DASNY Approves $1.4 Billion in Bonds

The Dormitory Authority of the State of New York board approved the sale of $1.4 billion in bonds on Wednesday.

DASNY approved the sale of up to $1.2 billion in sales tax revenue bonds. The terms are not to exceed 30 years.

Proceeds of the bonds will be used for State University of New York capital projects, City University of New York capital projects, library facility grants, and to fund state environmental projects.

In addition, DASNY approved the sale of up to $210 million in bonds for New York University. The term is not to exceed 30 years. There will be both tax-exempt and taxable portions.

The tax-exempt money will be used for renovation of the space currently occupied by the Steinhardt School, construction of a 12-story building at 433 First Ave. to house the Bio-Engineering Institute, and acquisition and improvements to 383 Lafayette Street.

The taxable money will be used to fund various construction and renovation projects and reimburse the acquisition and construction of a mixed use facility in Washington D.C. for the University's Study Away Project.

DASNY did not announce a date for sale of the bonds.

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