FOR RELEASE: Immediate, Wednesday, February 28, 2007

Board Approves 3 Bond Financings

ALBANY, N.Y. ' The Dormitory Authority Board met today and gave its final approval to three bond issues:

1. The New York and Presbyterian Hospital. A bond issue of up to $330 million in fixed-rate, 40-year tax-exempt bonds will allow the hospital to make capital improvements and renovations, as well as purchase equipment. Goldman, Sachs & Co. will be the lead underwriter for this negotiated sale, which may involve multiple series. Winston & Strawn LLP is the Authority's bond counsel for the transaction, and Hawkins Delafield & Wood LLP is the underwriter's counsel. FHA insurance with a municipal bond insurance wrap is anticipated.
2. Vassar College, Poughkeepsie. Up to $130 million in bonds will be sold in one or more series and at fixed and/or variable rates with terms up to 40 years. Bond proceeds will allow the college to move forward with construction, renovation, replacement and deferred maintenance projects. In addition, the Authority's 1995 Vassar College Revenue bonds will be refunded. The College will also refinance its 2001 Dutchess County Industrial Development Agency Civic Facility Revenue Bonds. J.P. Morgan Securities Inc. will be the underwriter for this negotiated sale. Nixon Peabody LLP will be the Authority's bond counsel, and Hiscock & Barclay LLP will be the underwriter's counsel. Municipal bond insurance will be used if economical.
3. Jamaica Hospital Medical Center, Queens. The Board approved up to $55 million in tax-exempt, fixed-rate bonds with a nine-year term to permit the refunding of the Authority's Secured Hospital Revenue Bonds Series 1998F, sold on behalf of Jamaica Hospital Medical Center. The hospital is one of 10 hospitals in the Dormitory Authority's bond portfolio that have been financed under the state's Secured Hospital program. Under the program, the state assures repayment of the Medical Center's bonds through a state service contract. The state Health Department has approved the financing and the Medical Center's business plan. Roosevelt & Cross Inc. will be the lead manager for this negotiated sale. Squire Sanders & Dempsey LLP will be the bond counsel, and Hiscock & Barclay LLP will be the underwriter's counsel.

In addition, the Board approved the Authority's submission to the Public Authorities Control Board of $234 million in 48 grants to health-care providers under the HEAL-NY (Healthcare Efficiency and Affordability Law for New Yorkers) program. These grants were awarded under Phase 2 of the program, focusing on capital restructuring initiatives. HEAL-NY is funded by state appropriations and personal income tax revenue bonds. Projects must be approved by the PACB before a bond sale can be scheduled.

Chair Gail H. Gordon welcomed Kevin R. Carlisle to the Board. Mr. Carlisle is the new representative designated by Senate Majority Leader Joseph L. Bruno to the Authority Board.

The Board's next meeting will be at 9:30 a.m. March 28 at the Dormitory Authority's corporate headquarters at 515 Broadway, Albany.

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