Assembly Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2010	referred to corporations, authorities and commissions
Jun 18, 2009	reported referred to ways and means
Jun 17, 2009	print number 8575a
Jun 17, 2009	amend (t) and recommit to corporations, authorities and commissions
May 28, 2009	referred to corporations, authorities and commissions

Bill Amendments

Original

A (Active)

2009-A8575 - Details

Current Committee:: Assembly Corporations, Authorities And Commissions
Laws Affected:: Amd §§1676 & 1680, Pub Auth L
Versions Introduced in Other Legislative Sessions:: 2011-2012: A5701
2013-2014: A5698

2009-A8575 - Summary

Relates to the powers and duties of the dormitory authority for the financing and construction of certain not-for-profit corporations and entities.

2009-A8575 - Sponsor Memo

                                BILL NUMBER:A8575

TITLE OF BILL:  An act to amend the public authorities law, in relation
to the powers and duties of the dormitory authority of the state of New
York relative to the financing and construction for certain not-for-pro-
fit corporations and other not-for-profit entities

PURPOSE OF BILL:

This bill would enhance the ability of the Dormitory Authority of the
State of New York ("DASNY") to meet the tax-exempt financing and
construction needs of not-for-profit entities that conduct activities in
the State of New York and that are exempt from federal income tax under
United States Internal Revenue Code ("IRC") § 501-(c)(3).

SUMMARY OF PROVISIONS:

Sections 1 and 3 of the bill would amend Public Authorities Law ("PAL")
§1676 to define "dormitory" and "educational institution", respectively,
to include several new categories of not-for-profit and public corpo-
rations for which the Dormitory Authority would be authorized to provide
its financing and construction services. Specifically, the types of
not-for-profit corporations that would be added areas follows:

1. Any entity that is: (i) qualified as an organization described in IRC
§ 501-(c)(3) as exempt from income tax; and (ii) authorized to conduct

activities in this State for any of the purposes for which a not-for-
profit corporation is authorized to be established pursuant to the not-
for-profit corporation law. Any project undertaken by DASNY for an
eligible entity pursuant to this paragraph is required to be located in
the State of New York.

2. Any not-for-profit corporation, public corporation or education
corporation having a charter from the board of regents of the University
of the State of New York as a library, museum or other non-instructional
entity.

3. Any corporation or other entity created under the laws of this State
eligible for tax exempt financing under the United States internal
revenue code and organized for the primary purpose of providing facili-
ties, equipment, or other support to a not-for-profit corporation
subject to the jurisdiction of, regulated by, or having an agreement
with, an office of the department of mental hygiene relating to such
facilities.

The proposed changes in these sections to PAL § 1680 also require that
the consent of certain State agencies be obtained before DASNY may
participate in a project. Such consents would be required for any
project proposed to be undertaken for certain entities that would be
required to obtain the approval of a State agency as a condition to
their incorporation under Not-For-Profit Corporation Law § 404.

Section 2 of the bill amends PAL § 1676(2) to add a new paragraph (h) to
expand the definition of "dormitory" to include intellectual or other
intangible property, all or substantially all of which is eligible for
tax-exempt financing under the IRC. This new provision will enable DASNY
to issue bonds to assist its clients in financing the cost of acquiring
intangible assets, such as copyrights.

Section 4 of the bill provides that it will take effect on the ninetieth
day after it becomes law.

EXISTING LAW:

DASNY is currently able to provide construction and financing services
to the following: (1) any institution of higher education located in
this state and authorized by law or the board of regents to confer
degrees; (2) certain public libraries; (3) hospitals and nursing homes;
(4) facilities for the aged; and (5) various other corporations specif-
ically defined in the DASNY Act as an "educational institution."

PRIOR LEGISLATIVE HISTORY:

None.

STATEMENT IN SUPPORT:

This bill would enable DASNY to improve the services it provides to
eligible not-for-profit entities by eliminating the requirement that
certain categories of not-for-profit and public corporations obtain the
enactment of special legislation before being able to utilize DASNY's
construction and financing services. Enactment of this bill would
enhance the ability of DASNY to perform its mission as the state's
primary health and education finance agency and would assist eligible
not-for-profit entities in performing their very important functions.

