DASNY History

In more than 60 years of service to New Yorkers, the Dormitory Authority has grown into one of the largest financiers and builders of public-purpose facilities in the United States.

1944 On April 5, Governor Thomas E. Dewey signed Chapter 524 of the Laws of 1944, creating the Dormitory Authority for the purpose of financing and constructing dormitories at 11 State Teachers' Colleges.

1948 In November, the Authority's Board voted to award contracts to the low bidder on the first permanent dormitories, located at the Teachers College in Buffalo.

1949 The first Authority bond issue was sold to finance permanent dorms at 11 Teachers Colleges. The $10,300,000 issue was sold to the New York State Employees' Retirement System at an interest rate of 3%.

1954 The Dormitory Authority and the State University of New York (SUNY) sign a lease agreement in December stating that SUNY will operate the dormitories built by the Authority.

1955 The New York State Legislature began annual appropriations for construction of dormitories, allowing the Dormitory Authority to begin long-range planning of dormitories and dining halls.

1960 The first Authority bond issue was sold on behalf of a private college, Wells College, to construct a dormitory.

1964 The Authority was empowered to finance and construct facilities for hospitals with schools of nursing.

1966 New legislation enabled the Dormitory Authority to work with the newly-established City University Construction Fund on a rapid and extensive expansion of the higher education facilities for the City University of New York.

1970 Total bonds and notes outstanding at the end of the fiscal year passed the $1 billion mark for the first time.

1971 The Authority began its Affirmative Action Program to expand job opportunities for minority construction workers and contractors.

1972 Construction began at first community-college projects financed by the Dormitory Authority.

1973 The first project financed and constructed for the Dept. of Health finished construction: a new parking facility for Roswell Park Cancer Institute in Buffalo.

1977 Construction of the new campus for Kingsborough Community College was completed at a cost of $72 million.

1979 The Authority's first facility for the aged bonds were sold to finance the J.G.B. Health Facility in Yonkers.

1981 The fiscal year brought the full implementation of the "set-aside" program, which reserves a percentage of construction contracts for small and minority-owned businesses on projects at four CUNY campuses.

1983 Buildings completed for SUNY housed more than 66,000 students and provided dining facilities for over 37,000.

1986 Total financings for the year topped $1 billion for the first time. The year's bond issues included the Authority's first student loan program and first pooled financing for independent college and universities.

1987 The Dormitory Authority financed its first court facility, the John P. Colhalan, Jr. Court Complex in Suffolk County. Legislation was enacted during the year to enable the Authority to finance and construct court facilities for county and local governments across the state.

1988 Legislation was passed enabling the Authority to finance SUNY academic facilities and facilities for certain Special Act Schools.

1989 Total bonds and notes outstanding at March 31,1989 totaled $5.8 billion, a new high point for the Authority.

1990 The Authority was the largest issuer of municipal bonds in the nation during the calendar year, with a total of $4.11 billion in securities issued.

1993 The College of Staten Island moved to its new campus. Consolidating two existing campuses at the former Willowbrook Developmental Center, this $360-million renovation and new construction project is the largest ever undertaken by the Authority.

1994 The Authority financings reach an all-time high of 43 issues, totaling $4.7 billion. Total bonds and notes outstanding at fiscal year end totaled $12.2 billion, double what they were five years previously.

1995 On September 1, the Medical Care Facilities Finance Agency and the Facilities Development Corporation were merged into the Dormitory Authority. After the merger, the Dormitory Authority is the largest government building construction agency and the largest public-authority issuer of tax-exempt bonds in the country.

1996 The "new" Dormitory Authority completed its first year as a combined organization, issuing $3.3 billion in bonds. Outstanding bonds and notes totaled $24.8 billion at the end of the year.

1997 In December 1997, the Authority moved into its new corporate headquarters in downtown Albany. The 180,000 square-foot building was completed under budget just 14 months after the land was purchased. The Authority issues its first obligated group financing, and its Tax-Exempt Equipment Leasing Program is extended to all clients.

1998 The Authority sells more than $5 billion in bonds and commercial paper issues, its biggest year ever.

1999 The Dormitory Authority was the No. 1 issuer of municipal bonds in the country, with $3.16 billion sold in 47 issues during 1999. Expenditures on Authority-managed construction projects rose 29 percent over 1998, to more than $478 million.

2000 The Authority issues the largest health-care bond issue in the nation, a total of $681.2 million for the Mount Sinai-New York University Health System Obligated Group. A program is adopted to disseminate preliminary official statements through the Internet. Construction expenditures continue to grow, to nearly $540 million - a 43 percent increase over 1998.

2002 The Authority implements new legislation by helping local school districts refinance $1 billion in bonds for capital projects. Construction expenditures reach a record $936 million.

2003 At the end of the fiscal year, the Authority has sold more than $823 million in bonds backed by the State personal income tax, a new financing program.

2004 The Dormitory Authority ends the fiscal year with a portfolio of $31.2 billion in outstanding bonds, and a $4.95 billion pipeline of construction projects.

2005 Dormitory Authority construction rises to $1.01 billion for the 2005-06 fiscal year, a record.

2006 The Board of the Authority forms its first Audit Committee and Governance Committee.