FOR RELEASE: Immediate, Wednesday, March 1, 2006

Board Approves Bond Financing for RIT, Nursing Home, Hospital

ALBANY – The Dormitory Authority Board met at its Albany headquarters today and approved three bond issues:

Bay Shore-Brightwaters Public Library was approved for an tax-exempt financing of up to $10.3 million in fixed-rate bonds. Proceeds will fund the construction of additions to the library building, interior renovations, and the reconfiguration of parking spaces. The bonds will be sold through a competitive offering. Winston & Strawn is the Authority’s bond counsel. The deal is expected to be insured by Ambac. The Bay Shore-Brightwaters Public Library is in Brightwaters, Town of Islip, along the south shore of Suffolk County, Long Island. It serves the residents of the Bay Shore Union Free School District. Voters in the Town of Islip approved using the Dormitory Authority to finance the library project at a voter referendum on October 18, 2005.

Bishop Henry B. Hucles Nursing Home Inc. of Brooklyn was approved for up to $32 million in tax-exempt bonds with a maturity of 19 years. J.P. Morgan Securities will be the lead manager for this negotiated sale; Hawkins, Delafield & Wood is the Authority’s bond counsel. Proceeds will be used to refund the nursing home’s Dormitory Authority Series 1996 bonds. The issue will be insured by SONYMA. The refunding will lower debt service costs without extending the term of the loan, and will allow a reduction in the debt service reserve fund from one year to four months. Estimated present-value savings are approximately $2.3 million.

Rochester Institute of Technology was approved for up to $125 million in tax-exempt bonds for a term of 27 years or less. The bonds may be sold in multiple series at fixed- or variable-interest rates. J.P. Morgan Securities is the lead manager for this negotiated sale; Hiscock & Barclay is the Authority’s bond counsel. Ambac is expected to provide municipal bond insurance. Proceeds will be used to refund all or certain of the outstanding Dormitory Authority RIT Insured Revenue Bonds Series 1997, Series 2002A and Series 2002B. Present-value savings are projected to be approximately $4.1 million. U.S. News College Rankings for 2006 put RIT at sixth place among master’s-degree universities in the northern region. More than 15,000 students are enrolled.

The Board is scheduled to meet at 9:30 p.m. March 29th at its Albany headquarters at 515 Broadway.

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