FOR RELEASE: Immediate, Wednesday, November 30, 2005

Board Approves 4 Bond Issues

NEW YORK – The Board of the Dormitory Authority of the State of New York met today in its One Penn Plaza offices, approving four bond issues as follows:

• Columbia University. The Board approved up to $500 million in fixed- and/or variable-rate, tax-exempt bonds for the University, with maturities up to 30 years. . About $200 million in bonds will be refunded from the University’s Dormitory Authority bonds Series 1998, 2000A and 2000B. About $300 million will be used for construction and renovation projects campus-wide. Lehman Brothers is the lead manager for this negotiated sale. Nixon Peabody LLP is the Authority’s bond counsel for this transaction.
• Brookdale Family Care Centers Inc. and Urban Strategies/Brookdale Family Care Center Inc. The Board approved up to $23.4 million in tax-exempt, fixed-rate bonds for a term of up to 15 years. Proceeds will refund the institution’s share of the New York State Medical Care Facilities Finance Agency Health Center Projects Revenue Bonds Series 1995A. SONYMA is insuring the mortgages on the real property that is pledged to secure the bonds. The refunding bonds will not extend beyond the life of the refunded bonds. Roosevelt & Cross. Inc. is the lead manager for this negotiated sale. Hawkins Delafield & Wood LLP is the Authority’s bond counsel.
• Grace Manor Health Care Facility Inc. The Board approved one series of up to $11 million in tax-exempt fixed-rate bonds, with a term of 14 years. Proceeds will refund the Authority’s Series 1996 bonds sold for Grace Manor, a Buffalo nursing home. SONYMA is expected to insure the mortgage on the real property pledged to secure the bonds. M.R. Beal & Co. is the lead manager for this negotiated sale. Hiscock & Barclay LLP is the Authority’s bond counsel.
• University of Rochester. The Board approved up to $116.48 million in tax-exempt, fixed and/or variable rate bonds to allow the U of R to advance-refund certain maturities of DASNY Revenue Bonds Series 1997A, 1998A, 1999A, 1999B and 2000A. The terms of the new bonds will not exceed the terms of the refunded bonds. Bond insurance will be considered if economical. Lehman Brothers and Citibank will be the lead managers for this negotiated sale. Hawkins Delafield & Wood LLP is the Authority’s bond counsel.

In other business, the Board approved a tax-exempt $12.1 million lease for South Nassau Communities Hospital to lease equipment, including telephone and voice mail system, dietary equipment, a cardiac platform and imaging table, coagulation analyzer, information technology equipment, a complete blood count analyzer, gamma cameras, operating room equipment and heating, ventilation and air conditioning equipment. The Tax-Exempt Equipment Leasing Program is available to all Dormitory Authority clients.

The Board approved a resolution thanking Member Dean H. Leith Jr. for his service on the Authority Board. Mr. Leith resigned from the Board this week. State Senate Majority Leader Joseph L. Bruno had appointed him in 1998.

Similarly, the Board adopted a resolution recognizing with gratitude the service of Dormitory Authority employees retiring in 2005: Richard Bradt, Joan Daniels, Susanne Duffey, Robert Gartley, Lee Griffin, Gerald Limpert, Philip Piscatella, James Tauchen, Frank Reda and Gloria Van Derpoel.

The Board is next scheduled to meet at 9:30 a.m. January 25, 2006, at its offices on the 52nd floor of One Penn Plaza.

For more information, contact Press Officer Claudia Hutton at (518) 257 3382, or CHutton@dasny.org or http://www./lowermanhattan.info .