FOR RELEASE: Immediate, Wednesday, January 25, 2006

Board Approves 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 the following bond issues:

• Teachers College. The Board approved up to $50 million of fixed- and/or variable-rate bonds with maturities of 30 years or less for Teachers College, a graduate school of education adjacent to Columbia University in New York City. The bonds will refinance taxable bonds used by the College to finance construction of a new 252-unit student residence, and provide $5 million for improvements and renovations to College facilities. Bond insurance will be sought. Morgan Stanley is the lead manager for this negotiated sale, and Nixon Peabody LLP is the Dormitory Authority’s bond counsel.
• University of Rochester. The Board approved up to $130 million in refunding bonds for the University. This will be an advance refunding of certain maturities of the Authority’s University of Rochester Revenue Bonds, Series 1997A, 1998A, 1999A, 1999B and 2000A. Bond insurance will be sought. Citigroup Global Markets and Lehman Brothers will be the lead managers for this negotiated offering. Hawkins Delafield & Wood LLP is the Authority’s bond counsel.
• New York State Personal Income Tax Revenue Bond Program. Multiple series of taxable and tax-exempt bonds at fixed or variable rates were approved, for up to $220 million for educational facilities bonds and $25 million for State facilities and equipment bonds. Terms of the bonds will be 30 years or less. Negotiated and/or competitive offerings are expected. Bond insurance may be considered, depending on availability and economic efficiency. A lead manager has not been chosen at this time, but Sidley Austin Brown & Wood is the Authority’s bond counsel.

The Board also updated the Dormitory Authority’s bylaws and approved the charter for a new Governance Committee.

The Board is next scheduled to meet at 9:30 a.m. March 1, 2006, at its headquarters at 515 Broadway, Albany.

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