FOR RELEASE: Immediate, Tuesday, December 5, 2001

Board Approves Bond Issues for Cancer Center, Cerebral Palsy Groups

NEW YORK � The Board of the Dormitory Authority met today and approved the following bond issues:

Memorial Sloan-Kettering Cancer Center. The Board approved a 35-year bond issue, consisting of one or two series totaling no more than $450 million. The bonds may be issued as fixed-rate bonds, put bonds with an initial term of five to 12 years, auction-rate bonds or a combination of those types. Proceeds will be used for renovations, acquisitions, capital improvements and equipment; and to refund Authority bonds sold in 1989 and 1986 on the Center�s behalf. Goldman, Sachs & Co. is the lead manager for this negotiated sale. Ambac has committed to providing municipal bond insurance. Memorial Sloan-Kettering Cancer Center, located in Manhattan, and its affiliated corporations make up the oldest and largest privately operated non-profit cancer center in the world.
Various United Cerebral Palsy Organizations. The Board approved two fixed-rate bond issues � one tax-exempt and one taxable � totaling up to $35 million. Proceeds will be used to finance real property acquisitions and pay for renovations and equipment purchased. A small portion of the proceeds will be used to refinance outstanding taxable debt. First Albany Corporation will be the lead manager for this negotiated sale. Ambac has committed to providing municipal bond insurance.

The Board met in a 14th floor meeting room at the Baruch College Academic Complex, a $319.4 million project that created a vertical campus for the college�s 12,000 undergraduate students in Manhattan. The Dormitory Authority sold bonds to support construction of this City University of New York facility and supervised its construction. Baruch College President Ned Regan addressed the Board briefly to praise the project, especially the efforts of Project Manager III Nicholas A. D�Ambrosio, who led the on-site construction team. The building opened for classes on August 27th.

The Board announced its schedule for meetings during 2002: In Albany at the Authority�s corporate headquarters on 515 Broadway on January 2, February 27, March 27, May 29, August 14 and October 30; and in its New York City offices on the 52nd floor of One Penn Plaza on January 31, April 24, June 26, September 25 and December 4. All meetings are scheduled to begin at 9:30 a.m. The Board does, at times, move the site of its meetings with advance public notice.

For more information, contact Press Officer Claudia Hutton at (518) 257 3382, or CHutton@dasny.org.

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