The Dormitory Authority of the State of New York approved more than $3.22 billion in new financing for educational and healthcare institutions.
The state agency voted at its May 13 meeting to authorize issuance of up to $2.4 billion in fixed- and/or variable-rate bonds that can be sold multiple times on either a competitive or negotiated basis. Proceeds from the bonds will fund capital projects for the State University of New York Educational Facilities, the Office of Mental Health, the Office for Persons with Developmental Disabilities and the Office of Alcoholism and Substance Abuse Services. Bond counsel for the planned sale is Hawkins Delafield & Wood LLP and Bryant Rabbino LLP.
The DASNY board also approved the issuance of up to $580 million in fixed rate bonds to be sold through a negotiated sale. Proceeds of the bonds are expected to be used for costs related to the renovation of various buildings and to refund a portion or all of certain bonds DASNY issues on behalf of the Mount Sinai School of Medicine of New York University. The lead underwriter for the sale is Citi with Orrick Herrington & Sutcliffe LLP as bond counsel.
DASNY also authorized at the May 13 meeting $230 million in fixed and/or variable rate bonds that are slated to refund all or a portion of certain bonds issued on behalf of Memorial Sloan-Kettering Cancer Center.
DASNY was founded in 1944 and is one of the nation's largest higher education, health care and public-purpose issuers of tax-exempt debt with an outstanding bond portfolio of roughly $45.7 billion as of March 31, 2015.
