FOR RELEASE: Immediate, Wednesday, March 30, 2005

Board Approves 2 Bond Issues, Authority Budget

ALBANY, N.Y. � The Board of the Dormitory Authority met today and gave final approval to the following bond issues:

Cerebral Palsy Affiliates. The Board approved an issue of up to $17.5 million in tax-exempt and taxable 30-year bonds to permit Cerebral Palsy Affiliates to finance real property acquisitions, renovations and equipment purchases; refinance outstanding taxable debt, and to refund the Authority�s United Cerebral Palsy Association of Westchester County Inc. Insured Revenue Bonds, Series 1992. The new bonds may be sold in one or more series. Cerebral Palsy Affiliates has 24 members, which provide services to and on behalf of people with cerebral palsy and other developmental disabilities. First Albany Capital will be the lead manager for this negotiated sale. Municipal bond insurance will be sought.
North Shore-Long Island Jewish Health System Obligated Group. The Board approved issuance of up to $135 million in tax-exempt variable and/or fixed-rate bonds to finance construction of two digital cardiac catheterization labs and support space on the Manhasset campus, ambulatory oncology and ambulatory surgery facilities at I-Park; other capital improvements and utility upgrades, and the refinancing of a taxable loan. The North Shore-Long Island Jewish Health System serves Long Island and metropolitan New York, with 12 hospitals, two long-term care facilities, seven home health care agencies, three Regional Level 3 trauma centers and a 67-vehicle ambulance service. The financing plan calls for the Authority to issue variable-rate demand obligations, which would remain outstanding through construction. Afterward, the Obligated Group intends to work with the Authority to convert the obligations to fixed-rate bonds. Citigroup will be the lead manager for this negotiated sale, and is providing a direct pay letter of credit while the obligations are in a variable-rate mode.

The Board also approved the Dormitory Authority operating budget for the fiscal year of April 1, 2005-March 31, 2006. The budget is $91,050,800, a decrease of 0.8 percent over fiscal 2005. In addition, the Board approved the Authority�s schedule of fees charged to its clients, with no rate increase over last year.

The Board is next scheduled to meet at 9:30 a.m. April 27 at its offices on the 52nd floor of One Penn Plaza, Manhattan.

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

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