In a meeting Wednesday, the Dormitory Authority of the State of New York approved about $206 million in financings for higher education institutions.
The board approved a negotiated sale of up to $100 million of bonds for the Rochester Institute of Technology in Rochester, N.Y.
The bonds will have up to 31-year maturities and could be taxable or tax-exempt. Proceeds are expected to be used for construction of the new Gene Polissèni Center ice arena, expansion and renovation of facilities for the Institute of Health Sciences and Technology, electrical infrastructure, and other campus projects. A portion will also refund outstanding bonds.
A tax-exempt bond sale of up to $42 million for the Culinary Institute of America in Hyde Park, N.Y., was also approved on Wednesday and is scheduled to price during the first week of October.
The funds are expected to be used for construction of the Marriott Pavilion, a two-story theater and conference center, and refunding outstanding bonds.
RBC Capital Markets is lead underwriter and bond counsel is Hiscock & Barclay LLP.
For the New York State Chapter of The Arc, Inc., the board approved a bond sale of up to $39 million, scheduled for the week of Oct. 8. The bonds will have 25-year maturities and will be priced by Raymond James | Morgan Keegan. Hiscock & Barclay, LLP is bond counsel.
Proceeds will refinance taxable debt for 22 projects for eleven participating chapters, and refunding a portion of the NYSARC's outstanding revenue bonds.
DASNY is one of the largest higher education, health care and public-purpose issuers of public debt in the nation with outstanding debt of approximately $46.1 billion.