NY A08079

Community college regional boards of trustees are authorized to issue bonds, notes, or other debt instruments and enter into financing transactions with the Dormitory Authority to finance capital costs of regional community college facilities.

Community college regions may adopt bond resolutions by two-thirds vote of the regional board of trustees to borrow money for specific objects or purposes described in the Local Finance Law, with power to pledge revenues to payment of obligations.

Community college regional boards of trustees are designated as local sponsors for purposes of entering into agreements with the Dormitory Authority and performing all obligations under such agreements on behalf of community colleges.

The Public Authorities Law is amended to recognize community college regional boards of trustees as local sponsors eligible to work with the Dormitory Authority for financing locally sponsored community college facilities.

Specific financing authority is granted to community college regions sponsoring Corning Community College and Jamestown Community College to borrow money and enter into financing transactions with the Dormitory Authority.