For Release: Immediate, Wednesday, April 25, 2001
Board Approves 5 Financings
The Board of the Dormitory Authority met today in its New York City offices and approved the following bond issues:
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New York City Court Facilities Program. The Board approved a bond issue
of up to $315 million in 40-year fixed-rate bonds to fund renovations and
capital improvements to court facilities throughout New York City. J.P. Morgan
Chase is the lead underwriter for the negotiated, tax-exempt sale.
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Haverstraw King's Daughters Public Library. The Board approved a bond
issue of up to $11 million for this Rockland County library to build a three-story
addition of 36,000 square feet and renovate its existing building. The 30-year
fixed-rate tax-exempt bonds will be sold competitively. The Library's main
facility is a 10,000 square foot building constructed in 1903 along the Hudson
River. Since 1981, the Library has operated a branch in rented space in the
Haverstraw Town Hall. That branch will close once the new building is completed.
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Lenox Hill Hospital Obligated Group. The Board approved a bond issue
of up to $160 million in tax-exempt 30-year fixed-rate bonds. Most of the
proceeds will be used for renovations and capital improvements to Lenox Hill
Hospital on the Upper East Side of Manhattan. This is part of the Hospital's
long-term capital plan. A small portion of the proceeds will be used to refinance
outstanding debt. Goldman, Sachs & Co. will be the lead underwriter for this
negotiated sale.
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Norwegian Christian Home and Health Center. A sale of up to $29.5 million
in 40-year tax-exempt fixed-rate bonds was approved by the Board to finance
construction of a replacement 137-bed skilled nursing facility, renovate a
42-bed adult home, and create an 88-bed licensed Assistive Living Program.
The Home and Health Center has been providing residential care in Brooklyn
to senior citizens for almost a century. Cain Brothers will be the lead underwriter
on the negotiated sale.
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St. John's University. The Board approved two series of 30-year tax-exempt
bonds: one series of fixed-rate refunding bonds and another of auction rate
new-money bonds. The aggregate principal amount will not exceed $100 million.
The new-money portion will finance construction of Phase 2 housing for about
430 students, additional costs incurred during construction of Phase 1 student
housing, and technology and renovation projects. St. John's University has
campuses in Queens, Staten Island and Eastern Long Island, as well as in Rome,
Italy. Morgan Stanley will be the lead underwriter for this negotiated sale.
The Board is scheduled to meet on May 30, 2001, at Canisius College in Buffalo.
For more information, contact Press Officer Claudia Hutton at (518) 257 3382,
or CHutton@dasny.org.
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