BILL NUMBER: S8414

SPONSOR: BENJAMIN
 
TITLE OF BILL:  An act to amend the public authorities law, in
relation to authorizing the dormitory authority to provide financing to
the New York Academy of Medicine

 
PURPOSE:

This designates the New York Academy of Medicine as a "dormitory" and
"educational institution" for purposes of the Dormitory Authority Act.
The Dormitory Authority Act authorizes DASNY, among other things, to
acquire, construct, improve, etc. dormitories and attendant facilities
for any educational institution (Public Authorities Law § 1680(2)(a))
and to make loans to any educational institution to finance or refinance
the acquisition, construction, improvement, etc. of dormitories and
attendant facilities

 
SUMMARY OF PROVISIONS:

§ 1 adds the New York Academy of Medicine to para.(b) of subd.2 of
              

section 1676 of the Public Authorities Law.

§ 2 adds the New York Academy of Medicine to subd.1 of section 1680 of
the Public Authorities Law.

 
EXISTING LAW:

None

 
JUSTIFICATION:

Established in 1847, The New York Academy of Medicine continues to
address the health challenges facing New York City and the world's
rapidly growing urban populations. This is accomplished through the
Institute for Urban Health, home of interdisciplinary research, evalu-
ation, policy and program initiatives; the world class historical
medical library and its public programming in history, the humanities,
and the arts; and our Fellows program, a network of more than 2,000
experts elected by their peers from across the professions affecting
health. This legislation will allow the organization to be eligible for
financing and construction services through the Dormitory Authority of
the State of New York.

 
LEGISLATIVE HISTORY:

New Bill

 
FISCAL IMPLICATIONS:

None

 
LOCAL FISCAL IMPLICATIONS:

None

 
EFFECTIVE DATE:
Immediately