FOR RELEASE: Immediate, Wednesday, April 28, 2004

Board Approves Two Financings

New York � The Board of the Dormitory Authority of the State of New York met today in its One Penn Plaza offices, and approved the following financings:

FIT Student Housing Corporation. Up to $150 million in tax-exempt, fixed- and/or variable-rate bonds will be issued to buy and renovate a structure to house approximately 1,100 students. The housing corporation was created by the Fashion Institute of Technology in Manhattan to develop and operate its dormitories. Lehman Brothers will be the lead manager on this negotiated sale. Financial Guaranty Insurance Co. has issued a commitment to insure the bonds.
The New York and Presbyterian Hospital. A bond issue of up to $358 million in tax-exempt fixed-rate refunding bonds with a term of up to 16 years was approved for the New York and Presbyterian Hospital in Manhattan. These bonds will refund the Hospital�s 1994 Series A bonds and an accelerated redemption of 1997 Series A Capital Appreciation Bonds. The negotiated sale will be lead by Goldman Sachs & Co. The Hospital expects to acquire bond insurance.

The Board elected officers for the 2004-05 fiscal year: Gail Gordon, Chair; John B. Johnson Jr., Vice Chairman; Jose Alberto Corvalan, M.D., Secretary; and Chief Financial Officer John G. Pasicznyk as Treasurer.

The Board is next scheduled to meet at 9:30 a.m. May 26th at its 515 Broadway headquarters.

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

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