BUDGET IMPLICATIONS:

None to the State. This bill would result in increased revenues for the
State through the collection of the Bond Issuance Charges.

EFFECTIVE DATE:

This bill would take effect on the ninetieth day after it becomes law.

2009-A8575 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8575

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              May 28, 2009
                               ___________

Introduced  by M. of A. BRODSKY -- (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 the powers
  and duties of the dormitory authority of the state of New  York  rela-
  tive  to  the  financing  and  construction for certain not-for-profit
  corporations and other not-for-profit entities

  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 three new undesignated para-
graphs to read as follows:
  ANY ENTITY THAT IS: (I) QUALIFIED  AS  AN  ORGANIZATION  DESCRIBED  IN
SECTION  501 (C)(3) OF THE UNITED STATES INTERNAL REVENUE CODE AS EXEMPT
FROM INCOME TAX; AND (II) AUTHORIZED TO CONDUCT ACTIVITIES IN THIS STATE
FOR ANY OF THE  PURPOSES  FOR  WHICH  A  NOT-FOR-PROFIT  CORPORATION  IS
AUTHORIZED  TO BE ESTABLISHED PURSUANT TO THE NOT-FOR-PROFIT CORPORATION
LAW; PROVIDED HOWEVER, ANY DORMITORY FINANCED OR OTHERWISE  PROVIDED  BY
THE  AUTHORITY  PURSUANT TO THIS PARAGRAPH SHALL BE LOCATED IN THE STATE
OF NEW YORK.
  ANY NOT-FOR-PROFIT CORPORATION, PUBLIC CORPORATION OR EDUCATION CORPO-
RATION HAVING A CHARTER FROM THE BOARD OF REGENTS OF THE  UNIVERSITY  OF
THE  STATE OF NEW YORK AS A LIBRARY OR MUSEUM OR OTHER NON-INSTRUCTIONAL
ENTITY.
  ANY CORPORATION OR OTHER ENTITY CREATED UNDER THE LAWS OF  THIS  STATE
ELIGIBLE  FOR  TAX-EXEMPT  FINANCING  UNDER  THE  UNITED STATES INTERNAL
REVENUE CODE AND ORGANIZED FOR THE PRIMARY PURPOSE OF PROVIDING  FACILI-
TIES,  EQUIPMENT,  OR  OTHER  SUPPORT  TO  A  NOT-FOR-PROFIT CORPORATION
SUBJECT TO THE JURISDICTION OF, REGULATED BY,  OR  HAVING  AN  AGREEMENT
WITH,  AN  OFFICE  OF  THE DEPARTMENT OF MENTAL HYGIENE RELATING TO SUCH
FACILITIES.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09045-02-9

