450 – Short Title.

§ 450. Short title. This article may be cited as the New York City Educational Construction Fund Act.

451 – Statement of Legislative Findings and Purposes.

§ 451. Statement of legislative findings and purposes. There is threatened in the city of New York a serious shortage of elementary and secondary school buildings under the jurisdiction of the board of education of the city of New York. This shortage is occasioned by the age and obsolescence of many existing school buildings, the […]

452 – Definitions.

§ 452. Definitions. As used or referred to in this article, unless a different meaning clearly appears from the context: 1. “Board” or “board of education” shall mean the chancellor or deputy chancellor of the city school district of the city of New York, except for the purposes of section four hundred fifty-three of this […]

453 – New York City Educational Construction Fund.

§ 453. New York city educational construction fund. * 1. There is hereby created the “New York city educational construction fund.” The fund shall be a corporate governmental agency constituting a public benefit corporation. The board of trustees of the fund is hereby continued. It shall consist of the chancellor of the city school district […]

454 – General Powers and Duties of Fund.

§ 454. General powers and duties of fund. The fund shall have the following powers in addition to those specifically conferred elsewhere in this article: 1. To sue and be sued; 2. To have a seal and alter the same at pleasure; 3. To make and alter by-laws for its organization and internal management; 4. […]

455 – Relationship With the Board of Education and the City of New York.

§ 455. Relationship with the board of education and the city of New York. In order most effectively to carry out its corporate purposes, the fund shall cooperate with the director of management and budget and the board of education of the city of New York in matters relating to land acquisition and capital planning […]

456 – Special Provisions Relating to Acquisition and Transfer of Real Property.

§ 456. Special provisions relating to acquisition and transfer of real property. Notwithstanding any contrary provisions of any general, special or local law, charter or ordinance: 1. Provided that the trustees of the fund shall have formally approved by a two-thirds vote the acquisition of such real property for the development of one or more […]

457 – Plans and Specifications.

§ 457. Plans and specifications. 1. (a) No combined occupancy structure shall be acquired, leased, erected, repaired, enlarged or remodeled by the fund until the detailed plans and specifications and cost estimates for the school portion thereof have been submitted to the board of education and its approval has been endorsed thereon. (b) The board […]

458 – Letting of Construction Contracts.

§ 458. Letting of construction contracts. 1. Any contract let by the fund or by any letting agency on behalf of the fund for the construction, reconstruction, rehabilitation or improvement of a combined occupancy structure or of the school portion thereof, shall be in conformity with the provisions of section one hundred one of the […]

459 – Resources of the Fund.

§ 459. Resources of the fund. 1. The fund may receive, accept, invest, administer, expend and disburse for its corporate purposes appropriations or advances from the city of New York, and other revenues and moneys made available or to be made available to the fund from any or all sources, including gifts, grants, loans and […]

460 – Lease and Other Agreements.

§ 460. Lease and other agreements. 1. Any agreement entered into between the fund and the owner or developer of a proposed combined occupancy structure pursuant to section four hundred fifty-four of this chapter shall provide for (i) the construction, acquisition, reconstruction, rehabilitation or improvement of one or more combined occupancy structures, and the purchase […]

461 – Notes and Bonds of the Fund.

§ 461. Notes and bonds of the fund. 1. (a) Subject to the provisions of section four hundred sixty-two of this chapter, the fund shall have the power and is hereby authorized from time to time to issue its negotiable bonds and notes in such principal amount as, in the opinion of the fund, shall […]

462 – Reserve Funds, Appropriations and Other Funds and Accounts.

§ 462. Reserve funds, appropriations and other funds and accounts. 1. (a) The fund shall create and establish a special fund (herein referred to as capital reserve fund), and, to secure bonds of the fund issued prior to the twenty-fourth day of July, nineteen hundred seventy-six, shall pay into such capital reserve fund (1) any […]

463 – Agreement With the State.

§ 463. Agreement with the state. The state does hereby pledge to and agree with the holders of any notes or bonds issued under this article, that the state will not limit or alter the rights hereby vested in the fund to fulfill the terms of any agreements made with the holders thereof, or in […]

464 – State and City’s Right to Require Redemption of Bonds.

§ 464. State and city’s right to require redemption of bonds. Notwithstanding and in addition to any provisions for the redemption of bonds which may be contained in any contract with the holders of the bonds, either the state or the city of New York may, upon furnishing sufficient funds therefor, require the fund to […]

465 – Remedies of Noteholders and Bondholders.

§ 465. Remedies of noteholders and bondholders. 1. In the event that the fund shall default in the payment of principal of or interest on any issue of notes or bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of thirty […]

466 – Notes and Bonds as Legal Investments.

§ 466. Notes and bonds as legal investments. The notes and bonds of the fund are hereby made securities in which all public officers and bodies of this state and all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carrying on an insurance business, all banks, bankers, trust companies, savings banks […]

467 – Actions by and Against Fund.

§ 467. Actions by and against fund. 1. The state supreme court shall have exclusive jurisdiction of any action, suit or special proceeding brought by or against or involving the fund. The venue of any action, suit or special proceeding brought against the fund shall be laid in the city and county of New York. […]

468 – Exemptions From Taxation.

§ 468. Exemptions from taxation. 1. It is hereby declared that the creation of the fund and the carrying out of its corporate purposes is in all respects for the benefit of the people of the city and state of New York and for the improvement of their health, safety, welfare and security and is […]

469 – Annual Report of Trustees.

§ 469. Annual report of trustees. The trustees of the fund shall submit to the mayor, the board of education and the city council of the city of New York annually on or before February first, a full report of its activities and operations through the thirtieth day of the preceding June, including: (1) details […]