In a meeting on Wednesday, the board of the Dormitory Authority of the State of New York approved $320 million in financings for higher education and health care institutions.
Columbia University tops the list of approved financings, with a bond sale of up to $200 million scheduled for the week of May 21.
Proceeds from the bonds are expected to be used for various university-wide renovation projects located at the Morningside Campus, the Medical Center and the Manhattanville Campus.
The funds are also expected to be used for payment upon maturity of the Columbia University revenue bonds, Series 2008A, which mature on July 1, 2013.
Maturities on the bonds will go out to 31 years or less.
JPMorgan will be lead manager and Nixon Peabody LLP bond counsel.
The DASNY board also approved up to $39 million of fixed-rate Series 2012B bonds for the Teachers College, with a maturity not to exceed 20 years.
The deal is scheduled for the week of May 7.
Proceeds are expected to go toward renovation of Bancroft Hall, an eight-story, 108-unit residence hall.
Goldman, Sachs & Co. is lead underwriter and Nixon Peabody LLP is bond counsel.
The board also approved up to $50 million for the North Shore-Long Island Jewish Obligated Group and a resolution to proceed with a sale of up to $6 million of refunding bonds for the Suffern Free Library Association. The resolution to proceed is the first step in the process and will come back for one more approval before it is put on the calendar for a sale, a DASNY spokesperson said.
DASNY is one of the largest higher education, health care and public-purpose issuers of public debt in the nation with an outstanding bond portfolio of more than $44.4 billion.
