DORMITORY AUTHORITY BOARD ACTS ON FINANCINGS

New York City - - At its monthly meeting here today, the Board of the Dormitory Authority of the State of New York (DASNY) gave final and initial approval to $971 million in financings to help support health care facilities, nursing homes, colleges and universities, and disability service providers in New York State.

The Board gave final approval to the following new financings:

Pratt Institute. The Board gave final approval for the negotiated sale of multiple series of fixed rate and/or variable-rate tax-exempt bonds in an amount not to exceed $110 million for a term not to exceed 30 years. Proceeds from the sale of the bonds will be used to build the educational component of a new multi-level academic and administrative facility, refund approximately $53.4 million in bonds issued in 1999 and 2005, and pay for campus renovations as well as furniture and fixture purchases. Lead Manager is George K. Baum & Company; Bond Counsel is Nixon Peabody LLP; Underwriter’s Counsel is Bond Schoeneck & King.

Ithaca College. The Board gave final approval for the negotiated sale of one of more series of variable rate tax-exempt bonds in an amount not to exceed $41 million for a term not to exceed 30 years. Proceeds from sale of the bonds will be used to refund approximately $33 million in bonds issued in 1998, and to pay for renovation and maintenance projects on campus. Lead Manager is RBC Capital Markets; Bond Counsel is Harris Beach & Wilcox, PLLC; Underwriter’s Counsel is Hodgson Russ, LLP.

New York State Rehabilitation Association. The Board gave final approval for the negotiated sale of fixed-rate tax-exempt and/or taxable bonds in an amount not to exceed $19 million for a term not to exceed 26 years. Proceeds from sale of the bonds will be used to refund $11.5 million in outstanding New York City Industrial Development Agency (IDA) bonds, and approximately $5.3 million in outstanding bank loans. Lead Manager is RBC Capital Markets; Bond Counsel is Sidley Austin LLP; Underwriter’s Counsel is Hiscock & Barclay LLP.

The Board gave initial approval to the following new financings:

The Friendly Home (Rochester). The Board gave initial approval for the negotiated sale of 30-year fixed and/or variable rate, tax-exempt bonds in an amount not to exceed $18 million. Proceeds from sale of the bonds will be used to fund new construction, renovations and equipment purchases at the nursing home.

New York University. The board gave initial approval for the negotiated sale of $690 million of tax-exempt or taxable fixed-rate bonds with maturities not to exceed 40 years. Proceeds from sale of the bonds will be used to acquire and renovate an existing office building and residential facility, undertake renovation and maintenance projects, and repay a line of credit used to redeem the University’s Series 2004B auction rate securities.

Oneida Herkimer Madison Board of Cooperative Educational Services. The board gave initial approval for the negotiated sale of fixed-rate, tax-exempt bonds in an amount not to exceed $40 million for a term of 20 years. Proceeds from the sale of the bonds will be used to fund renovations to the Middle Settlement Road campus of the Oneida Herkimer Madison BOCES.

The College of New Rochelle. The board gave initial approval to the negotiated sale of 30-year fixed and/or variable rate, tax-exempt bonds in an amount not to exceed $43 million. Proceeds from the sale of the bonds will refinance a construction loan and will refund New York City IDA bonds originally issued in 1995 and 1997.

The Board approved the following Tax-Exempt Equipment Leasing Program (TELP) resolution:

New York and Presbyterian Hospital. The board gave approval for a lease-financing transaction of $10.06 million to enable the hospital to acquire 3,000 spectrum infusion pumps. Equipment acquired through the lease-sublease financing of the Authority’s TELP program will be owned by the hospital after all outstanding lease payments are repaid.

The Board is next scheduled to meet May 28 in Albany.