FOR RELEASE: Immediate, Wednesday, October 31, 2001

Board Approves 3 Bond Sales

The Dormitory Authority Board met today at its Albany headquarters and approved three financings:

New York Medical College. The Board approved a bond issue of up to $7 million in five-year, fixed-rate bonds to be sold by Quick & Reilly in a negotiated sale. Proceeds will be used as a �bridge loan� in the College�s capital plan, which is to construct a new Medical Education Center and renovate the Basic Science Building. Founded in 1860 and now located in Westchester County, the College now comprises three schools: the School of Medicine, one of the nation�s oldest and largest private medical schools; the Graduate School of Basic Medical Sciences, established in 1963; and the Graduate School of Health Sciences, established in 1980. Although the College no longer owns any hospitals, it has a network of affiliations that extends south into the New York City metropolitan area, north into the mid-Hudson Valley, and east into Fairfield County in Connecticut.

Rockefeller University. The Board approved up to $130 million to be sold in multiple series of fixed- or variable-rate obligations of up to 40 years in maturity. Proceeds will be used for the University�s Hospital Building, Weiss Research Building, Theobald Smith Building, Bronk Laboratory Building, LARC Building and Roosevelt Island apartment building. The University, now in its 100th year, is a world center for advanced study and research in the natural sciences. The principal campus, on the upper east side of Manhattan, has 19 buildings, primarily laboratories, a 40-bed research hospital and a library. The University also owns a field research station near Millbrook. Morgan Stanley will be the lead underwriter for this negotiated sale.

State University of New York dormitory facilities. The Board approved a 30-year bond issue of up to $115 million for dormitory projects at its campuses in Binghamton, (University of) Buffalo, Brooklyn, Fredonia, Geneseo, Oneonta, Plattsburgh, Purchase, Delhi and Farmingdale. UBS PaineWebber will be the lead underwriter for this negotiated sale.

The Board�s next meeting is scheduled for Wednesday, December 5th, at the Dormitory Authority�s offices at One Penn Plaza, 52nd floor, New York City. For more information, contact Press Officer Claudia Hutton at (518) 257 3382, or CHutton@dasny.org.

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