FOR RELEASE: Immediate, Wednesday, November 29, 2006

DASNY Board Approves Financings

NEW YORK – The Board of the Dormitory Authority of the State of New York met today and approved the following financings:

• Ozanam Hall of Queens Nursing Home Inc. The Board approved up to $46 million in tax-exempt 30-year fixed-rate bonds. Proceeds will be used to renovate and expand the facility, and to refinance the Home’s New York State Housing Finance Agency Nursing Home and Health Care Project Revenue Bonds 1998 Series A. Ozanam Hall is in Bayside, and has 432 beds, including 32 short-term rehabilitation beds. The Carmelite Sister for the Aged and Infirm operate the Home. Allied Irish Bank has committed to provide credit enhancement and liquidity support for this transaction. Merrill Lynch & Co. will be the lead manager for this negotiated sale. Orrick, Herrington & Sutcliffe LLP is the Authority’s bond counsel.
• New York Hospital Medical Center of Queens. The Board approved up to $200 million in tax-exempt 40-year fixed-rate bonds. Proceeds will be used for capital improvements renovations and equipment purchases. The Medical Center is a 439-bed acute care facility and is a member of the New York and Presbyterian Hospitals Healthcare System Inc. The Federal Housing Administration has committed to insure the mortgage. A bond insurance wrap may be sought. Bear, Stearns & Co. Inc. will be the lead manager for this negotiated sale. Sidley Austin LLP is the Authority’s bond counsel.
• NYU Hospitals Center Obligated Group. The Board approved up to $183 million in one or more series of 30-year tax-exempt and taxable fixed-rate bonds on behalf of the NYU Hospitals Center Obligated Group. Proceeds will be used for renovation projects and equipment purchases for the NYU Hospitals Center that are essential to maintain quality of care and satisfy the life safety code and other regulatory issues; to refund the Dormitory Authority’s NYU Health Obligated Group Revenue Bonds, Series 2000B; and to acquire the 34th Street Cancer Center and refinance a loan for tenant improvements. As of this writing, the Public Authorities Control Board has not met to discuss this financing. Morgan Stanley & Co. Inc. will be the lead manager for this negotiated sale. Hawkins Delafield & Wood LLP is the Authority’s bond counsel.
• University of Rochester. The Board approved one or more series of up to $300 million in taxable or tax-exempt fixed- and/or variable-rate bonds. The U of R will use the proceeds for construction and renovation projects at the University, its School of Medicine and Dentistry and at its Strong Memorial Hospital; and to advance-refund certain maturities of the Dormitory Authority’s University of Rochester Revenue Bonds, Series 1997A, 1998A, 1999B, 2000A and 2004A. The University is exploring the feasibility of bond insurance. As of this writing, the Public Authorities Control Board has not met to discuss this financing. Lehman Brothers and Citigroup will be the lead managers for this negotiated sale. Clifford Chance US LLP will be theAuthority’s bond counsel.

The Board also passed a resolution to recognize with gratitude the many years of service of Dormitory Authority employees who have or will retire during 2006.

The Board is scheduled to meet next on January 24, 2007 in its New York City 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.