agenda and resolutions for meeting of the trustees of the ... · 06/12/2018 · meeting of the...

Meeting of the Trustees of the City University Construction Fund 205 East 42nd Street, 7th Floor, Room 0725

December 6, 2018 at 3:00 p.m.

AGENDA ACTION ITEMS 1. Approval of the Minutes of the October 17, 2018 Meeting of the Fund (No.

2277).

2. Resolution of the City University Construction Fund Authorizing NYPA Projects Up to $10 Million (No. 2278).

3. Amended Resolution of the City University Construction Fund Authorizing Upgrades for the HVAC System Within the North Academic Center at City College of New York (No. 2279).

4. Resolution of the City University Construction Fund Authorizing a Contract for the Campus Wide Utility Phase 5 Upgrade, at Bronx Community College (No. 2280).

5. Resolution of the City University Construction Fund Approving the Revised Annual Certificate for Fiscal Year 2020 (No. 2281).

REPORTS

• Report of the Chair

• Report of the Executive Director

• Report of the Dormitory Authority

C I T Y U N I V E R S I T Y C O N S T R U C T I O N F U N D 5 5 5 W . 5 7 t h S t r e e t , 1 6 t h F l o o r , N e w Y o r k , N Y 1 0 0 1 9

Minutes of the Meeting of the Board of Trustees

Wednesday, October 17, 2018, at 9:30 a.m. 205 East 42nd Street, Room 0770

New York, New York 10017 Trustees Present: Hon. Philip Berry, Acting Chairman Hon. Brian Obergfell Hon. Victor Pichardo Hon. Michael Walsh Edward Moore, Section Head, Division of Budget Higher Education Unit* In Attendance: Judith Bergtraum, Executive Director, CUCF Robert Lemieux, Executive Director, Department of Design, Construction & Management, CUNY John Antonelli, Deputy Executive Director, CUCF Lisa Bova-Hiatt, General Counsel, City University Construction Fund Gwen Perlman, Director, Capital Budget, CUNY Sharon Russell, Director, Contracts Meghan Moore-Wilk, Director, Space Planning Gustavo Ordóñez, Chief of Staff, FPCM Daniel Rothbaum, Controller, CUCF Michael Stabulas, Managing Director, Downstate Operations, DASNY Nancy Nichols, Special Assistant to the Fund * Designee for Robert F. Mujica, Jr., Executive Director of NYS Division of the Budget in Albany, attending via videoconference. At 9:30 a.m., Acting Chairman Berry called the meeting to order, noting there was a quorum and thanking the attendees for their participation. Action Items

1. Approval of the Minutes of the June 27, 2018 Meeting of the Fund (No. 2273).

Acting Chairman Berry asked if there were any discussion or amendments to the minutes. There being none, Mr. Berry entertained a motion that this item be approved. On motion duly made and seconded, the minutes were approved.

City University Construction Fund – Minutes of October 17, 2018 Meeting of the Fund, Page 2

2. Resolution of the City University Construction Fund Approving the Annual Certificate for Fiscal Year 2020 (No. 2274).

Acting Chairman Berry read the resolution and called upon the Trustee Obergfell, the Chair of the Audit Committee, for his report on the Committee meeting. Chairman Obergfell reported that the Audit Committee of the Construction Fund met at 9:00 a.m. that morning with Jonathan Zuckerman, Partner, and Samuel Botta, Senior Manager, of the auditing firm of PKF O’Connor Davies. Following an informative presentation on the firm and the findings of the audit by Mr. Zuckerman and Mr. Botta, the Committee approved the resolution on the Construction Fund financial statements. Acting Chairman Berry commended the presentation given by the Partner and Senior Manager, saying it was complete and clear, and expressed his appreciation to the Audit Committee Chair. He called for a motion to approve the resolution. On motion made and duly seconded, the resolution was approved.

3. Resolution of the City University Construction Fund Authorizing a

Purchase Order for Design, Purchase and Installation of Upgrades to Fire Alarm Systems – Baruch College, College of Staten Island, and Queens College (No. 2275).

Acting Chairman Berry read the resolution, and called upon Executive Director to report on the item. Ms. Bergtraum explained that over the last 4 years the University has met with the NYC Fire Department to arrive at a list of 60 buildings that need renovation of their fire alarm systems. This is the third group of 20 buildings that has been brought before the Fund. Ms. Bergtraum stated the full list of 60 buildings will be posted with this resolution when it is put online. Acting Chairman Berry asked if this will mark the completion of all the upgrades. Ms. Bergtraum stated this will complete the list of buildings that were discussed with the NYC Fire Department four years ago. Mr. Lemieux said the Fire Department continually upgrades its regulations. As CUNY does its renovations on campuses, upgrades are performed. Executive Director Bergtraum stated that CUNY committed to the Fire Department 4 years ago to do this. Acting Chairman Berry asked if our upgrades were at different levels than the State and City has. Mr. Lemieux responded that CUNY meets NY City code, which is the toughest in the country. Prior to 14 years ago, CUNY met state code, and many CUNY buildings were built to State code, so as modifications are done, the buildings are updated to meet the City code. Executive Director Bergtraum stated that one reason for that was that Fire protection is offered by the City. That was the rationale of following a more stringent requirement.


