New York Laws
Title 4 - Dormitory Authority
1680-Q - State University of New York Dormitory Facilities.

(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

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