BILL NUMBER: S8839
SPONSOR: GOUNARDES
 
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.  
BILL NUMBER: S8840

Statutes affected:
S8839: 1676 public authorities law, 1676(2) public authorities law, 1680 public authorities law, 1680(1) public authorities law