Acting Chairman Berry asked if there were any further questions or comments. There being none, he called for a motion to approve. On motion made and duly seconded, the resolution was approved.

4. Resolution of the City University Construction Fund Authorizing the Acquisition of Property on Behalf of Queensborough Community College (No. 2276).

Chairman Berry read the resolution and called upon Executive Director Bergtraum for her explanation. Ms. Bergtraum stated that Queensborough Community College is in a largely residential neighborhood that was originally a golf course. The College wants and needs to expand, but there is no open land available. Ms. Bergtraum explained that they had tried to lease space for Queensborough, but the spaces available were anywhere from two to four miles away. The property concerned in this resolution was originally a Jewish Center; it is an 11,000 square foot, three-level building being sold. The second floor contains classrooms, the first floor has a large 375 seat auditorium, office space and bathrooms, and there is a basement assembly space for 400 people. Its elevator makes it ADA compliant. The overall condition of the building is very good; some work will be needed – ADA mostly – and fire alarms will need to be upgraded. A Mayoral Waiver will be needed, as it was zoned as a religious institution. The building will house the ASAP program. One of the most successful programs at CUNY, ASAP is being replicated at universities all over the country, as it significantly increases the graduation rate at community colleges. Trustee Walsh asked how many students it serves. Ms. Bergtraum said the projection for two years from now is 25,000 in the whole CUNY program. At this school, eventually, Ms. Bergtraum said ASAP will be available to every student. ASAP started with a small cohort at Bronx Community College; this year every student at BCC is in the program. The program provides a mentor, support, a Metrocard, help with books, academic and personal counselling, such as guidance with filling out their FAFSA forms correctly and taking advantage of any programs that help support tuition. Mentors offer life skills, especially important to first-generation college students. It also helps with the transfer from a community college to a four-year college. Eventually, the model is for every community college to provide this encouragement. Recent approval by the CUNY Board will assure the receipt of City money to expand Hostos Community College and BMCC’s ASAP programs. The Queensborough addition project is replaced with this request to purchase new space for ASAP. Mr. Lemieux explained the building holds about 400 at any one time. But during the year about 10,000 freshmen will likely pass through the building.


Meghan Moore-Wilk, Director of Space Planning, explained the students are scheduled for what is called “intrusive” counselling – regularly-scheduled required sessions with mentors, which helps keep students on track with financial and academic goals, to prevent them from falling behind. Ms. Bergtraum affirmed that having space to meet one-on-one is key to the success of the program. Mr. Pichardo asked who the local elected representatives were. Ms. Bergtraum said it was Barry Grodenchik. In addition to the Mayor’s Office, the Borough President and the City Councilman put up funding for the ASAP program, so the local elected officials are very supportive of this school. Mr. Pichardo asked when the religious institution building was constructed. Mr. Ordonez said the site was completely renovated after a gas explosion fire in 2007. Mr. Pichardo asked whether some type of ADA compliance work would be needed. Mr. Ordóñez stated that when the building was renovated post-fire, they renovated the elevator, but the bathrooms are not compliant. Trustee Walsh asked about the appraisal, and the additional cost of the commission for the purchase of the building. Mr. Ordóñez replied that the seller’s price was supported by factoring the price of two adjacent homes, as the land used for the Center was originally used for two residential homes, and the size of the building. The appraisal was $3.975 million. The market for this site is small – CUNY and other religious organizations. The asking price was slightly higher than what was settled on. Mr. Walsh asked if the $5 million amount includes the renovation costs. Mr. Ordóñez said that was the cost of the purchase and design. Construction costs will depend on other variables, like whether a new fire alarm sprinkler system is required, for instance. Mr. Walsh asked if they disclosed the costs of their attorney or transfer taxes. Mr. Ordóñez said no. Acting Chairman Berry asked if there was a revision to the resolution. Mr. Ordóñez said yes, that there was an error in the explanation. There was a program named in the statement about other programs using the building, and it was deleted. Acting Chairman Berry said he would entertain a motion to vote on this modification. He asked if there were questions about the modification. There being none, he called for a motion for the modification to be approved. On motion duly made and seconded, the modification to the resolution was approved. Mr. Berry then asked the Board if there were further questions about the resolution. There being none, he entertained a motion that the appointment be approved. On motion duly made and seconded, the resolution was approved. Acting Chairman’s Report Mr. Berry said that the next CUCF Board meeting will occur on December 6, at 2:00 p.m. in the CUNY Central Office at 205 East 42nd Street, 7th Floor.