A. 8575                             2

  S 2. Subdivision 2 of section 1676 of the public  authorities  law  is
amended by adding a new paragraph (h) to read as follows:
  (H)  IT SHALL ALSO INCLUDE EQUIPMENT OR INTELLECTUAL PROPERTY OR OTHER
INTANGIBLE PROPERTY, ALL OR SUBSTANTIALLY ALL OF WHICH IS  ELIGIBLE  FOR
TAX-EXEMPT FINANCING UNDER THE UNITED STATES INTERNAL REVENUE CODE.
  S  3.  Subdivision  1 of section 1680 of the public authorities law is
amended by adding four new undesignated paragraphs to read as follows:
  ANY ENTITY THAT IS: (1) QUALIFIED  AS  AN  ORGANIZATION  DESCRIBED  IN
SECTION  501 (C)(3) OF THE UNITED STATES INTERNAL REVENUE CODE AS EXEMPT
FROM INCOME TAX; AND (2) AUTHORIZED TO CONDUCT ACTIVITIES IN THIS  STATE
FOR  ANY  OF  THE  PURPOSES  FOR  WHICH  A NOT-FOR-PROFIT CORPORATION IS
AUTHORIZED TO BE ESTABLISHED PURSUANT TO THE NOT-FOR-PROFIT  CORPORATION
LAW;  PROVIDED  HOWEVER, ANY DORMITORY FINANCED OR OTHERWISE PROVIDED BY
THE AUTHORITY PURSUANT TO THIS PARAGRAPH SHALL BE LOCATED IN  THE  STATE
OF NEW YORK; PROVIDED FURTHER, THAT IF THE PROCEEDS OF ANY LOAN SHALL BE
USED  FOR  THE BENEFIT OF AN INSTITUTION ESTABLISHED UNDER ARTICLE TWEN-
TY-EIGHT OF THE PUBLIC HEALTH  LAW,  NO  LOAN  SHALL  BE  MADE  TO  SUCH
NOT-FOR-PROFIT  CORPORATION  UNTIL  THE  INSTITUTION SHALL HAVE COMPLIED
WITH SUCH LAW AND REGULATIONS AS IF THE LOAN WERE BEING MADE DIRECTLY TO
SUCH INSTITUTION; PROVIDED FURTHER, THAT:
  (I) WITH RESPECT TO ANY FACILITY OR FACILITIES TO BE  FINANCED,  REFI-
NANCED,  ACQUIRED,  DESIGNED, CONSTRUCTED, RECONSTRUCTED, REHABILITATED,
IMPROVED, FURNISHED, OR EQUIPPED FOR ANY ENTITY REFERENCED  IN  SUBDIVI-
SION  (D) OF SECTION FOUR HUNDRED FOUR OF THE NOT-FOR-PROFIT CORPORATION
LAW, THE FACILITY OR FACILITIES SHALL HAVE BEEN FIRST  APPROVED  BY  THE
COMMISSIONER OF EDUCATION;
  (II)  WITH RESPECT TO ANY FACILITY OR FACILITIES TO BE FINANCED, REFI-
NANCED, ACQUIRED, DESIGNED, CONSTRUCTED,  RECONSTRUCTED,  REHABILITATED,
IMPROVED,  FURNISHED,  OR EQUIPPED FOR ANY ENTITY REFERENCED IN SUBDIVI-
SIONS (O) AND (P) OF SECTION FOUR HUNDRED  FOUR  OF  THE  NOT-FOR-PROFIT
CORPORATION  LAW,  FACILITY OR FACILITIES SHALL HAVE BEEN FIRST APPROVED
BY THE COMMISSIONER OF HEALTH;
  (III) WITH RESPECT TO ANY FACILITY OR FACILITIES TO BE FINANCED, REFI-
NANCED, ACQUIRED, DESIGNED, CONSTRUCTED,  RECONSTRUCTED,  REHABILITATED,
IMPROVED,  FURNISHED,  OR EQUIPPED FOR ANY ENTITY REFERENCED IN SUBDIVI-
SIONS (Q) AND (U) OF SECTION FOUR HUNDRED  FOUR  OF  THE  NOT-FOR-PROFIT
CORPORATION  LAW,  THE  FACILITY  OR  FACILITIES  SHALL  HAVE BEEN FIRST
APPROVED BY THE DEPARTMENT  OF  MENTAL  HYGIENE  THAT  WAS  REQUIRED  TO
APPROVE THE ESTABLISHMENT OF SUCH CORPORATION;
  (IV)  WITH RESPECT TO ANY FACILITY OR FACILITIES TO BE FINANCED, REFI-
NANCED, ACQUIRED, DESIGNED, CONSTRUCTED,  RECONSTRUCTED,  REHABILITATED,
IMPROVED,  FURNISHED,  OR EQUIPPED FOR ANY ENTITY REFERENCED IN SUBDIVI-
SION (B) OF SECTION FOUR HUNDRED FOUR OF THE NOT-FOR-PROFIT  CORPORATION
LAW,  THE  FACILITY  OR FACILITIES SHALL HAVE BEEN FIRST APPROVED BY THE
COMMISSIONER OF THE STATE AGENCY OR OFFICE THAT ASSUMED THE RESPONSIBIL-
ITIES OF THE COMMISSIONER OF SOCIAL SERVICES UNDER SECTION  ONE  HUNDRED
TWENTY-TWO  OF  PART B OF CHAPTER FOUR HUNDRED THIRTY-SIX OF THE LAWS OF
NINETEEN HUNDRED NINETY-SEVEN, AS THE SAME MAY BE AMENDED FROM  TIME  TO
TIME, WITH RESPECT TO SUCH NOT-FOR-PROFIT CORPORATION.
  ANY NOT-FOR-PROFIT CORPORATION, PUBLIC CORPORATION OR EDUCATION CORPO-
RATION  HAVING  A CHARTER FROM THE BOARD OF REGENTS OF THE UNIVERSITY OF
THE STATE OF NEW YORK AS A LIBRARY OR MUSEUM OR OTHER  NON-INSTRUCTIONAL
ENTITY. ANY FACILITY OR FACILITIES TO BE FINANCED, REFINANCED, ACQUIRED,
DESIGNED, CONSTRUCTED, RECONSTRUCTED, REHABILITATED, IMPROVED, FURNISHED
OR EQUIPPED PURSUANT TO THIS PARAGRAPH SHALL HAVE BEEN FIRST APPROVED BY
THE COMMISSIONER OF EDUCATION.

