NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A10470A
SPONSOR: Simone TITLE OF BILL:
An act to amend the public authorities law, in relation to authorizing
the dormitory authority to provide financing to Vanderbilt University
PURPOSE:
The purpose of this bill is to make Vanderbilt University eligible to
use DASNY's financing and construction services.
SUMMARY OF PROVISIONS:
Section 1 adds Vanderbilt University to subdivision 2 section 1676 of
the public authorities law for financing, refinancing, construction,
design, rehabilitation, and improvement for facilities on the C.
Section 2 adds Vanderbilt University to subdivision 1 of section 1680 of
the public authorities law.
Section 3 makes the act effective immediately.
JUSTIFICATION:
Vanderbilt University has established a new campus in Manhattan's Chel-
sea neighborhood, preserving the site of the General Theological Semi-
nary while creating new higher education opportunities in New York.
This legislation authorizes the Dormitory Authority of the State of New
York to provide financing and construction services to Vanderbilt
University by formally designating it under Public Authorities Law §
1676 and 1680. Under the Dormitory Authority Act, DASNY may only act on
behalf of institutions specifically named in statute. Absent this inclu-
sion, DASNY lacks the legal authority to issue bonds, finance capital
projects, or provide construction management services for Vanderbilt
University. By adding Vanderbilt University to the Act as a "dormitory"
and "educational institution," the Legislature enables access to DASNY's
established bonding capacity and project delivery expertise. This
authorization does not appropriate state funds or create new fiscal
obligations. Rather, it provides a prudent and efficient mechanism for
financing, constructing, improving, or refinancing dormitories and
attendant facilities through DASNY's proven public authority framework,
ensuring oversight, accountability, and access to competitive capital
markets.
LEGISLATIVE HISTORY:
This is a new bill.
FISCAL IMPLICATIONS TO STATE AND LOCAL GOVERNMENTS:
None.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
10470--A
IN ASSEMBLY
March 6, 2026
___________
Introduced by M. of A. SIMONE -- 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 authorizing
the dormitory authority to provide financing to Vanderbilt University
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 Vanderbilt University for financing, refinancing, construction,
5 design, rehabilitation and improvement for facilities on the Chelsea
6 Square campus.
7 § 2. Subdivision 1 of section 1680 of the public authorities law is
8 amended by adding a new undesignated paragraph to read as follows:
9 Vanderbilt University.
10 § 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14976-03-6
