New York Laws
Article 9 - School Buildings and Sites
407-B - Authorization for Dormitory Authority Financing of Capital Facilities for State-Supported Schools for Blind and Deaf Students.

(b) (i) There is hereby established in the custody of the state
comptroller a special fund to be known as the school capital facilities
financing reserve fund. Within such fund, there is hereby established a
special account for each state-supported school which enters into a
lease, sublease or other agreement with the dormitory authority pursuant
to this section.
(ii) Notwithstanding the provisions of any other law, such fund shall
consist of payments as made and determined by the commissioner. The
comptroller shall maintain sufficient amounts in the fund in order to
pay when due the annual rentals due to the dormitory authority from each
such state-supported school pursuant to any lease, sublease or other
agreement entered into pursuant to the provisions of this section. The

dormitory authority shall certify to the state comptroller the dates and
amounts of such payments as scheduled in its lease, subleases or other
agreements with such state-supported school. The commissioner shall
certify the amount of payments due the fund from state-supported
schools, and shall make such payments to the fund at such times as
appropriate, subject to the approval of the director of the budget, and
after consultation with the dormitory authority.
(iii) Revenues in any special account in the school capital facilities
financing reserve fund may be commingled with any other moneys in such
fund. All deposits of such revenues shall be secured by obligations of
the United States or of the state of New York or its political
subdivisions. Such obligations shall have a market value not less than
one hundred five percent of the amount of such deposits. All the banks
and trust companies are authorized to give security for such deposits.
Any such revenues in such fund may, in the discretion of the
comptroller, be invested in obligations of the United States or the
state or obligations the principal of and interest on which are
guaranteed by the United States or by the state. Any interest earned
shall be credited to such fund.
(iv) Upon receipt by the comptroller of a certificate or certificates
from the dormitory authority that it requires a payment or payments from
the appropriate special account established for a state-supported school
to comply with any lease, sublease or other agreement pursuant to this
section, each of which certificate shall specify the required payment or
payments and the date when the payment or payments is required, the
comptroller shall pay from such special account on or before the
specified date or within thirty days after receipt of such certificate
or certificates, whichever is later, to the paying agent designated by
the dormitory authority in any such certificate, the amount or amounts
so certified.
(v) Notwithstanding any other provisions of this subdivision to the
extent that the state makes appropriations for the payment of annual
rentals to the dormitory authority required to be paid pursuant to the
terms of any lease, sublease or other agreement between the dormitory
authority and any state-supported schools and makes such payments,
moneys in the school capital facilities financing reserve fund shall be
used to reimburse the state for moneys so expended from such
appropriation.
(vi) All payments of money from the school capital facilities
financing reserve fund shall be made on the audit and warrant of the
state comptroller.
9. All state officials are authorized and required to take whatever
actions are necessary to carry out the provisions of this section and
any leases, subleases or other agreements entered into pursuant to this
section, including making the required payments to the dormitory
authority.
10. Notwithstanding any other provision of law to the contrary, the
dormitory authority may execute leases, subleases, or other agreements
with state supported schools for financing of the design, construction,
rehabilitation, improvement, renovation, acquisition or provision,
furnishing or equipping of capital facilities; provided, however, that
during the two year period commencing July first, nineteen hundred
ninety-five, the amount of bonds inclusive of principal, interest and
issuance costs to be issued for each individual lease, sublease, or
other agreement shall not exceed fifteen million dollars annually;
provided further that the interest on such bonds may not be deferred
through additional borrowing; and provided finally that the total amount
of such bonds for all such leases, subleases, or agreements with state

supported schools during such period shall not exceed sixty-five million
dollars.
On or before September first of each year, the commissioner shall
submit to the chairs of the assembly ways and means committee, the
senate finance committee and the director of the budget, a capital plan
for those projects expected to be bonded for state supported schools
pursuant to this section, within such sixty-five million dollar
allowance. After application of the principles of the capital assets
preservation program, such plan shall accord priority to health and
safety considerations and shall specify the name, location, estimated
total cost of the project at the time the project is to be bid, the
anticipated bid date and the anticipated completion date and may contain
any further recommendations the commissioner may deem appropriate.