The Dormitory Authority of the State of New York yesterday gave final approval to issue $776 million of bonds and preliminary approval for another $600 million of bonds. DASNY's board also adopted the recommendations by a state commission to increase participation of minority- and women-owned underwriting firms in the issuance of state-backed debt.

The largest final bond approval was for up to $600 million of personal income tax bonds. Falling state revenue caused by the weak economy is projected to erode debt service coverage of the state's PIT bonds over the next two years, DASNY staff said.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.