A. 8575                             3

  ANY  CORPORATION  OR OTHER ENTITY CREATED UNDER THE LAWS OF THIS STATE
ELIGIBLE FOR TAX-EXEMPT  FINANCING  UNDER  THE  UNITED  STATES  INTERNAL
REVENUE  CODE AND ORGANIZED FOR THE PRIMARY PURPOSE OF PROVIDING FACILI-
TIES, EQUIPMENT,  OR  OTHER  SUPPORT  TO  A  NOT-FOR-PROFIT  CORPORATION
SUBJECT  TO  THE  JURISDICTION  OF, REGULATED BY, OR HAVING AN AGREEMENT
WITH, AN OFFICE OF THE DEPARTMENT OF MENTAL  HYGIENE  RELATING  TO  SUCH
FACILITIES.  ANY  FACILITY  OR  FACILITIES  TO  BE FINANCED, REFINANCED,
ACQUIRED, DESIGNED, CONSTRUCTED, RECONSTRUCTED, REHABILITATED, IMPROVED,
FURNISHED, OR EQUIPPED PURSUANT TO THIS PARAGRAPH SHALL HAVE BEEN  FIRST
APPROVED  BY THE DEPARTMENT OF MENTAL HYGIENE WHICH HAS JURISDICTION OF,
REGULATES, OR HAS AN AGREEMENT WITH THE NOT-FOR-PROFIT  CORPORATION  FOR
WHICH THE FACILITIES, EQUIPMENT OR OTHER SUPPORT IS BEING PROVIDED.
  NOTWITHSTANDING  ANY  OTHER PROVISION OF LAW, ANY CORPORATION OR OTHER
ENTITY DEFINED AS AN "EDUCATIONAL INSTITUTION" PURSUANT TO  ANY  OF  THE
THREE  PARAGRAPHS  IMMEDIATELY  PRECEDING THIS PARAGRAPH SHALL HAVE FULL
POWER AND AUTHORITY TO ASSIGN AND PLEDGE TO THE DORMITORY AUTHORITY  ANY
AND  ALL PUBLIC FUNDS TO BE APPORTIONED OR OTHERWISE MADE PAYABLE BY THE
UNITED STATES, ANY AGENCY THEREOF, THE  STATE,  ANY  AGENCY  THEREOF,  A
POLITICAL  SUBDIVISION, AS DEFINED IN SECTION ONE HUNDRED OF THE GENERAL
MUNICIPAL LAW, ANY SOCIAL SERVICES DISTRICT IN THE STATE, OR  ANY  OTHER
GOVERNMENTAL  ENTITY  IN  AN  AMOUNT  SUFFICIENT  TO  MAKE  ALL PAYMENTS
REQUIRED TO BE MADE BY SUCH  EDUCATIONAL  INSTITUTION  PURSUANT  TO  ANY
LEASE,  SUBLEASE,  OR  OTHER  AGREEMENT ENTERED INTO BETWEEN SUCH EDUCA-
TIONAL INSTITUTION AND THE DORMITORY  AUTHORITY.  ALL  STATE  AND  LOCAL
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 ISSUED, PURSUANT TO A CERTIFICATE FILED WITH ANY SUCH STATE
OR LOCAL OFFICER BY THE DORMITORY AUTHORITY PURSUANT TO  THE  PROVISIONS
OF THIS PARAGRAPH.
  S  4.  This  act shall take effect on the ninetieth day after it shall
have become a law.