A list of CUCF Board meeting dates for 2019 would be determined and circulated in the next week. He called on Executive Director Bergtraum for her report. Executive Director’s Report Ms. Bergtraum stated that she asked Meghan Moore-Wilk to assemble a list of recently completed projects, with images, to present to the Board. At the next CUCF Board meeting in December, Ms. Bergtraum said she would give a presentation on the smaller projects, dealing with infrastructure. At Brooklyn College, the new Performing Arts Center, the ribbon cutting will occur at 5:30 p.m. on Thursday, November 1. Ms. Bergtraum told the Board to let her know if they had not received an invitation. At New York City College of Technology is a 350,000 square feet building with a magnificent exterior, and an equally fine interior. Should anyone wish a tour of the new NYCCT building, she said she could get them one. The ribbon-cutting has not yet been scheduled. Both buildings were built by the Construction Fund. Ms. Bergtraum called upon Meghan Moore-Wilk, who gave a slide show presentation of these newly completed CUCF projects at CUNY. The Brooklyn PAC building replaced the Gershwin Wing of their Performing Arts building, with significantly expanded performing arts rehearsal and performance space. A $10 million donation from Leonard and Claire Tow, both graduates of Brooklyn College, started off the funding initiative. Total project cost was $100 million. At New York City Tech the new Academic Building, a 350,000 gross square foot structure that cost $410 million, contains a large barrel-shaped auditorium that seats 1,000 people and has a spectacular interior. The building also contains classrooms, laboratories, a dental program, student space, an 800 seat gym, administrative offices, student services, computer labs – it’s an all-in-one multi-purpose building for the campus. Ms. Bergtraum interjected that the building has a floor for dental, a floor for radiology, vision care, all state of the art technology. Ms. Bergtraum said if anyone wanted a tour to let her office know. Mr. Lemieux said the gym fills the basement, with a basketball court. The building replaced the old Klitgord building, a one-story building that contained an auditorium and a gym but nothing else. It’s an 8-story building, and very contextual with the rest of the neighborhood. Its placement at the junction of Tillary and Jay Streets makes it particularly dramatic to see when you exit the Brooklyn Bridge or the Manhattan Bridge. Heat and hot water pipes had to be routed over the subway that runs underneath the building, a major undertaking, and one that also made construction more complicated and expensive. Ms. Moore-Wilk continued, saying that the dental clinic also serves the public. And students graduating from the programs go right to work.


Acting Chairman Berry asked if the building was being used. Ms. Moore-Wilk said the programs are in the building and it opened in September. Mr. Berry asked why the ribbon-cutting was delayed until after occupancy. Ms. Bergtraum explained that there are elected officials whose schedules must be accommodated. He replied that the building has brought a lot of important focus to the neighborhood that he would like to see recognized. Mr. Berry thanked Ms. Bergtraum for her presentation about the new buildings, and said he would like to formally ask her to speak with the CUNY Board Chairperson William Thompson and President Hotzler to expedite a ribbon cutting ceremony. Report of the Dormitory Authority Mr. Berry called upon Michael Stabulas for his report. Mr. Stabulas reported that since the last CUCF Board meeting DASNY has initiated 39 new projects. There are infrastructure projects at 14-15 campuses, a couple of which are CUNY-Wide initiatives. Robert Lemieux stated, in reference to these projects, that they are not for new buildings, but are several more, smaller projects. Whether it is a small project or a new building, in terms of staff time associated with advancing those projects, it’s almost the same. More, smaller projects often means a heavier workload on existing staff than building a couple of new buildings for the same amount of money. Acting Chairman Berry asked if there were any further questions or comments. There being none, he wished everyone a Happy Thanksgiving, and called for a motion to adjourn. On motion duly made and seconded, the meeting of the Board of Trustees was adjourned at 10:30 a.m.

Item #2 Resolution No. 2278

December 6, 2018

RESOLUTION OF THE CITY UNIVERSITY CONSTRUCTION FUND AUTHORIZING

NYPA PROJECTS UP TO $10 MILLION

WHEREAS, the City University of New York (the “University”) has been working with the Power Authority of the State of New York (“NYPA”) since 1995 on energy-related projects at University facilities pursuant to various inter-agency agreements (the “Prior NYPA Agreements”); WHEREAS, prior to 2014, NYPA lacked authority to directly enter into Agreements with the University, so the University relied on NYPA’s agreements with the City of New York to enter into energy-related projects; WHEREAS, in 2014 the Public Authorities Law was amended to allow NYPA to contract directly with public entities, including the University, to finance and design, develop, construct, implement, provide and administer energy-related projects, including energy efficiency projects; WHEREAS, NYPA and the University entered into an Energy Services Program Master Cost Recovery Agreement and other related agreements, all dated as of June 23, 2017 (the “2017 NYPA Agreements”), to develop and implement energy-related projects at University facilities, which supersede the Prior NYPA Agreements;

WHEREAS, under the 2017 NYPA Agreements, projects will be implemented through the execution of work orders known as Customer Project Commitments (“CPCs”); and WHEREAS, the University seeks authorization to execute CPCs for energy-related projects up to $10 Million. NOW, THEREFORE BE IT:

RESOLVED, that, pending a request of the Board of Trustees of The City University of New York and the execution by the University of any CPC where the estimated overall cost for feasibility, design and construction of a project does not exceed ten million dollars ($10,000,000), the City University Construction Fund’s Board of Trustees authorize the Dormitory Authority of the State of New York to provide funding to NYPA for each such CPC. EXPLANATION: Pursuant to the 2017 NYPA Agreements, the University and NYPA have collaborated to develop energy efficiency projects to be implemented through CPCs. The 2017 NYPA Agreements, which supersede the Prior NYPA Agreements, are interagency performance contracts where NYPA provides financing, program management and design/build implementation of energy efficiency construction projects,


December 6, 2018

thereby reducing energy consumption and greenhouse gas generation at University facilities. The undersigned hereby certifies that (i) the foregoing is a true and correct copy of the resolution adopted at the regular meeting of the Trustees of the City University Construction Fund held on December 6, 2018; (ii) at such meeting, a quorum of Trustees was present; (iii) the resolution was adopted by the affirmative vote of not less than four Trustees present at such meeting; and (iv) the resolution has not been amended or rescinded since the date of adoption. Date: December 6, 2018 _____________________________ Judith Bergtraum, Executive Director

Item 3 Resolution No. 2279

December 6, 2018

AMENDED RESOLUTION OF THE CITY UNIVERSITY CONSTRUCTION

FUND AUTHORIZING UPGRADES FOR THE HVAC SYSTEM WITHIN THE NORTH ACADEMIC CENTER AT CITY COLLEGE OF NEW YORK

WHEREAS, the City University of New York (the “University”) has been working with the Power Authority of the State of New York (“NYPA”) since 1995 on energy-related capital projects at University facilities pursuant to various inter-agency agreements (the “Prior NYPA Agreements”); WHEREAS, prior to 2014, NYPA lacked authority to directly enter into Agreements with the University, so the University relied on NYPA’s agreements with the City of New York to enter into energy-related projects; WHEREAS, in 2014 the Public Authorities Law was amended to allow NYPA to contract directly with public entities, including the University, to finance and design, develop, construct, implement, provide and administer energy-related projects including energy efficiency projects; WHEREAS, NYPA and the University entered into an Energy Services Program Master Cost Recovery Agreement and other related agreements, all dated as of June 23, 2017 (the “2017 NYPA Agreements”), to develop and implement energy-related projects at University facilities, which supersede the Prior NYPA Agreements;

WHEREAS, under the 2017 NYPA Agreements, energy-related projects will be implemented through the execution of work orders known as Customer Project Commitments (“CPCs”); WHEREAS, the University executed a CPC to install energy efficient upgrades for the HVAC system within the North Academic Center (NAC) at City College of New York (the “NAC HVAC Upgrades”) and the Board of Trustees of the City University Construction Fund (the “Fund”) approved the funding for such CPC for an amount not to exceed twenty million dollars ($20,000,000) at the Fund’s June 27, 2018 Board of Trustees meeting (Resolution #2269) a copy of which is attached as Exhibit A (the “Prior Resolution”); and WHEREAS, the University would like to broaden the scope of the NAC HVAC Upgrades and would like to execute an updated CPC in an amount not to exceed thirty million dollars ($30,000,000). NOW, THEREFORE BE IT: RESOLVED, that, pending a request of the Board of Trustees of The City University of New York and the execution by the University of an updated CPC for the NAC HVAC Upgrades, the Fund’s Board of Trustees hereby amend the Prior Resolution and

Item 3 Resolution No. 2279

December 6, 2018

authorize the Dormitory Authority of the State of New York to provide funding to NYPA for the NAC HVAC Upgrades which shall be chargeable to the State Capital Project, NYPA Project No. ES GSN 0590, for an amount not to exceed thirty million dollars ($30,000,000). EXPLANATION: Pursuant to the 2017 NYPA Agreements, the University and NYPA have collaborated to develop energy efficiency projects to be implemented through CPCs. The 2017 NYPA Agreements, which supersede the Prior NYPA Agreements, are interagency performance contracts where NYPA provides financing, program management and design/build implementation of energy efficiency construction projects, thereby reducing energy consumption and greenhouse gas generation at University facilities. After the initial CPC for the NAC HVAC Upgrades was executed and during the beginning of the construction phase of the project, an additional work coordination survey of the air-handling units was performed. As a result, it was determined that the complete refurbishment of the existing large air handling units was required to ensure their reliability and full functionality. The additional scope of work includes: (i) replacement of the fan enclosures; (ii) replacement of chilled water coils; (iii) installation of air filer racks; (iv) water proofing of the condensate plans and decking inside the air-handling units; (v) installation of pressure independent valves for air handling unit hot water coils; (vi) water sensors; and (vii) enclosure insulation. This increase in scope is the reason why the project cost has increased by about $10 million dollars. The updated NAC HVAC Upgrades will greatly enhance the University’s ability to reduce energy consumption and greenhouse gas generation at the City College of New York campus. The undersigned hereby certifies that (i) the foregoing is a true and correct copy of the resolution adopted at the regular meeting of the Trustees of the City University Construction Fund held on December 6, 2018; (ii) at such meeting, a quorum of Trustees was present; (iii) the resolution was adopted by the affirmative vote of not less than four Trustees present at such meeting; and (iv) the resolution has not been amended or rescinded since the date of adoption. December 6, 2018 _____________________________________ Judith Bergtraum, Executive Director


