The board of the Dormitory Authority of the State of New York approved $1.1 billion in financings for higher education and health care institutions and state-supported debt.
Leading the slate is the approval of a $940 million personal income tax revenue bond program which will include tax-exempt and taxable bonds.
The program includes a $273 million new-money issue for capital projects for the Office of Mental Health, the Office for Persons with Developmental Disabilities, and the Office of Alcoholism and Substance Abuse Services.
Funds will also go toward judiciary training academies, library facilities grants, and the Expanding our Children's Education and Learning program.
Bond counsel for the PIT bond program is Hawkins, Delafield & Wood LLP and Bryant, Burgher, Jaffe and Roberts.
The offerings will be negotiated or competitive, or a combination of both.
The board in a meeting on Wednesday also approved a $66 million refunding bond sale for Long Island University, scheduled for sometime next month. Piper Jaffray & Co. is underwriter and Orrick, Herrington & Sutcliffe LLP is bond counsel.
A $42 million negotiated sale for the Culinary Institute of America in Hyde Park, N.Y., was approved to help fund construction of the Marriot Pavilion, a dining hall addition to the Student Recreation Center, and to refund outstanding bonds.
Other approved financings include $16 million for F.F.T. Senior Communities, a senior living environment, and $9 million for St. John's University in New York.
DASNY is one of the largest higher education, health care and public-purpose issuers of public debt in the nation with outstanding debt of approximately $44.5 billion.
