FOR RELEASE: Immediate, Wednesday, July 21, 2004

Board Approves Financings for NYU, Univ. of Rochester

ALBANY, N.Y. � The Board of the Dormitory Authority met today at its 515 Broadway corporate headquarters and approved two financings for independent universities:

New York University. The Board approved a bond issue of up to $156 million in 40-year bonds to be sold at variable and/or fixed rates. NYU plans to use the proceeds to renovate and improve portions of the Washington Square campus, buy the 20 Cooper Square Building, and purchase and install human resources software. Morgan Stanley will be the lead manager for this negotiated sale.
University of Rochester. The Board approved one series of tax-exempt fixed-rate bonds up to $45 million and a term of 40 years or less. Proceeds will be used to construct a 25-megawatt cogeneration facility. Lehman Brothers will be the lead manager for this negotiated sale.

The Board of the Authority is scheduled to meet at 9:30 a.m. September 22nd at its New York City offices on the 52nd floor of One Penn Plaza.

Contact: Press Officer Claudia Hutton, (518) 257 3382 or CHutton@dasny.org.

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