Institutional Federal Compliance Report 2021

Business-Type Activities— Collateralized Borrowings recognized during SUNY’s fiscal year ended June 30, 2018 amounted to $564 million. There were prin- cipal payments of $38 million and interest payments of $57 million during the fiscal year ending June 30, 2018. During 2017, bonds with a par amount of $345 million at a premium of $64 million were issued for financing capital construction as well as to refinance $212 million of SUNY’s existing residential facility obligations. The result will produce an estimated savings of $20 million in future cash flow, with an estimated present value gain of $19 million. These bonds are special obligations of DASNY payable solely from the residence halls revenues collected by SUNY as agent for DASNY. At June 30, 2018, total principal and interest outstanding on the bonds were $1.3 billion and $652 million, respectively. Annual principal and interest payments will continue through July 1, 2046 (amounts in millions): 96 • Notes to Basic Financial Statements __________________________________________________________________________ In March 2013, the State enacted legislation that authorized SUNY to assign all its rights, title and inter- est in revenues of certain residence halls to DASNY, and authorized DASNY to issue SUNY Dormitory Facilities Revenue Bonds payable from and secured by the residence halls revenues assigned to it by SUNY. The legislation also created a special fund to be held by the State’s Commissioner of Taxation and Finance on behalf of DASNY. All residence halls revenues col- lected by SUNY are required to be deposited in this special fund. The outstanding obligations under these bonds are reported as a collateralized borrowing, since these bonds are not payable from any money of SUNY or the State and neither SUNY nor the State has any obligation to make any payments with respect to the debt service on the bonds. The pledged revenues

Fiscal Year

Principal

Interest

Total

2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2024-2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2029-2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2034-2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2039-2043 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2044-2048 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

47 $

61 $

108 111 113 114 120 582 401 206 109

52 57 61 70

59 56 53 50

389 298 155 87 47

193 103 51 22

4

51

1,263 $

652 $

1,915