§ 451. Statement of legislative findings and purposes. There is
threatened in the city of New York a serious shortage of elementary and
secondary school buildings under the jurisdiction of the board of
education of the city of New York. This shortage is occasioned by the
age and obsolescence of many existing school buildings, the large number
of new school buildings that are needed in various areas of the city of
New York, the scarcity and high cost of available land in the areas
where such schools are needed, the typical under-utilization of land by
elementary and secondary school buildings and the existing limitations
on the amount of state and city funds available for the construction of
such buildings.

In order to facilitate the timely construction of such school
buildings in combination with other compatible and lawful uses, which
combination would provide a highly desirable and economic utilization of
available land, there should be created a corporate governmental agency
of the state, constituting a public benefit corporation, to be known as
the "New York city educational construction fund," which could receive
and administer moneys for the construction and improvement of elementary
and secondary school buildings in the city of New York and whose
principal purpose would be the timely and responsive provision of such
combined occupancy structures in accordance with the foreseeable needs
of the city of New York for additional or replacement elementary and
secondary educational facilities and the desirability of facilitating
maximum and appropriate utilization of available land. In order to
encourage the investment of private capital in such combined occupancy
structures and enable the construction of additional school facilities
within existing financial limitations through the utilization of
incidental revenue produced thereby, the New York city educational
construction fund should be empowered, through the issuance of its
bonds, notes or other obligations to the private investing public, to
obtain a portion of the funds necessary to finance the construction of
the school portion of such structures and to apply the revenues received
from both the school and non-school portions thereof to the payment of
such bonds, notes or other obligations. In furtherance of these
purposes, the creation, continued operation and solvency of the New York
city educational construction fund, including the maintenance of the
capital reserve fund provided for in subdivision one of section four
hundred sixty-two of this article, is hereby declared to be a school
purpose for which public monies may be appropriated, apportioned and
expended.

While responsibility for the educational affairs of the city school
district of the city of New York, including the selection of school
sites and the design and construction of school facilities, must
continue in the board of education of the city of New York, title to
such sites and the school facilities constructed thereon pursuant to
this article should be vested in the fund in order to facilitate the
exercise of its powers.