December 6, 2018

RESOLUTION OF THE CITY UNIVERSITY CONSTRUCTION FUND AUTHORIZING A CONTRACT FOR THE CAMPUS WIDE UTILITY PHASE 5 UPGRADE,

AT BRONX COMMUNITY COLLEGE WHEREAS, the City University of New York (the “University”) has been working with the Power Authority of the State of New York (“NYPA”) since 1995 on energy-related projects at University facilities pursuant to various inter-agency agreements (the “Prior NYPA Agreements”); WHEREAS, prior to 2014, NYPA lacked authority to directly enter into Agreements with the University, so the University relied on NYPA’s agreements with the City of New York to enter into energy-related projects; WHEREAS, the University, under the Prior NYPA Agreements, has undertaken campus wide, multi-phased utility infrastructure upgrades at Bronx Community College (the “BCC Utility Upgrades”); WHEREAS, Phases 1 and 2 of the BCC Utility Upgrades, both of which were completed in 2012 at a cost of $50.5 million, provided for the installation of two new chillers in the Selective Energy Plan, distribution piping for hot and chilled water to 8 buildings in the central and north campus, domestic hot water heaters for 11 campus buildings and heat exchangers/steam generators for 19 buildings; WHEREAS, Phase 3 of the BCC Utility Upgrades, which was completed in 2013 at a cost of $22 million, completed the installation of high temp hot water piping, chilled water piping, electric conduit, and telecommunications conduit to the west side of campus; WHEREAS, Phase 4, which is currently underway, at a cost of $27 million, completed the installation of high temp hot water piping, chilled water piping, electric conduit, and telecommunications conduit to the east side of campus, and is nearing completion of the construction of the new electric service building on the south-east side of campus where the new Con Ed service connection will enter campus; Phase 4 is scheduled for completion on or about April 2019; WHEREAS, in 2014 the Public Authorities Law was amended to allow NYPA to contract directly with public entities, including the University, to finance and design, develop, construct, implement, provide and administer energy-related projects, including energy efficiency projects; WHEREAS, NYPA and the University entered into an Energy Services Program Master Cost Recovery Agreement and other related agreements, all dated as of June 23, 2017 (the “2017 NYPA Agreements”), to develop and implement energy-related projects at University facilities, which supersede the Prior NYPA Agreements;


December 6, 2018

WHEREAS, under the 2017 NYPA Agreements, energy-related projects will be implemented through the execution of work orders known as Customer Project Commitments (“CPCs”); and WHEREAS, the University would like to execute a CPC for Phase 5 of the BCC Utility Upgrades which will install a new Con Edison Vault on 180th Street, bring electrical power distribution (wiring) to 22 campus buildings and new transformers and switchgear for all main campus buildings (the “Phase 5 BCC Utility Upgrades”). NOW, THEREFORE BE IT: RESOLVED, that, pending a request of the Board of Trustees of The City University of New York and the execution by the University of a CPC for the Phase 5 BCC Utility Upgrades, the City University Construction Fund’s Board of Trustees authorize the Dormitory Authority of the State of New York to provide funding to NYPA for the Phase 5 BCC Utility Upgrades which shall be chargeable to the State Capital Project, NYPA Project No. BX200-017, for an amount not to exceed seventy million dollars ($70,000,000). EXPLANATION: Pursuant to the 2017 NYPA Agreements, the University and NYPA have collaborated to develop energy efficient projects to be implemented through CPCs. The 2017 NYPA Agreements, which supersede the Prior NYPA Agreements, are interagency performance contracts where NYPA provides financing, program management and design/build implementation of energy efficiency construction projects, thereby reducing energy consumption and greenhouse gas generation at University facilities. Bronx Community College occupies a relatively old and historic campus. The first buildings were built at the beginning of the 20th century and the most recently constructed building (prior to current construction) was built in the 1950’s. The BCC Utility Upgrades are required because the existing service and distribution was installed by the previous owner, New York University, as its campus was being developed. Requirements for electric power in the days prior to the universal use of computers, and an expectation to provide air conditioning, was much less than it is today. Currently, the amount of electric power available to most buildings on campus is inadequate to provide for current needs, and does not allow at all for growth. The BCC Utility Upgrades will supply adequate power to each building on campus to address current deficiencies and will allow for future electric expansion. Phases 1-4 of the BCC Utility Upgrades included the installation of two new chillers in the Selective Energy Plan, distribution piping for hot and chilled water to 8 buildings in the central and north campus, domestic hot water heaters for 11 campus buildings and