2009-A8575A (ACTIVE) - Details

Current Committee:: Assembly Corporations, Authorities And Commissions
Laws Affected:: Amd §§1676 & 1680, Pub Auth L
Versions Introduced in Other Legislative Sessions:: 2011-2012: A5701
2013-2014: A5698

2009-A8575A (ACTIVE) - Summary

Relates to the powers and duties of the dormitory authority for the financing and construction of certain not-for-profit corporations and entities.

2009-A8575A (ACTIVE) - Sponsor Memo

                                BILL NUMBER:A8575A

TITLE OF BILL:  An act to amend the public authorities law, in relation
to the powers and duties of the dormitory authority of the state of New
York relative to the financing and construction for certain not-for-pro-
fit entities; and providing for the repeal of such provisions upon the
expiration thereof

PURPOSE OF BILL:  This bill would enhance the ability of the Dormitory
Authority of the State of New York ("DASNY") to meet the tax-exempt
financing and construction needs of not-for-profit entities that conduct
activities in the State of New York and that are exempt from federal
income tax under United States Internal Revenue Code ("IRC")
501-(c)(3).

SUMMARY OF PROVISIONS:  Sections 1 and 3 of the bill would amend Public
Authorities Law ("PAL") § 1676 to define "dormitory" and "educational
institution", respectively, to include several new categories of not-
for-profit and public corporations for which the Dormitory Authority
would be authorized to provide its financing and construction services.
Specifically, the types of not-for-profit corporations that would be
added areas follows:

1. Any entity that is: (i) qualified as an organization described in IRC
§ 501-(c)(3) as exempt from income tax; and (ii) authorized to conduct
activities in this State for any of the purposes for which a not-for-

profit corporation is authorized to be established pursuant to the not-
for-profit corporation law. Any project undertaken by DASNY for an
eligible entity pursuant to this paragraph is required to be located in
the State of New York.

2. Any not-for-profit corporation, public corporation or education
corporation having a charter from the board of regents of the University
of the State of New York as a library, museum or other non-instructional
entity.

3. Any corporation or other entity created under the laws of this State
eligible for tax exempt financing under the United States internal
revenue code and organized for the primary purpose of providing facili-
ties, equipment, or other support to a not-for-profit corporation
subject to the jurisdiction of, regulated by, or having an agreement
with, an office of the department of mental hygiene relating to such
facilities.

The proposed changes in these sections to PAL § 1680 also require that
the consent of certain State agencies be obtained before DASNY may
participate in a project. Such consents would be required for any
project proposed to be undertaken for certain entities that would be
required to obtain the approval of a State agency as a condition to
their incorporation under Not-For-Profit Corporation Law § 404.

Section 2 of the bill amends PAL § 1676(2) to add a new paragraph (h) to
expand the definition of "dormitory" to include intellectual or other
intangible property, all or substantially all of which is eligible for
tax-exempt financing under the IRC. This new provision will enable DASNY
to issue bonds to assist its clients in financing the cost of acquiring
intangible assets, such as copyrights.

Section 4 of the bill provides that it will take effect on the ninetieth
day after it becomes law.

EXISTING LAW:  DASNY is currently able to provide construction and
financing services to the following: (1) any institution of higher
education located in this state and authorized by law or the board of
regents to confer degrees; (2) certain public libraries; (3) hospitals
and nursing homes; (4) facilities for the aged; and (5) various other
corporations specifically defined in the DASNY Act as an "educational
institution."

PRIOR LEGISLATIVE HISTORY: None.

STATEMENT IN SUPPORT:  This bill would enable DASNY to improve the
services it provides to eligible not-for-profit entities by eliminating
the requirement that certain categories of not-for-profit and public
corporations obtain the enactment of special legislation before being
able to utilize DASNY's construction and financing services. Enactment
of this bill would enhance the ability of DASNY to perform its mission
as the state's primary health and education finance agency and would
assist eligible not-for-profit entities in performing their very impor-
tant functions.

BUDGET IMPLICATIONS:  None to the State. This bill would result in
increased revenues for the State through the collection of the Bond
Issuance Charges.

EFFECTIVE DATE:  This bill would take effect on the ninetieth day after
it becomes law.

