§ 378. Lease agreements. 1. Any agreement entered into between the\nfund and a state retirement system pursuant to section three hundred\nseventy-six of this chapter shall provide for (i) the construction,\nacquisition, reconstruction, rehabilitation or improvement of one or\nmore facilities, (ii) the leasing thereof and of the land upon which the\nsame is erected to the fund upon completion of construction,\nacquisition, reconstruction, rehabilitation or improvement for a term\nnot exceeding thirty years and upon such terms and conditions including\nannual rental as may be agreed upon, and (iii) the conveyance to the\nstate of title to any such facility at the expiration of the term of the\nlease or upon the earlier payment in full of the total amount specified\ntherein, without additional charge therefor. The state university shall\napprove any such agreement and shall be a party thereto. Any\nconstruction contract entered into by a state retirement system in\nconnection with such lease agreement shall be let, or otherwise entered\ninto, by the retirement system or its agent pursuant to the provisions\nof section three hundred seventy-six of this chapter. If so designated\nby a state retirement system, the fund may act as the agent of such\nretirement system in connection with the construction, acquisition,\nreconstruction, rehabilitation or improvement which the lease agreement\nrequires.\n 2. Any agreement entered into between the fund and the dormitory\nauthority pursuant to section three hundred seventy-six of this chapter\nshall provide for (i) the construction, acquisition, reconstruction,\nrehabilitation or improvement of one or more dormitories, and (ii) the\nleasing thereof to the state university for a term not exceeding forty\nyears and upon such terms and conditions including annual rental as may\nbe agreed upon. The state university shall approve any such contract and\nshall be a party to any lease made pursuant to its terms.\n 3. Any agreement entered into between the fund and a state agency\n(other than the dormitory authority) which is a public benefit\ncorporation shall provide for (i) the construction, acquisition,\nreconstruction, rehabilitation or improvement of one or more facilities,\nand (ii) the leasing thereof to the fund upon completion of\nconstruction, acquisition, reconstruction, rehabilitation or improvement\nfor a term not exceeding thirty years and upon such terms and conditions\nincluding annual rental as may be agreed upon. The state university\nshall approve any such agreement and shall be a party thereto.\n 4. To secure the payment of rentals due or to become due in any year\nunder any lease agreement entered into pursuant to subdivision one or\nsubdivision three of this section, the fund may pledge or assign any or\nall moneys in the state university construction fund income account and\nin any rental reserve account established pursuant to subdivision five\nof this section, and any or all moneys which may be in either or both\nsuch accounts in the future, whether equal to or in excess of the amount\nof such rentals due or becoming due in any year, and any or all right,\ntitle and interest of the fund in and to the moneys in or to be\ndeposited in such accounts.\n 5. The fund may create and establish one or more separate accounts to\nbe known as "rental reserve accounts" and may pay into such reserve\naccounts (i) any moneys apportioned and paid by the state for the\npurposes of such reserve accounts pursuant to this subdivision, (ii) any\nmoneys in the state university construction fund income account directed\nto be transferred by the fund to such reserve accounts, and (iii) any\nother moneys which may be made available to the fund from any source or\nsources specifically for the purposes of such reserve accounts.\n The moneys credited to any rental reserve account established under\nthis subdivision shall be used, except as hereinafter provided, solely\nfor the payment of rentals
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.