The Dormitory Authority of the State of New York yesterday approved $1.8 billion of borrowing for school construction and capital improvements throughout the state, while agency officials are also evaluating issuing personal income tax bonds through the federal Build America Bonds program.

DASNY officials declined to give details on any potential BAB deal, including size and pricing, as they are still reviewing the taxable financing instrument. Managing director of public finance Portia Lee said the authority, along with the state's Division of Budget, is considering selling BABs through the issuance of personal income tax or PIT bonds.

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