FOR RELEASE: Immediate, Wednesday, December 1, 2004

Board Approves 4 Financings

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

AIDS Long-Term Health Care Facilities. The Board approved a sale of up to $75 million in 14-year fixed-rate tax-exempt bonds to refund up to eight series of New York State Medical Care Facilities Finance Agency (MCFFA) long-term health care revenue bonds issued from 1989-93. Chapter 258 of the Laws of 2004 provides for the adjustment of the capital cost component of State aid for residential health care facilities that provide nursing home care in discrete units to patients with AIDS. Under the legislation, if a debt refunding is economical, the debt must be refunded because the capital cost reimbursement rate will be adjusted to reflect current market rates. Merrill Lynch is the lead manager for this negotiated sale, which has SONYMA mortgage insurance.
AIDS Adult Day Care Facilities. The Board approved the sale of up to $29 million in 20-year fixed-rate tax-exempt refunding bonds to advance-refund six of the nine Adult Day Care Projects financed by the 1995 Series A issuance of MCFFA Adult Day Care Project Revenue Bonds. First Albany Capital Corporation will be the lead manager for this negotiated sale, which will have SONYMA mortgage insurance.

Comsewogue Public Library and Oceanside Library. The Board approved a sale of two separate series of tax-exempt fixed-rate refunding bonds totaling $9.75 million, with terms of 21 years or less. This sale will advance refund the Dormitory Authority�s insured revenue bonds sold in 1995 on behalf of each library. Comsewogue Public Library is a school district library in Port Jefferson Station, Suffolk County. Oceanside Library is in Oceanside, Nassau County. Roosevelt & Cross Inc. will be the lead manager for this negotiated sale, which is expected to have municipal bond insurance.
SUNY Dormitory Facilities. The Board approved a sale of up to $114 million in fixed-rate tax-exempt refunding bonds for up to 20 years. This will refund certain Dormitory Authority SUNY Dormitory Facilities Revenue Bonds. 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. RBC Dain Rausche will be lead manager for this negotiated sale.

The Board is next scheduled to meet at 9:30 a.m. January 26, 2005 at One Penn Plaza. For more information, contact Press Officer Claudia Hutton at (518) 257 3382, or CHutton@dasny.org.

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