December 6, 2018

heat exchangers/steam generators for 19 buildings, the installation of high temp hot water piping, chilled water piping, electric conduit, and telecommunications conduit to the west side of campus, the installation of high temp hot water piping, chilled water piping, electric conduit, and telecommunications conduit to the east side of campus, and the construction of the new electric service building on the south-east side of campus where the new Con Ed service connection will enter campus. Phase 5 of the BCC Utility Upgrades will install new electrical wiring and cabling, transformers, and switchgear that will allow the College to bring high tension power from Con Edison and transform it down into usable electricity for the campus. The undersigned hereby certifies that (i) the foregoing is a true and correct copy of the resolution adopted at the regular meeting of the Trustees of the City University Construction Fund held on December 6, 2018; (ii) at such meeting, a quorum of Trustees was present; (iii) the resolution was adopted by the affirmative vote of not less than four Trustees present at such meeting; and (iv) the resolution has not been amended or rescinded since the date of adoption. Date: December 6, 2018 _____________________________ Judith Bergtraum, Executive Director


December 6, 2018

RESOLUTION OF THE CITY UNIVERSITY CONSTRUCTION FUND APPROVING THE REVISED ANNUAL CERTIFICATE FOR FISCAL YEAR 2020

WHEREAS, on October 17, 2018, in accordance with Section 6274(7) of the New York Education Law, the City University Construction Fund (the “Fund”) submitted a financial statement for the preceding fiscal year (FY18) and a report on its program for the current (FY19) and next succeeding fiscal year (FY20), including estimated fees received, costs of administration, and debt service payments due to the Dormitory Authority of the State of New York (collectively, the “Annual Certificate”); and WHEREAS, also on October 17, 2018, the Fund’s Board of Trustees approved the Annual Certificate pursuant to Resolution No. 2274. NOW, THEREFORE BE IT: RESOLVED, that the Fund’s Board of Trustees approve the revised Annual Certificate for fiscal year 2020, dated December 6, 2018, which only updates the debt service payments due to the Dormitory Authority of the State of New York, in the form attached hereto; and RESOLVED, that the Acting Chairman of the Fund is hereby authorized and directed to execute and deliver the revised Annual Certificate on behalf of the Fund. EXPLANATION: The annual certificate for fiscal year 2020, in accordance with statutory requirements, provides to State and City officials and State legislators the anticipated revenues and expenses of the Fund in connection with the financing of capital projects for the City University through the Dormitory Authority during the fiscal year ending June 30, 2020. The Annual Certificate also includes the Fund’s audited financial statements for the fiscal year ending June 30, 2018. Per Section 5 of the Annual Certificate, if, based upon the receipt of revised information from the Dormitory Authority, it appears that the amounts due to the Dormitory Authority set forth in Section 3 (Amounts to Become due to the Dormitory Authority) will be reduced or increased, or if any other number presented in this report will be materially adjusted upward or downward, the Fund will file an amendment to this report revising such estimated figures to reflect more accurately the adjusted amount. On November 1, 2018, the Dormitory Authority notified the Fund that the estimated debt service schedule for amounts due for the period April 1, 2019 through June 30, 2020 has been revised to reflect the partial refunding of CUNY Fifth Resolution Series 2008E bonds. This partial refunding materially adjusted downward the amounts due to the

Dormitory Authority set forth in Section 3 of the Annual Certificate. As such, the Fund is filing an amendment to this report revising such estimates. In the original Annual Certificate, the debt service amounts due to the Dormitory Authority for FY20 was $174,006,541. In the revised Annual Certificate, the debt service amounts due to the Dormitory Authority for FY20 is $158,126,104. The undersigned hereby certifies that (i) the foregoing is a true and correct copy of the revised resolution adopted at the regular meeting of the Trustees of the City University Construction Fund held on December 6, 2018; (ii) at such meeting, a quorum of Trustees was present; (iii) the resolution was adopted by the affirmative vote of not less than four Trustees present at such meeting; and (iv) the resolution has not been amended or rescinded since the date of adoption. Date: December 6, 2018

_____________________________________ Judith Bergtraum, Executive Director

C I T Y U N I V E R S I T Y C O N S T R U C T I O N F U N D 5 5 5 W . 5 7 t h S t r e e t , 1 6 t h F l o o r , N e w Y o r k , N Y 1 0 0 1 9

