Effective date: December 11, 2012
The University funds eligible capital projects through qualified 501(c)(3) tax-exempt bonds (“TEBs”) issued on its behalf as a conduit borrower by The Dormitory Authority of the State of New York (DASNY) or another state or local government agency. The interest paid to holders of TEBs is tax-exempt. TEBs retain their tax-exempt status throughout their life. The tax exemption is subject to compliance by the University with certain federal laws and regulations, including laws and regulations governing investment, expenditure and use of bond proceeds. This policy provides guidance and describes the University’s methodologies regarding TEB compliance.
The full text of this policy is available here.