The Dormitory Authority of the State of New York has approved the sale of $2.4 billion in bonds.
Of these, $2.1 billion are to be personal income-tax revenue bonds, $271 million will be dormitory facilities revenue bonds, and $27 million will be for refunding Buena Vida Nursing Home revenue bonds.
The personal income tax bonds will be sold as multiple series of tax-exempt and taxable fixed-rate bonds. A total of $1.14 billion will be used to refund bonds sold in the personal income-tax revenue program, the mental health facilities program, and the service contract program.
The other chief recipients and amounts of the proceeds will be: State University of New York educational facilities with $248 million, City University of New York capital projects with $240 million, and the offices of mental health, persons with developmental disabilities, and alcoholism and substance-abuse services capital projects with $123 million.
The SUNY dormitory facilities revenue bonds will be sold as fixed rate and taxable, tax-exempt or a combination of the two. They will refund DASNY’s lease revenue bonds Series 2003A and B. The term is not to exceed 21 years. Bank of America Merrill Lynch will be the senior manager.