FOR RELEASE: Immediate, Wednesday, September 26, 2007

DASNY RETAINS CONSTRUCTION AND FINANCIAL CONSULTANTS

Goal: Better Serve Authority Customers; Boost Competitiveness

New York City -- The Board of the Dormitory Authority of New York State (DASNY) met today and approved resolutions to retain the services of a panel of financial advisors and a construction consultant.

The decision to retain consultants in DASNY’s two primary spheres of business reflects a commitment by the Authority’s Board and senior management to explore ways to increase performance, reduce costs, and improve customer service.

“We do things well, but our goal is to improve our performance and do them even better,” said DASNY Executive Director David Brown IV.

Parsons Brinckerhoff Consult was selected as the Authority’s construction consultant. The DASNY Board approved a resolution authorizing the expenditure of up to $400,000 for Parsons Brinckerhoff to critically evaluate DASNY’s construction division and recommend approaches to better its structure, processes and procedures and delivery systems.

Parsons Brinckerhoff Consult is a division of Parsons Brinckerhoff, a New York City-based corporation with 10,000 employees worldwide

The DASNY Board approved a resolution to select a panel of four companies to provide up to a total of $200,000 in financial consulting services to the Authority. The companies -- First Southwest Company, Lamont Financial Services Corp., Public Financial Management, and Saber Partners, LLC -- will review a broad range of the Authority’s financial operations and recommend approaches to improve DASNY’s competitiveness in the marketplace.

In other business, the Dormitory Authority Board approved the following financings and tax-exempt equipment leasing (TELP) deals:

-- Personal Income Tax (PIT) Revenue Bonds. The Board approved multiple series of tax-exempt and taxable and/or variable rate bonds to be issued at one or more times not to exceed $33 million and not to exceed 30 years. Proceeds from sale of the bonds will be used to fund capital improvement grants for various New York State Economic Development Programs. Bond Counsel is Sidley, Austin LLP. The lead manager and underwriters’ counsel are to be determined.

-- New York University Hospitals Center. The Board approved one or more series of 30-year tax-exempt fixed rate Series 2007B bonds in an amount of approximately $101.5 million to be sold through a negotiated sale. Some $79.9 million from the sale of these bonds will be used to fund various renovation projects and equipment purchases at Tisch Hospital while $18 million will be used to construct an Ambulatory Surgery Center at Tisch Hospital. The bonds are expected to sell in November.

-- Mental Health Services Facilities Improvement Program. The Board approved a resolution to sell up to $860 million in tax-exempt, fixed and/or variable interest rate bonds to be sold at one or more sales through negotiated offerings. Proceeds from sale of the bonds will finance capital projects for voluntary agency facilities ($137.2 million), finance capital projects for state facilities ($194.3 million), refund Dormitory Authority Mental Health Services Facilities Improvement Bonds ($335.7 million). Hawkins Delafield & Wood LLP is Bond Counsel. The lead manager and underwriters’ counsel are to be determined. The bonds are expected to sell in November.

-- Montefiore Medical Center in New York City. The Board approved a $9,997,125 tax-exempt equipment lease (TELP). The TELP funds will be used by the hospital to acquire equipment for its radiology, cardiac and respiratory care units.

The DASNY Board is next scheduled to meet on Wednesday, October 31 in Albany.

For more information contact Press Officer Marc Violette at 518-257-3382 or mviolett@dasny.org