Dormitory Authority of the State of New York
Encyclopedia
The Dormitory Authority of the State of New York (acronym: DASNY, icon; also frequently referred to as just "Dormitory Authority") provides construction, financing, and allied services which serve the public good of New York State. More specifically, the Dormitory Authority provides assistance for public and non-proprietary (i.e., nonprofit) private universities in New York State; for not-for-profit healthcare facilities in the State; and for other New York State-related institutions/purposes (such as State court facilities and State pension bonds) as legally specified and permitted. http://www.dasny.org/dasny/eligorg/index.php
signed into action by New York Governor Thomas Dewey
on April 5, 1944. At first, its only purpose was for the financing and construction of dormitories at 11 State Teachers' Colleges in New York. Since then, the Authority has constructed additional buildings — as well as provided allied construction, financial, and other services — which have not been limited in purpose to what the Authority was originally authorized to carry out and fulfill. http://www.dasny.org/dasny/history/index.php
s in the United States, issuing US$3.16 billion of municipal bonds that year. (In 2006, DASNY was ranked fourth in the USA for municipal bond issuance.) In 2005, the Authority’s construction expenditures topped US$1 billion (more precisely, came to $1.01 billion). The Authority has the power of eminent domain
, which can be used if necessary to get construction projects built.
DASNY’s size and scope grew considerably in 1995, when the New York State Medical Care Facilities Finance Agency and the New York State Facilities Development Corporation were merged into the Dormitory Authority. Prior to 1995, DASNY did have authorization to build non-dormitory facilities such as nursing homes and court facilities. The merger allowed better pooling of resources, and better efficiencies for clients, carried out by fewer employees of State authorities.
In addition to its construction and finance projects, the Authority also operates an energy-management program in partnership with the New York State Energy Research and Development Authority
(NYSERDA), and operates a Tax-Exempt Equipment Leasing Program. These programs are available for the types of clients that DASNY provides construction services for. Furthermore, the Dormitory Authority also runs a School District Building Aid Revenue Bonds Program, used for aiding public school district
s in New York State. This program provides an alternative funding source which may be more cost-efficient than other funding sources for such school districts.
History
The Dormitory Authority was established by a lawLaw
Law is a system of rules and guidelines which are enforced through social institutions to govern behavior, wherever possible. It shapes politics, economics and society in numerous ways and serves as a social mediator of relations between people. Contract law regulates everything from buying a bus...
signed into action by New York Governor Thomas Dewey
Thomas Dewey
Thomas Edmund Dewey was the 47th Governor of New York . In 1944 and 1948, he was the Republican candidate for President, but lost both times. He led the liberal faction of the Republican Party, in which he fought conservative Ohio Senator Robert A. Taft...
on April 5, 1944. At first, its only purpose was for the financing and construction of dormitories at 11 State Teachers' Colleges in New York. Since then, the Authority has constructed additional buildings — as well as provided allied construction, financial, and other services — which have not been limited in purpose to what the Authority was originally authorized to carry out and fulfill. http://www.dasny.org/dasny/history/index.php
Size and scope
The Dormitory Authority is one of America’s largest public authorities in terms of its construction and financing output. In 1999, the Authority was the top issuer of municipal bondMunicipal bond
A municipal bond is a bond issued by a city or other local government, or their agencies. Potential issuers of municipal bonds includes cities, counties, redevelopment agencies, special-purpose districts, school districts, public utility districts, publicly owned airports and seaports, and any...
s in the United States, issuing US$3.16 billion of municipal bonds that year. (In 2006, DASNY was ranked fourth in the USA for municipal bond issuance.) In 2005, the Authority’s construction expenditures topped US$1 billion (more precisely, came to $1.01 billion). The Authority has the power of eminent domain
Eminent domain
Eminent domain , compulsory purchase , resumption/compulsory acquisition , or expropriation is an action of the state to seize a citizen's private property, expropriate property, or seize a citizen's rights in property with due monetary compensation, but without the owner's consent...
, which can be used if necessary to get construction projects built.
DASNY’s size and scope grew considerably in 1995, when the New York State Medical Care Facilities Finance Agency and the New York State Facilities Development Corporation were merged into the Dormitory Authority. Prior to 1995, DASNY did have authorization to build non-dormitory facilities such as nursing homes and court facilities. The merger allowed better pooling of resources, and better efficiencies for clients, carried out by fewer employees of State authorities.
In addition to its construction and finance projects, the Authority also operates an energy-management program in partnership with the New York State Energy Research and Development Authority
New York State Energy Research and Development Authority
The New York State Energy Research and Development Authority , established in 1975, is a public benefit corporation, located in Albany, New York, with regional offices in NYC, Buffalo, and West Valley....
(NYSERDA), and operates a Tax-Exempt Equipment Leasing Program. These programs are available for the types of clients that DASNY provides construction services for. Furthermore, the Dormitory Authority also runs a School District Building Aid Revenue Bonds Program, used for aiding public school district
School district
School districts are a form of special-purpose district which serves to operate the local public primary and secondary schools.-United States:...
s in New York State. This program provides an alternative funding source which may be more cost-efficient than other funding sources for such school districts.