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DASNY Board Approves $175M of New Financings

The board of the Dormitory Authority of the State of New York on Wednesday approved approximately $175 million in financings for healthcare, higher education, and non-profit institutions.

The largest financing of $155 million was approved for Pace University, a private university with campuses located in New York City and Westchester County.

In a negotiated bond sale, DASNY will offer tax-exempt and taxable bonds with maturities not to exceed 30 years for the university. Proceeds will be used for a current refunding of DASNY's tax-exempt Series 2005A bonds and taxable Series 2005B bonds, as well as funding the cost to terminate an interest rate swap agreement associated with the 2005A bonds.

Proceeds will also finance and reimburse costs for various capital projects on both of the university's campuses.

The board also approved a $5.3 million negotiated bond sale for the Ethelbert B. Crawford Public Library in Monticello, N.Y. The proceeds are expected to be used for site acquisition and renovations to an existing building to provide a new library building.

Under its tax-exempt leasing program, or TELP, the board approved $15 million to lease various medical equipment for the University Hospital at Syracuse. The hospital is party of the State University of New York.

DASNY, founded in 1944, is one of the largest public-purpose issuers of public debt in the nation with an outstanding bond portfolio of approximately $46.5 billion.

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