The Dormitory Authority of the State of New York has approved up to $326 million in fixed-rate bonds to upgrade residence halls at public colleges throughout the Empire State.
The conduit issuer approved the bonds at its Oct. 15 meeting and will sell them in one or more deals on a negotiated basis. Proceeds will be used for various dormitory capital projects at State University of New York campuses and to refund all or a portion of certain DASNY lease revenue bonds. Bank of America Merrill Lynch and Siebert Brandford Shank & Co. will be co-managers with Nixon Peabody and Drohan Lee working as co-bond counsel.
DASNY was founded in 1944 and has an outstanding bond portfolio of roughly $47.3 billion as of Sept. 30. The state agency financed more than $106 billion in projects for hospitals, colleges, libraries, court houses, social service agencies and school districts through the 2014 fiscal year.
