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The New York City Education al Construction Fund was crea ted to carry out .a new program of urban deYclopmcn t, the ronstru ction of elementary and secondary public schools in combined-occupancy buildings. The Fund is a public benefit corporation, a S_tatc-authori ze\l, self-supp:::·_tins-.J.~1-~i~~ tio!1 most commonly called an auth ~!_)t_y, establi sh ed to finance th e con struction of public . --- schools for the City of :l'\ew York. It is govern ed by __nin e un salari_e~ --~ ~~':_':_S, five of whom are members of the Board of EclucaJion. The program is intend ed to achicYe three objectives: 1. Maxim11m 11sc of land . Construction sites arc becoming increasingly scarce in the City. Those that remain must b e used with m aximum effectiven c:~s. To en able n ew schools to be built jr{ conjunction with oth er faciliti es, the l::c1u ca tion al Constru ction

Fund has b een given as its principal purpose "the timely ;!nd responsive provision of such combined-occupancy structures in accorda11 ce wit], th e foreseeable

need s of the City of N ew York ... " (Sta tement or legi sla tive fi :1,li ngs and purposes, Anicl e 10, Educati o n Law) 2. Fin o.nci11g rJ11f sid e thr Ci ty's capital budge t The need for a m ass ive school constru ction p rogram h as d evelo ped at the I same time as many other dem a nds for capital improvements. The Fund is a new source of fin an cing ou'ts idc the City's capital budge t for a substa nti al school construction progra m . Its operations will increase the ra te at which n ew schools can be built. In addltion, th e Fund " ·ill provide th e public school sys~cm with additional schools that could no.t be built und er the City's debt li~~i·t.. 3. Reinforced econ om ic and social vitality Combined-occupancy st ructures will provide n ew sch ools in several kinds of settings. ln S::QIT!!!!g£i~l areas, speciali zed high school progra ms, s~ich as th e co-op progra m o1Icrin g experience trainin g toge th er with skills training, could train the highl y-skill ed gradu a tes required by th e busin ess commu n ity. In residenti al areas; sch oo ls and hou sing in th e sa me stru cttircs sh c uld fos ter a ffi~f~-;;]·JCS~'C n~ighborh oo cl life. S;lll-C a re;~ .::. su ch as tho-;e -; Ch ('duJecJ for extensive red evelopm ent - might ,1·cll lend th emselves co an y con1bination of facilities su ch as child ca re a nd H ea d Sta rt ce nt er3, c,Jm me rcial fa ci liti es, m odcr~tcincor11·e h ousing a nd ~- sch <_?ol. ---·--- - �