2009-A8575A (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 8575--A

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              May 28, 2009
                               ___________

Introduced  by M. of A. BRODSKY -- (at request of the Dormitory Authori-
  ty) -- read once  and  referred  to  the  Committee  on  Corporations,
  Authorities  and  Commissions  --  committee discharged, bill amended,
  ordered reprinted as amended and recommitted to said committee

AN ACT to amend the public authorities law, in relation  to  the  powers
  and  duties  of the dormitory authority of the state of New York rela-
  tive to the financing  and  construction  for  certain  not-for-profit
  entities;  and  providing  for  the repeal of such provisions upon the
  expiration thereof

  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 THAT IS: (I) AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3)
OF THE UNITED STATES INTERNAL  REVENUE  CODE  AND  EXEMPT  FROM  FEDERAL
INCOME  TAX  UNDER  SECTION 501(A) OF THE UNITED STATES INTERNAL REVENUE
CODE; AND (II) AUTHORIZED TO CONDUCT ACTIVITIES IN THIS STATE FOR ANY OF
THE PURPOSES FOR WHICH A NOT-FOR-PROFIT CORPORATION IS AUTHORIZED TO  BE
ESTABLISHED  PURSUANT  TO  THE  NOT-FOR-PROFIT CORPORATION LAW; PROVIDED
HOWEVER, THAT ANY DORMITORY FINANCED, REFINANCED OR  OTHERWISE  PROVIDED
BY  THE  AUTHORITY  PURSUANT TO THIS PARAGRAPH:  (A) SHALL BE LOCATED IN
THE STATE OF NEW YORK; AND, (B) IF THE PROJECT IS IN FURTHERANCE OF  THE
PUBLIC PURPOSES OF A PUBLIC CORPORATION (AS DEFINED IN SECTION SIXTY-SIX
OF  THE  GENERAL  CONSTRUCTION LAW) OR OF ANY AGENCY, DEPARTMENT, BOARD,
OFFICER, COMMISSION OR INSTITUTION OF THE STATE OF NEW YORK, THE PROJECT
SHALL CONSTITUTE A PUBLIC WORK FOR PURPOSES OF  THE  LABOR  LAW  AND  BE
SUBJECT  TO  THE REQUIREMENTS OF ARTICLE FIFTEEN-A OF THE EXECUTIVE LAW;
PROVIDED FURTHER, THAT ANY BONDS OR OTHER  OBLIGATIONS  ISSUED  FOR  THE
BENEFIT  OF  SUCH  ENTITY  SHALL CONSTITUTE QUALIFIED TAX EXEMPT   OBLI-
GATIONS, A PORTION OF THE INTEREST ON WHICH MAY BE DEDUCTED BY A  FINAN-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09045-08-9