V o i c e : ( 6 4 6 ) 6 6 4 - 2 6 0 1 • F a x : ( 6 4 6 ) 6 6 4 - 2 7 9 4

December 6, 2018 Honorable Thomas P. DiNapoli Honorable Robert J. Mujica, Jr. Comptroller of the State Director of the Budget of the of New York State of New York Alfred E. Smith Building State Capitol Albany, New York 12236 Albany, New York 12224 Honorable Melanie Hartzog, Director Honorable Scott M. Stringer Office of Management and Budget Comptroller of the City of New York The City of New York Municipal Building, Room 530 255 Greenwich Street, 8th Floor 1 Centre Street New York, New York 10007 New York, New York 10007 Honorable Helene E. Weinstein Honorable Catharine Young Chairperson of the Assembly Ways and Chairperson of the Senate Finance Means Committee Committee State Capitol State Capitol Albany, New York 12224 Albany, New York 12224 Dear Sirs/Madams: This instrument constitutes the report on the program and activities of the City University Construction Fund (the “Fund”), for the fiscal year ending June 30, 2020, and the annual financial statement dated June 30, 2018 submitted pursuant to Section 6274(7) of the New York Education Law, which has not otherwise been amended to date. 1. Instructional and Non-Instructional Fees. On the basis of an estimate provided by The City University of New York (the “University”), the Fund projects that the total amount of instructional and non-instructional fees it will receive for the current fiscal year ending June 30, 2019 will be $1,538.2 million. This amount includes $1,151.9 million collected with respect to the senior colleges and Graduate School and University Center of the University (the “senior colleges”) and $386.3 million collected with respect to the community colleges of the University (the “community colleges”). For the fiscal year ending June 30, 2020 the University estimates that the total amount of instructional and non-instructional fees the Fund will receive will be $1,538.2 million. This amount includes $1,151.9 million collected with respect to the senior colleges and $386.3 million collected with respect to the community colleges. 2. Cost of Administration. The Fund estimates that the cost of administration, paid directly by the Fund, in the fiscal year ending June 30, 2020 will be $10,536,060. 3. Amounts to Become due to the Dormitory Authority. Based upon estimates by the Dormitory Authority of the State of New York ("Dormitory Authority"), the Fund estimates that the total amount to become due to the Dormitory Authority from the Fund for the fiscal year ending June 30, 2020, pursuant to agreements among the Dormitory Authority, the Fund and the University will be

Honorable Thomas P. DiNapoli et al. December 6, 2018 Page - 2 -

$158,126,104. This amount consists of the following:

(a) An aggregate of $145,710,084, payable by the Fund in respect of bonds issued or to be issued under its Dormitory Authority agreements to finance certain of the University’s senior college facilities, which sum, in turn, includes:

(i) An aggregate of $0 payable in respect of bonds issued under the 1986 City University System Consolidated Revenue Obligation Resolution (the “1986 Resolution”), which consists of:

(x) $0, of which $0 is payable on December 10, 2019, and $0 is payable on June 10, 2020, in respect of debt service on those bonds, and

(y) $0 of which $0 is payable on August 10, 2019, $0 is payable on December 10, 2019, and $0 is payable on June 10, 2020, in respect of that portion of the Dormitory Authority's administrative expenses attributable to senior college facilities financed through those bonds;

(ii) An aggregate of $0, payable in respect of bonds issued under the 1990 City University System Consolidated Second General Revenue Obligation Resolution (the “1990 Resolution”), which consists of:

(x) $0 of which $0 is payable on December 10, 2019, and $0 is payable on June 10, 2020, in respect of debt service on those bonds, and

(y) $0 of which $0 is payable on August 10, 2019, $0 is payable on December 10, 2019, and $0 is payable on June 10, 2020, in respect of that portion of the Dormitory Authority's administrative expenses attributable to senior college facilities financed through those bonds; and

(iii) An aggregate of $0, payable in respect of bonds issued under the 1994 City University System Consolidated Third General Revenue Bond Resolution (the “1994 Resolution”), which consists of:

(x) $0, of which $0 is payable on December 10, 2019, and $0 is payable on June 10, 2020, in respect of debt service on those bonds,

(y) $0, of which $0 is payable on August 10, 2019, $0 is payable on December 10, 2019, and $0 is payable on June 10, 2020, in respect of that portion of the Dormitory Authority's administrative expenses attributable to senior college facilities financed through those bonds; and

(iv) An aggregate of $0 payable in respect of bonds issued under the 2000 City University System Consolidated Fourth General Revenue Bond Resolution (the “2000 Resolution”), which consists of:



(y) $0, of which $0 is payable on August 10, 2019, $0 is payable on December 10, 2019, and $0 is payable on June 10, 2020, in respect of that portion of the Dormitory Authority’s administrative expenses attributable to senior college facilities financed through those bonds; and

(v) An aggregate of $145,710,084, payable in respect of bonds issued under the 2003

City University System Consolidated Fifth General Revenue Bond Resolution (the”2003 Resolution”), which consists of:

(x) $138,352,460 of which $16,267,441 is payable on December 10, 2019, and $122,085,019 is payable on June 10, 2020, in respect of debt service on those bonds; and

(y) $7,352,124 of which $7,227,697 is payable on August 10, 2019, $0 is payable on December 10, 2019, and $124,427 is payable on June 10, 2020, in respect of that portion of the Dormitory Authority’s administrative expenses attributable to senior college facilities financed through those bonds; and

(vi) A total of $0 for a Fixed Swap Payment, of which $0 is payable on December 10,

2019, and $0 is payable on June 10, 2020. (vii) A total of $5,500 for an Annual Trustee Fee, of which $0 is payable on August 10,

2019, and $5,500 is payable on June 10, 2020. (viii) A total of $0 for an Annual Broker Dealer Fee, of which $0 is payable on December

10, 2019, and $0 is payable on June 10, 2020.

