The Dormitory Authority of the State of New York gave final and preliminary approval last week to nearly $600 million of bonds.
The largest issue approved was up to $397 million of personal income tax bonds on behalf of the state. The bonds may be offered as either a negotiated or competitive deal of tax-exempt and taxable bonds.
So-called PIT bonds are secured by a pledge, subject to appropriation, of 25% of New York’s personal income tax revenue and can be sold through five public authorities, including DASNY.
The state plans to use the bond proceeds for $180 million of various environmental projects, $150 million of grants to health care facilities, and $33 million of higher education grants.
The bonds will have maturities of up to 30 years.
DASNY also gave final approval for $35 million of bonds on behalf of Skidmore College. The Saratoga Springs school plans to use the proceeds for student housing and to refund $9 million of outstanding bonds. JPMorgan will underwrite the bonds.
The authority gave preliminary approval to the negotiated sale of up to $150 million of tax-exempt bonds on behalf of Fordham University in New York City.
The university plans to use the bonds to construct a 21-story building on its Lincoln Center campus in Manhattan that will contain law school classrooms and student housing.
