Bill Text: NY A08575 | 2009-2010 | General Assembly | Amended
Bill Title: Relates to the powers and duties of the dormitory authority for the financing and construction of certain not-for-profit corporations and entities.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-01-06 - referred to corporations, authorities and commissions [A08575 Detail]
Download: New_York-2009-A08575-Amended.html
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: 1 Section 1. Paragraph (b) of subdivision 2 of section 1676 of the 2 public authorities law is amended by adding a new undesignated paragraph 3 to read as follows: 4 ANY ENTITY THAT IS: (I) AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) 5 OF THE UNITED STATES INTERNAL REVENUE CODE AND EXEMPT FROM FEDERAL 6 INCOME TAX UNDER SECTION 501(A) OF THE UNITED STATES INTERNAL REVENUE 7 CODE; AND (II) AUTHORIZED TO CONDUCT ACTIVITIES IN THIS STATE FOR ANY OF 8 THE PURPOSES FOR WHICH A NOT-FOR-PROFIT CORPORATION IS AUTHORIZED TO BE 9 ESTABLISHED PURSUANT TO THE NOT-FOR-PROFIT CORPORATION LAW; PROVIDED 10 HOWEVER, THAT ANY DORMITORY FINANCED, REFINANCED OR OTHERWISE PROVIDED 11 BY THE AUTHORITY PURSUANT TO THIS PARAGRAPH: (A) SHALL BE LOCATED IN 12 THE STATE OF NEW YORK; AND, (B) IF THE PROJECT IS IN FURTHERANCE OF THE 13 PUBLIC PURPOSES OF A PUBLIC CORPORATION (AS DEFINED IN SECTION SIXTY-SIX 14 OF THE GENERAL CONSTRUCTION LAW) OR OF ANY AGENCY, DEPARTMENT, BOARD, 15 OFFICER, COMMISSION OR INSTITUTION OF THE STATE OF NEW YORK, THE PROJECT 16 SHALL CONSTITUTE A PUBLIC WORK FOR PURPOSES OF THE LABOR LAW AND BE 17 SUBJECT TO THE REQUIREMENTS OF ARTICLE FIFTEEN-A OF THE EXECUTIVE LAW; 18 PROVIDED FURTHER, THAT ANY BONDS OR OTHER OBLIGATIONS ISSUED FOR THE 19 BENEFIT OF SUCH ENTITY SHALL CONSTITUTE QUALIFIED TAX EXEMPT OBLI- 20 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 1 CIAL INSTITUTION FOR FEDERAL INCOME TAX PURPOSES, AS DESCRIBED IN 2 SECTION TWO HUNDRED SIXTY-FIVE OF THE INTERNAL REVENUE CODE AS MODIFIED 3 BY SECTION 1502 OF THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009. 4 S 2. Subdivision 1 of section 1680 of the public authorities law is 5 amended by adding a new undesignated paragraph to read as follows: 6 ANY ENTITY THAT IS: (I) AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) 7 OF THE UNITED STATES INTERNAL REVENUE CODE AND EXEMPT FROM FEDERAL 8 INCOME TAX UNDER SECTION 501(A) OF THE UNITED STATES INTERNAL REVENUE 9 CODE; AND (II) AUTHORIZED TO CONDUCT ACTIVITIES IN THIS STATE FOR ANY OF 10 THE PURPOSES FOR WHICH A NOT-FOR-PROFIT CORPORATION IS AUTHORIZED TO BE 11 ESTABLISHED PURSUANT TO THE NOT-FOR-PROFIT CORPORATION LAW; PROVIDED 12 HOWEVER, THAT ANY DORMITORY FINANCED, REFINANCED OR OTHERWISE PROVIDED 13 BY THE AUTHORITY PURSUANT TO THIS PARAGRAPH: (A) SHALL BE LOCATED IN THE 14 STATE OF NEW YORK; AND (B) IF THE PROJECT IS IN FURTHERANCE OF THE 15 PUBLIC PURPOSES OF A PUBLIC CORPORATION (AS DEFINED IN SECTION SIXTY-SIX 16 OF THE GENERAL CONSTRUCTION LAW) OR OF ANY AGENCY, DEPARTMENT, BOARD, 17 OFFICER, COMMISSION OR INSTITUTION OF THE STATE OF NEW YORK, THE PROJECT 18 SHALL CONSTITUTE A PUBLIC WORK FOR PURPOSES OF THE LABOR LAW AND BE 19 SUBJECT TO THE REQUIREMENTS OF ARTICLE FIFTEEN-A OF THE EXECUTIVE LAW; 20 AND PROVIDED FURTHER, THAT ANY BONDS OR OTHER OBLIGATIONS ISSUED FOR THE 21 BENEFIT OF SUCH ENTITY SHALL CONSTITUTE QUALIFIED TAX EXEMPT OBLI- 22 GATIONS, A PORTION OF THE INTEREST ON WHICH MAY BE DEDUCTED BY A FINAN- 23 CIAL INSTITUTION FOR FEDERAL INCOME TAX PURPOSES, AS DESCRIBED IN 24 SECTION TWO HUNDRED SIXTY-FIVE OF THE INTERNAL REVENUE CODE AS MODIFIED 25 BY SECTION 1502 OF THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009. 26 NOTWITHSTANDING ANY OTHER PROVISION OF LAW, ANY CORPORATION OR OTHER 27 ENTITY DEFINED AS AN "EDUCATIONAL INSTITUTION" PURSUANT TO THIS PARA- 28 GRAPH SHALL HAVE FULL POWER AND AUTHORITY TO ASSIGN AND PLEDGE TO THE 29 DORMITORY AUTHORITY ANY AND ALL PUBLIC FUNDS TO BE APPORTIONED OR OTHER- 30 WISE MADE PAYABLE BY THE UNITED STATES, ANY AGENCY THEREOF, THE STATE, 31 ANY AGENCY THEREOF, A POLITICAL SUBDIVISION, AS DEFINED IN SECTION ONE 32 HUNDRED OF THE GENERAL MUNICIPAL LAW, ANY SOCIAL SERVICES DISTRICT IN 33 THE STATE, OR ANY OTHER GOVERNMENTAL ENTITY IN AN AMOUNT SUFFICIENT TO 34 MAKE ALL PAYMENTS REQUIRED TO BE MADE BY SUCH EDUCATIONAL INSTITUTION 35 PURSUANT TO ANY LEASE, SUBLEASE, OR OTHER AGREEMENT ENTERED INTO BETWEEN 36 SUCH EDUCATIONAL INSTITUTION AND THE DORMITORY AUTHORITY. ALL STATE AND 37 LOCAL OFFICERS ARE HEREBY AUTHORIZED AND REQUIRED TO PAY ALL SUCH FUNDS 38 SO ASSIGNED AND PLEDGED TO THE DORMITORY AUTHORITY OR, UPON THE DIREC- 39 TION OF THE DORMITORY AUTHORITY, TO ANY TRUSTEE OF ANY DORMITORY AUTHOR- 40 ITY BOND OR NOTE ISSUED, PURSUANT TO A CERTIFICATE FILED WITH ANY SUCH 41 STATE OR LOCAL OFFICER BY THE DORMITORY AUTHORITY PURSUANT TO THE 42 PROVISIONS OF THIS PARAGRAPH. 43 S 3. This act shall take effect immediately and shall expire and be 44 deemed repealed on January 1, 2011.