FOR RELEASE: Immediate, Wednesday, July 23, 2003

8 Financings Approved by DASNY Board

ALBANY, N.Y. � The Board of the Dormitory Authority met today and approved the following financings:

An issue of up to $32 million in 32-year, tax-exempt bonds to permit Barnard College in Manhattan to buy a 117-unit student residence. Barnard is a liberal arts college for women affiliated with Columbia University. With mean SAT scores above 1,300, Barnard is one of the more selective colleges in the country. The bonds may be issued in more than one series and fixed and/or variable rates. First Albany Corporation is the lead manager on this negotiated sale. Ambac will provide bond insurance.
A 40-year tax-exempt bond issue of up to $34 million to allow Ten Broeck Commons Inc. in Lake Katrine, Ulster County, to acquire Ten Broeck Commons, an existing 258-bed proprietary residential health care facility. The Commons also has a 15-slot adult day health care program. The sole member of Ten Broeck Commons Inc. will be Benedictine Healthcare Services Inc., which is the passive parent corporation of Benedictine Hospital. Merrill Lynch & Co. will be the lead manager on this negotiated sale of fixed-rate bonds. GNMA securities will be used as security for the bonds.
A 30-year, fixed-rate, tax-exempt sale of up to $19 million in bonds to allow The Jewish Board of Family and Children�s Services in Manhattan to finance real property acquisitions, renovations, equipment purchases and the refunding of Series 1992 bonds issued by the New York City and Westchester County Industrial Development Agencies (IDAs). Bears Stearns & Co. Inc. will be the lead manager of this negotiated sale. Ambac will provide bond insurance. The Jewish Board provides mental health and social services to 65,000 New Yorkers annually through more than 185 residential facilities, day-treatment programs and community-based services.
A sale of up to $70 million in 13-year tax-exempt bonds to allow the Mount Sinai School of Medicine to complete a current refunding of Series 1991 Dormitory Authority bonds. Goldman, Sachs & Co. will be the lead manager for this negotiated sale of fixed- or variable-rate bonds. MBIA is expected to provide municipal bond insurance. The School of Medicine is affiliated with the City University of New York, but remains financially autonomous and is not a member of the Mount Sinai-NYU Health Obligated Group. Although the School is a separate entity from Mount Sinai Hospital, the institutions are closely affiliated and share a four-block campus on the Upper East Side of Manhattan.
An issue of up to $23.65 million in 30-year, fixed-rate, tax-exempt bonds to allow Long Island University to build and equip a Health and Wellness, Civic and Recreation Center at its Brooklyn campus. A private college, LIU has 23,000 students at campuses in Brooklyn, Southampton (Suffolk County), Brookville (Nassau), Brentwood (Suffolk), Orangeburg (Rockland) and Purchase (Westchester). Commerce Capital Markets Inc. will be the lead underwriter for this negotiated sale. Radian Asset Assurance Inc. is expected to provide insurance.
Up to $200 million in tax-exempt, 30-year bonds to be offered in one or more series with fixed or variable rates for portions of the University of Rochester�s capital Program. Proceeds will be used to finance renovations at the River Campus, expansion of the Laboratory for Laser Energetics, Medical Center projects, and refunding of Dormitory Authority bonds sold on the University�s behalf in 1987 and 1999, and DASNY bonds sold on behalf of the University�s 750-bed Strong Memorial Hospital in 1993 and 1994. Citigroup and Lehman Brothers will be the lead managers on this negotiated offering. MBIA will provide municipal bond insurance.
Multiple series of bonds valued at up to $340 million through the New York State Personal Income Tax Revenue Bond Program to support capital improvements and grants for educational facilities, State facilities and economic development programs. A lead manager has not been selected for these bonds, which can be taxable or tax-exempt and sold at fixed or variable rates. The economic development programs are Generating New York Employment Through New York Science Program (Gen*NY*sis), the Multi-Modal Transportation Program, Rebuilding the Empire State Through Opportunities in Regional Economies (RESTORE) and the Community Capital Assistance Program (CCAP). This will be the Authority�s third bond issue under this program.

The Board also approved Tax-Exempt Equipment Leasing Program (TELP) finances for the SUNY Hospital at Syracuse ($21 million) and NYSARC Inc. ($10.2 million).

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

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