The Dormitory Authority of the State of New York gave final and preliminary approval to six bond transactions totaling more than $245 million at its monthly board meeting Wednesday.
The largest issuance was a $101.9 million private placement on behalf of St. Mary's Hospital for Children Inc. The Queens nonprofit is a subsidiary of St. Mary's Healthcare System for Children Inc.
Hospital officials plan to use the bond proceeds to build a five-story addition adjacent to an existing building and carry out other renovations to the existing facilities.
Roosevelt & Cross Inc. will privately place the issuance, which will be sold as fixed-rate bonds with maturities up to 31.5 years. It may be a mix of tax-exempt and taxable bonds. Harris Beach PLLC is bond counsel.
DASNY's board approved two $35 million deals on behalf of St. Francis College in Brooklyn and St. Joseph's College, which has campuses in Brooklyn and Long Island.
St. Francis plans to make infrastructure improvements to its science building, information technology center, laboratories, and a lecture hall.
Ramirez & Co. will underwrite the 30-year, fixed-rate tax-exempt bonds. Hiscock & Barclay LLP is bond counsel.
St. Joseph's College plans to use proceeds from its issuance to construct athletic facilities and convert classrooms into laboratory space.
Roosevelt & Cross will underwrite the 30-year, fixed-rate tax-exempt bonds. Squire, Sanders & Dempsey LLP is bond counsel.
The Herkimer-Fulton-Hamilton-Otsego Board of Cooperative Educational Services received approval for up to $17 million of 15-year, tax-exempt bonds. The board plans to use proceeds from the issuance to renovate a building that serves 12 school districts in four counties.
BOCES provide shared services for multiple school districts, such as special education or technical education. Roosevelt & Cross will lead manage the deal. Squire Sanders is bond counsel.
The DASNY board gave preliminary approval to a $49.4 million issuance on behalf of NYSARC Inc., an organization serving the developmentally disabled population, and to a $7.5 million issuance on behalf of the Summit School Inc., a special needs residential school in Upper Nyack.
DASNY also approved a resolution to allow State University of New York dormitory projects on 15 campuses to dip into a $5 million development fund if necessary due to the ongoing state budget impasse.
"It's a temporary measure and all advances, if any are necessary, will be repaid once a budget or emergency bills are passed," DASNY executive director Paul Williams Jr. said in an e-mail.
"It is simply to insure SUNY dorm projects already commenced and due to be completed prior to school opening in the fall can be completed, regardless of whether a budget" or emergency bills are passed by state lawmakers in Albany, he wrote.
