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S05211 Summary:

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S05211 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5211
 
                               2013-2014 Regular Sessions
 
                    IN SENATE
 
                                      May 14, 2013
                                       ___________
 
        Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Corporations,  Authorities
          and Commissions
 
        AN ACT to amend the public authorities law, in relation to the powers of
          subsidiaries  of  the  Educational Housing Services Inc.; and to amend

          chapter 376 of the laws of 1998 amending the  public  authorities  law
          relating  to  the  powers of the Educational Housing Services Inc., in
          relation to extending the effectiveness thereof
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1. The undesignated paragraph of paragraph (b) of subdivision
     2  2 of section 1676 of the public authorities law, as amended  by  chapter
     3  352 of the laws of 2008, is amended to read as follows:
     4    Educational  Housing  Services Inc., a not-for-profit corporation, for
     5  the acquisition, financing, refinancing,  construction,  reconstruction,
     6  renovation,  development, improvement, expansion, and equipping of hous-
     7  ing for students and/or faculty  at  institutions  of  higher  education

     8  [throughout  the  state and up to five] located within the five boroughs
     9  of the city of New York and Westchester county either by directly or  by
    10  creation  of  a wholly-owned [and] not-for-profit subsidiary corporation
    11  or controlled corporations [or], limited liability companies or partner-
    12  ships, that are not subject to  federal  income  taxation  (except  with
    13  respect  to  any unrelated business income) [as follows: one such corpo-
    14  ration or limited liability  company  for  the  acquisition,  financing,
    15  refinancing,   construction,  reconstruction,  renovation,  development,
    16  improvement, expansion, and equipping of a  dormitory  for  housing  for

    17  students  in  connection  with the city university of New York; one such
    18  corporation or limited liability company for the acquisition, financing,
    19  refinancing,  construction,  reconstruction,  renovation,   development,
    20  improvement, expansion, and equipping of a dormitory located at 401 West
    21  130th Street, New York, New York for housing for students and/or faculty

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10918-01-3
        S. 5211                             2

     1  in connection with the city college of New York; one such corporation or

     2  limited  liability  company for the acquisition, financing, refinancing,
     3  construction,  reconstruction,  renovation,  development,   improvement,
     4  expansion, and equipping of a dormitory at 55 John Street, New York, New
     5  York  for  housing  for students and/or faculty; one such corporation or
     6  limited liability company for the acquisition,  financing,  refinancing,
     7  construction,   reconstruction,  renovation,  development,  improvement,
     8  expansion, and equipping of a dormitory at 231  East  55th  Street,  New
     9  York,  New  York  for  housing for students and/or faculty; and one such
    10  corporation or limited liability company for the acquisition, financing,
    11  refinancing,  construction,  reconstruction,  renovation,   development,

    12  improvement, expansion, and equipping of a dormitory at 1760 3rd Avenue,
    13  New York, New York for housing for students and/or faculty].
    14    §  2.  The  undesignated paragraph of subdivision 1 of section 1680 of
    15  the public authorities law, as amended by chapter 352  of  the  laws  of
    16  2008, is amended to read as follows:
    17    Educational  Housing  Services Inc., a not-for-profit corporation, for
    18  the acquisition, financing, refinancing,  construction,  reconstruction,
    19  renovation,  development, improvement, expansion, and equipping of hous-
    20  ing for students and/or faculty  at  institutions  of  higher  education
    21  [throughout  the  state and up to five] located within the five boroughs
    22  of the city of New York and Westchester county  either  directly  or  by

    23  creation  of  a wholly-owned [and] not-for-profit subsidiary corporation
    24  or controlled corporations [or], limited liability companies,  or  part-
    25  nerships  that  are  not subject to federal income taxation (except with
    26  respect to any unrelated business income) [as follows: one  such  corpo-
    27  ration  or  limited  liability  company  for the acquisition, financing,
    28  refinancing,  construction,  reconstruction,  renovation,   development,
    29  improvement,  expansion,  and  equipping  of a dormitory for housing for
    30  students in connection with the city university of New  York;  one  such
    31  corporation or limited liability company for the acquisition, financing,

    32  refinancing,   construction,  reconstruction,  renovation,  development,
    33  improvement, expansion, and equipping of a dormitory located at 401 West
    34  130th Street, New York, New York for housing for students and/or faculty
    35  in connection with the city college of New York; one such corporation or
    36  limited liability company for the acquisition,  financing,  refinancing,
    37  construction,   reconstruction,  renovation,  development,  improvement,
    38  expansion, and equipping of a dormitory at 55 John Street, New York, New
    39  York for housing for students and/or faculty; one  such  corporation  or
    40  limited  liability  company for the acquisition, financing, refinancing,
    41  construction,  reconstruction,  renovation,  development,   improvement,

    42  expansion,  and  equipping  of  a dormitory at 231 East 55th Street, New
    43  York, New York for housing for students and/or  faculty;  and  one  such
    44  corporation or limited liability company for the acquisition, financing,
    45  refinancing,   construction,  reconstruction,  renovation,  development,
    46  improvement, expansion, and equipping of a dormitory at 1760 3rd Avenue,
    47  New York, New York for housing for students and/or faculty].
    48    § 3. Section 3 of chapter 376 of the laws of 1998 shall be and  remain
    49  in  full force and effect with respect to all projects undertaken pursu-
    50  ant to the authority of such chapter and this act whether by Educational
    51  Housing Services Inc., or its subsidiary.
    52    § 4. Section 5 of chapter 376 of the laws of 1998, amending the public

    53  authorities law relating  to  the  powers  of  the  Educational  Housing
    54  Services Inc., as amended by chapter 280 of the laws of 2008, is amended
    55  to read as follows:
        S. 5211                             3
 
     1    §  5.  This  act shall take effect immediately and shall expire and be
     2  deemed repealed on December 31, [2013] 2018.
     3    §  5.  This act shall take effect immediately, provided, however, that
     4  the amendments to the undesignated paragraph of paragraph (b) of  subdi-
     5  vision 2 of section 1676 and the undesignated paragraph of subdivision 1
     6  of  section  1680 of the public authorities law made by sections one and
     7  two of this act shall not affect the repeal of such paragraphs and shall
     8  be deemed repealed therewith.