A. 8575--A                          2

CIAL  INSTITUTION  FOR  FEDERAL  INCOME  TAX  PURPOSES,  AS DESCRIBED IN
SECTION TWO HUNDRED SIXTY-FIVE OF THE INTERNAL REVENUE CODE AS  MODIFIED
BY SECTION 1502 OF THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009.
  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 THAT IS: (I) AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3)
OF THE UNITED STATES INTERNAL  REVENUE  CODE  AND  EXEMPT  FROM  FEDERAL
INCOME  TAX  UNDER  SECTION 501(A) OF THE UNITED STATES INTERNAL REVENUE
CODE; AND (II) AUTHORIZED TO CONDUCT ACTIVITIES IN THIS STATE FOR ANY OF
THE PURPOSES FOR WHICH A NOT-FOR-PROFIT CORPORATION IS AUTHORIZED TO  BE
ESTABLISHED  PURSUANT  TO  THE  NOT-FOR-PROFIT CORPORATION LAW; PROVIDED
HOWEVER, THAT ANY DORMITORY FINANCED, REFINANCED OR  OTHERWISE  PROVIDED
BY THE AUTHORITY PURSUANT TO THIS PARAGRAPH: (A) SHALL BE LOCATED IN THE
STATE  OF  NEW  YORK;  AND  (B)  IF THE PROJECT IS IN FURTHERANCE OF THE
PUBLIC PURPOSES OF A PUBLIC CORPORATION (AS DEFINED IN SECTION SIXTY-SIX
OF THE GENERAL CONSTRUCTION LAW) OR OF ANY  AGENCY,  DEPARTMENT,  BOARD,
OFFICER, COMMISSION OR INSTITUTION OF THE STATE OF NEW YORK, THE PROJECT
SHALL  CONSTITUTE  A  PUBLIC  WORK  FOR PURPOSES OF THE LABOR LAW AND BE
SUBJECT TO THE REQUIREMENTS OF ARTICLE FIFTEEN-A OF THE  EXECUTIVE  LAW;
AND PROVIDED FURTHER, THAT ANY BONDS OR OTHER OBLIGATIONS ISSUED FOR THE
BENEFIT  OF  SUCH  ENTITY  SHALL  CONSTITUTE  QUALIFIED TAX EXEMPT OBLI-
GATIONS, A PORTION OF THE INTEREST ON WHICH MAY BE DEDUCTED BY A  FINAN-
CIAL  INSTITUTION  FOR  FEDERAL  INCOME  TAX  PURPOSES,  AS DESCRIBED IN
SECTION TWO HUNDRED SIXTY-FIVE OF THE INTERNAL REVENUE CODE AS  MODIFIED
BY  SECTION  1502 OF THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009.
NOTWITHSTANDING ANY OTHER PROVISION OF LAW,  ANY  CORPORATION  OR  OTHER
ENTITY  DEFINED  AS  AN "EDUCATIONAL INSTITUTION" PURSUANT TO THIS PARA-
GRAPH SHALL HAVE FULL POWER AND AUTHORITY TO ASSIGN AND  PLEDGE  TO  THE
DORMITORY AUTHORITY ANY AND ALL PUBLIC FUNDS TO BE APPORTIONED OR OTHER-
WISE  MADE  PAYABLE BY THE UNITED STATES, ANY AGENCY THEREOF, THE STATE,
ANY AGENCY THEREOF, A POLITICAL SUBDIVISION, AS DEFINED IN  SECTION  ONE
HUNDRED  OF  THE  GENERAL MUNICIPAL LAW, ANY SOCIAL SERVICES DISTRICT IN
THE STATE, OR ANY OTHER GOVERNMENTAL ENTITY IN AN AMOUNT  SUFFICIENT  TO
MAKE  ALL  PAYMENTS  REQUIRED TO BE MADE BY SUCH EDUCATIONAL INSTITUTION
PURSUANT TO ANY LEASE, SUBLEASE, OR OTHER AGREEMENT ENTERED INTO BETWEEN
SUCH EDUCATIONAL INSTITUTION AND THE DORMITORY AUTHORITY. ALL STATE  AND
LOCAL  OFFICERS ARE HEREBY AUTHORIZED AND REQUIRED TO PAY ALL SUCH FUNDS
SO ASSIGNED AND PLEDGED TO THE DORMITORY AUTHORITY OR, UPON  THE  DIREC-
TION OF THE DORMITORY AUTHORITY, TO ANY TRUSTEE OF ANY DORMITORY AUTHOR-
ITY  BOND  OR NOTE ISSUED, PURSUANT TO A CERTIFICATE FILED WITH ANY SUCH
STATE OR LOCAL OFFICER  BY  THE  DORMITORY  AUTHORITY  PURSUANT  TO  THE
PROVISIONS OF THIS PARAGRAPH.
  S  3.  This  act shall take effect immediately and shall expire and be
deemed repealed on January 1, 2011.

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Assembly Bill A8575

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2009-A8575 - Details

2009-A8575 - Summary

2009-A8575 - Sponsor Memo

2009-A8575 - Bill Text download pdf

2009-A8575A (ACTIVE) - Details

2009-A8575A (ACTIVE) - Summary

2009-A8575A (ACTIVE) - Sponsor Memo

2009-A8575A (ACTIVE) - Bill Text download pdf

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Get Status Alerts for 2009-A8575

Assembly Bill A8575

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Sponsored By

BRODSKY

Archive: Last Bill Status - In Assembly Committee

Actions

Bill Amendments

2009-A8575 - Details

2009-A8575 - Summary

2009-A8575 - Sponsor Memo

2009-A8575 - Bill Text download pdf

2009-A8575A (ACTIVE) - Details

2009-A8575A (ACTIVE) - Summary

2009-A8575A (ACTIVE) - Sponsor Memo

2009-A8575A (ACTIVE) - Bill Text download pdf

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