For Release: Immediate, Wednesday, March 28, 2001

Board OKs Bond Issues for Nursing Home, Community Projects

The Dormitory Authority Board met in its Albany headquarters today and approved two bond issues:

Augustana Lutheran Home for the Aged. A bond issue of up to $10 million was approved for this nursing home, located in Sunset Park, Brooklyn. Proceeds from the negotiated sale will be used to expand and renovate a patient care building and to build a new parking garage. The Home has 240 beds. Merrill Lynch & Co. will be the lead manager for the sale of this 40-year, fixed-rate, tax-exempt bond issue. The FHA will insure the bonds.

Community Enhancement Facilities Assistance Program (CEFAP). The Board approved a negotiated sale of up to $30 million for CEFAP, which provides grants for capital projects to enhance the social, educational, recreational and economic quality of life for New Yorkers. Under this $425 million program, approved by the Legislature in 1997, the Dormitory Authority is one of several public authorities authorized to issue bonds under this program, with debt service paid through a service contract with New York State. Goldman Sachs & Co. will be the lead manager for this sale.

In other action, the Board approved the Authority's $70.68 million operating budget for the 2001-02 fiscal year, which will begin on Sunday, April 1. Board approval also was given to the Authority's fee structure, which is charged to the Authority's customers for financing services. The fee schedule was unchanged from the 2000-01 fiscal year.

The Board of the Authority will hold its next meeting at 9:30 a.m. April 25 in its New York City offices on the 52nd floor of One Penn Plaza in Manhattan.

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

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