FOR RELEASE: Immediate, Wednesday, October 31, 2007

DASNY Board Approves Financings

$1.29 Billion in Three Bond Deals

Albany, N.Y. - - The Board of the Dormitory Authority of New York State (DASNY) met today and approved resolutions for the sale of bonds that will help to expand a New York City hospital and refinance outstanding education bonds to realize savings.

At its monthly meeting today at Dormitory Authority headquarters in Albany the board of directors approved the following financings:

NYU Hospitals Center. The board gave final approval to one or more series of 30-year tax-exempt fixed rate bonds in an amount not to exceed $101.5 million to be sold in a negotiated offering.  Approximately $79.9 million from the sale of these bonds will be used to fund various equipment purchases and renovation projects at Tisch Hospital while $18 million will be used for the construction of an Ambulatory Surgery Center at Tisch Hospital. Lead manager on the sale is Citigroup. Bound Counsel is Orrick, Herrington and Sutcliffe LLP. The bonds are expected to sell in late November.

Personal Income Tax Revenue Bonds. The board gave final approval for the sale of multiple series of tax-exempt fixed and/or variable rate bonds in an amount not to exceed $1.162 billion issued at one or more times and sold through negotiated and/or competitive offerings. Proceeds from the sale of these bonds will be used to refund outstanding personal income tax education bonds thus saving an estimated $93 million. 
Bond Counsel is Sidley, Austin LLP.  Bonds are expected to be priced in December.

Nassau County Board of Cooperative Educational Services (BOCES). The board gave initial approval for the sale of tax-exempt, fixed rate bonds not to exceed $35 million to be sold through a negotiated offering. Proceeds from sale of these bonds will be used to refund approximately $32.8 million in outstanding Nassau County BOCES bonds to realize savings of some $2.4 million.

For further information please call: 518-257-3382

The Dormitory Authority, founded in 1944, is the largest higher education, healthcare and public-purpose bonding and construction authority in the nation. The Dormitory Authority has a construction pipeline of 658 projects valued at some $5.9 billion. The Authority has an outstanding bond portfolio of more than $35 billion.