FOR RELEASE: Immediate, Wednesday, September 22, 2004

Board Approves 7 Financings

NEW YORK � The Board of the Dormitory Authority met today at its One Penn Plaza offices and approved the following bond financings:

Catholic Health Services of Long Island. The Board approved a sale of up to $176 million in 30-year fixed-rate tax-exempt bonds to finance construction of a three-story addition to the main building at St. Francis Hospital, and expansion of a four-level underground parking facility on the St. Francis Campus. Catholic Health System of Long Island is an obligated group consisting of four hospitals, of which St. Francis Hospital in Roslyn, Nassau County is one. Goldman, Sachs & Co. will be the lead manager for this negotiated sale.
Gurwin Jewish Geriatric Center. The Board approved the sale of up to $27.7 million in two series of 40-year fixed-rate tax-exempt bonds to finance the upgrade and renovation of part of Gurwin Pavilion, and the refunding of the Authority�s The Rosalind and Joseph Gurwin Jewish Geriatric Center of Long Island Inc. FHA-Insured Mortgage Revenue Bonds, Series 1994. The center is a continuing care nursing home on a 54-acre campus in Commack, Suffolk County. FHA will insure the bonds. Goldman, Sachs & Co. will be the lead manager for this negotiated sale.
Montefiore Medical Center. The Board approved a sale of up to $222 million in 40-year fixed-rate tax-exempt bonds to finance renovations at the Northwest Building, upgrades to the Moses Division�s infrastructure, renovations and upgrades at the Einstein Division, and the purchase and development of the Tile Building into a radiation oncology center. The center is a 1,062-bed acute care teaching hospital in the Bronx. The bonds will be insured by HFA. Merrill Lynch & Co. will be the lead manager for this negotiated sale.

Albany Medical Center Hospital. The Board approved the sale of up to $138 million in one or more sub series of 40-year fixed-rate tax-exempt and taxable bonds to refund the New York State Medical Care Facilities Finance Agency Hospital and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1995 Series A. Albany Medical Center Hospital is a 631-bed tertiary care facility in the City of Albany. FHA will insure the bonds with a municipal bond insurance wrap and surety bond. Goldman Sachs & Co. will be the lead manager for this negotiated sale.
SUNY Dormitory Facilities. The Board approved a sale in one or more series of up to $76.5 million in fixed- and/or variable-rate tax-exempt bonds to fund construction, renovation and rehabilitation projects for State University campuses. The State University of New York is the largest state-sponsored higher education system in the country, serving approximately 200,000 students at its four-year colleges. Bond insurance will be considered, depending on its availability and economic efficiency. M.R. Beal & Company will be the lead manager for this negotiated sale.
Wayne-Finger Lakes BOCES. The Board approved a bond issue of up to $10.85 million in 20-year fixed- or variable-rate tax-exempt bonds to finance construction of an addition and renovations to the Wayne Technical and Career Center. The Wayne-Finger Lakes Board of Cooperative Educational Services provides shared services to 25 school districts in Ontario, Seneca, Yates, Cayuga and Wayne counties. J.P. Morgan Securities Inc. will be the lead manager for this negotiated sale.
Leake and Watts Services Inc. The Board approved a sale of up to $32.5 million in fixed-rate tax-exempt bonds to refund the Leake and Watts Services Inc. Insured Revenue Bonds, Series 1994. The institution is the second-oldest childcare agency in New York City. Opened in 1831, Leake and Watts maintains a 30-acre campus in southwest Yonkers. The agency�s mission is to provide quality care, assistance and support and resources to children and families in need. Leake and Watts serves more than 3,000 children and families in Westchester and the Bronx. A.G. Edwards & Sons will be the lead manager for this negotiated sale.

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

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