FOR RELEASE: Immediate, Wednesday, May 24, 2006

Board Approves 2 Financings

ALBANY – The Board of the Dormitory Authority of the State of New York met today and gave final approval to two bond deals.

Memorial Sloan-Kettering Cancer Center was approved for a fixed-rate bond issue of up to $225 million in new and refunding bonds. The bonds may be sold in multiple series, for terms of up to 40 years. MSK will use the proceeds to continue Phases 2 and 3 of its research building; the purchase of part of an 28-story residential building on Roosevelt Island for staff housing; and to refund the capital appreciation bonds issued with the Dormitory Authority’s Memorial Sloan-Kettering Cancer Center Revenue Bonds, 2003 Series 1.

Goldman, Sachs& Co. is the lead manager for this negotiated offering. The Authority’s bond counsel is Nixon Peabody LLP. The three rating agencies have indicated that the current ratings of Aa2/AA/AA will remain in effect. Municipal bond insurance may be obtained on a portion of the Series 2006 bonds, if available and economical.

A sale of up to $100 million in SUNY Dormitory Facilities Revenue Bonds was approved, for a term of up to 30 years. The bonds may be sold in multiple series at fixed- and/or variable rates and in multiple series. Proceeds will be used for dormitory capital projects throughout the State University of New York. At present, funds are planned to be spent on projects at the Albany, Binghamton, Brockport, University at Buffalo, Buffalo State, Canton, Cobleskill, Cortland, Delhi, Geneseo, Morrisville, Oneonta, Oswego, Plattsburgh, Potsdam, Purchase and Stony Brook campuses.

A lead manager has not yet been named for this negotiated sale. Squire, Sanders & Dempsey is the Authority’s bond counsel. Standard & Poor’s and Fitch are expected to rate the bonds at AA-minus and A-plus, respectively. Bond insurance will be considered, depending on its availability and affordability.

The Board also authorized the negotiation of a project labor agreement for the construction of the City’s University’s Advanced Science Research Center on the City College campus, and the CCNY Science Research Facility. The projects were authorized last year by the Legislature. The project is envisioned as a multidisciplinary facility with flexible research laboratories, lab support spaces, shared specialty core facilities and offices. The Advanced Science building is planned as a six-story structure, and the CCNY facility is planned to be four stories. The buildings will be joined by shared ground-level space with imaging facilities, a shared vivarium and mechanical space. The total building area is is approximately 390,000 gross square feet. A project labor agreement will be negotiated with the Building and Construction Trades Council of Greater New York and Vicinity.

For more information, call Press Officer Claudia Hutton at (518) 257 3382 or click on chutton@dasny.org to send her an email.