At its meeting on Wednesday the board of the Dormitory Authority of the State of New York approved approximately $3.9 billion in financings for higher education and health care institutions.
Leading the new money approvals is the competitive or negotiated sale of up to $1.7 billion of tax-exempt and taxable fixed-rate bonds for universities in New York.
Around $950 million was approved for the State University of New York, $440 million for the City University of New York, and $83 million for the SUNY Upstate Community College.
Proceeds from the bonds will fund a variety of capital projects. Bond counsel will be Hawkins Delafield & Wood LLP and Bryant Burgher Jaffe L.L.P.
The board also approved up to $2 billion of tax-exempt and taxable fixed-rate refunding bonds to be sold under the personal income tax revenue bond program.
The funds will be used to refund Metropolitan Transportation Authority state service contract bonds from Series 2002 A and B, and various PIT revenue bonds issued by DASNY and the Empire State Development Corporation.
A PIT refunding bond issue is scheduled for the week of June 11.
Goldman Sachs will be lead underwriter and bond counsel will be Hawkins Delafield & Wood LLP and Bryant Burgher Jaffe L.L.P.
The board also approved $55 million of refunding bonds for the Miriam Osborn Memorial Home Association, scheduled to price some time in June. Herbert J. Sims & Co., Inc. will be lead underwriter.
Other approvals included bond sales for the Catholic Health System, Inc. Obligated Group, Iona College, and the Suffern Free Library.
