NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A9590
SPONSOR: Fall 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 Climate
Exchange Inc. for the construction of facilities
PURPOSE OR GENERAL IDEA OF BILL:
This bill authorizes The New York Climate Exchange Inc. to issue bonds
through DASNY to keep a transformative, union-built climate campus
project on schedule, support workforce development and clean-energy
innovation, and demonstrate New York's leadership on sustainable infras-
tructure
SUMMARY OF PROVISIONS:
Section 1. Amends Paragraph (b) of subdivision 2 of section 1676 of the
public authorities law
Section 2. Amends Subdivision 1 of section 1680 of the public authori-
ties law
Section 3. Sets the effective date
JUSTIFICATION:
The New York Climate Exchange Inc. is advancing an $800 million dollar
climate education and research campus on Governors Island. Much of the
funding will come through large philanthropic pledges that will be
fulfilled over several years.
The New York Climate Exchange Inc. is a New York not-for-profit corpo-
ration comprised of a consortium of institutions led by Stony Brook
University, which was selected in 2023 by the Trust for Governors Island
and the City of New York through a competitive process. It brings
together top universities, major employers, labor unions, and community
groups to launch the nation's first center for climate innovation, a hub
for research, education, and training that will create permanent jobs,
activate New York Harbor, and expand year-round learning opportunities
across New York City.
To meet near-term construction costs and maintain momentum, The New York
Climate Exchange Inc. is exploring financing strategies that recognize
the strength of existing and future philanthropic pledges.
The Dormitory Authority of the State of New York ("DASNY") issues tax-
exempt bonds on behalf of colleges, universities and hospitals as well
as certain other not-for-profit organizations specifically authorized by
the Legislature. Authorizing DASNY to issue bonds on behalf of The New
York Climate Exchange Inc. would enable this project to move forward
more quickly if this type of credit structure is acceptable to inves-
tors. Part of the diligence process by investors is identifying an
issuer of tax-exempt bonds.
PRIOR LEGISLATIVE HISTORY:
None
FISCAL IMPLICATIONS:
TBD
EFFECTIVE DATE:
This Act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
9590
IN ASSEMBLY
January 21, 2026
___________
Introduced by M. of A. FALL -- read once and referred to the Committee
on Corporations, Authorities and Commissions
AN ACT to amend the public authorities law, in relation to authorizing
the dormitory authority to provide financing to The New York Climate
Exchange Inc. for the construction of facilities
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 The New York Climate Exchange Inc.
5 § 2. Subdivision 1 of section 1680 of the public authorities law is
6 amended by adding a new undesignated paragraph to read as follows:
7 The New York Climate Exchange Inc.
8 § 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14171-01-5