(b) An aggregate of $12,416,020, payable by the Fund in respect of bonds issued or to be issued under its Dormitory Authority agreements to finance community college facilities, which sum, in turn, includes:

(i) An aggregate of $0, payable in respect of bonds issued under the 1986 Resolution, which consists of:

(x) $0, of which $0 is payable on December 10, 2019, and $0 is payable on June 10, 2020, in respect of the debt service on those bonds, and

(y) $0 of which $0 is payable on August 10, 2019, $0 is payable on December 10, 2019, and $0 is payable on June 10, 2020, in respect of that portion of the Dormitory Authority's administrative expenses attributable to community college facilities financed through those bonds;

(ii) An aggregate of $0, payable in respect of bonds issued under the 1990 Resolution, which consists of:


(x) $0 of which $0 is payable on December 10, 2019, and $0 is payable on June 10, 2020, in respect of debt service on those bonds, and

(y) $0, of which $0 is payable on August 10, 2019, $0 is payable on December 10, 2019, and $0 is payable on June 10, 2020, in respect of that portion of the Dormitory Authority's administrative expenses attributable to community college facilities financed through those bonds; and

(iii) An aggregate of $0, payable in respect of bonds issued under the 1994 Resolution, which consists of:

(x) $0, of which $0 is payable on December 10, 2019, and $0 is payable June 10, 2020, in respect of debt service on those bonds,

(y) $0, of which $0 is payable on August 10, 2019, $0 is payable on December 10, 2019, and $0 is payable on June 10, 2020, in respect of that portion of the Dormitory Authority's administrative expenses attributable to community college facilities financed through those bonds.

(iv) An aggregate of $0, payable in respect of bonds issued under the 2000 Resolution, which consists of:


(y) $0, of which $0 is payable on August 10, 2019, $0 is payable on December 10, 2019, and $0 is payable on June 10, 2020, in respect of that portion of the Dormitory Authority’s administrative expenses attributable to community college facilities financed through those bonds.

(v) An aggregate of $12,416,020 payable in respect of bonds issued under the 2003 City University System Consolidated Fourth General Revenue Bond Resolution (the “2003 Resolution”), which consists of:

(x) $9,735,800 of which $5,586,959 is payable on December 10, 2019 and $4,148,841 is payable on June 10, 2020, in respect of debt service on those bonds,

(y) $2,671,320 of which $2,599,898 is payable on August 10, 2019, $0 is payable on December 10, 2019, and $71,422 is payable on June 10, 2020, in respect of that portion of the Dormitory Authority’s administrative expenses attributable to community college facilities financed through those bonds.

(vi) A total of $0 for a Fixed Swap Payment, of which $0 is payable on December 10,

2019 and $0 is payable on June 10, 2020. (vii) A total of $8,900 for an Annual Trustee Fee, of which $0 is payable on August 10,


2019, and $8,900 is payable on June 10, 2020.

(viii) A total of $0 for an Annual Broker Dealer Fee, of which $0 is payable on December 10, 2019, and $0 is payable on June 10, 2020.

• Of the aggregate amount of $145,710,084 that is attributable to the senior colleges,

$145,710,084 is due from the State of New York. Of the aggregate amount of $12,416,020 that is attributable to community colleges, $6,208,010 is due from the State of New York, and $6,208,010 is due from The City of New York.

4. Amounts to Be Transferred to the University and to The City of New York. The Fund, based on the projected lease and/or rental payment requirements provided by the Dormitory Authority will transfer to the Comptroller of the City of New York $158,126,104 for FY 2020. The Fund will also transfer $1,538.2 million for FY 2019 and $1,538.2 million for FY 2020 from instructional and non-instructional fees to the City of New York. The administrative expenses of the Fund include personal services and other than personal services costs for employees of the Fund and the Facilities Planning, Construction and Management division of the University. These costs, paid through New York State appropriations, are estimated to total $17,818,000 for FY 2020; of this, the Fund will transfer expenses from its New York State appropriation to CUNY an estimated $7,282,000 for administrative costs incurred by CUNY. 5. Filing Revised Reports. If, based upon the receipt of revised information from the Dormitory Authority, it appears that the amounts due to the Dormitory Authority set forth in Section 3 will be reduced or increased, or if any other number presented in this report will be materially adjusted upward or downward, the Fund will file an amendment to this report revising such estimated figures to reflect more accurately the adjusted amount. Respectfully submitted, Philip Berry Acting Chairman Enclosures

agenda and resolutions for meeting of the trustees of the ... · 06/12/2018 · meeting of the...

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