DASNY Board Approves $2.91 Billion in Financings

Board Welcomes New Member, Gerard Romski

Albany - - At its monthly meeting here today, the Board of the Dormitory Authority of the State of New York (DASNY) approved more than $2.91 billion in bond financings that will help health care facilities, state programs, and institutions of higher education to offer world- class programs and services to New Yorkers.

The Board today welcomed new member Gerard Romski, who was appointed June 8 by the Temporary President of the State Senate. Mr. Romski is Counsel and Project Executive for “Arverne by the Sea,” a mixed-use development on 127 oceanfront acres in Queens. He is also of counsel to the New York City firm of Bauman, Katz and Grill LLP. Mr. Romski holds a Bachelor of Arts degree from the New York Institute of Technology, and a Juris Doctor degree from Brooklyn Law School. He lives in Mount Kisco.

The Board gave final approval to the following new financing:

North Shore Long Island Jewish Medical Center. The Board approved the negotiated sale of 30-year, fixed-rate and/or variable-rate bonds in one or more series in an amount not to exceed $472 million. Proceeds from the sale of the bonds are expected to be used to construct a Women’s Tower; build a Bioskills Education Center; and finance the purchase of all or part of the Series 2007B Floating Rate Notes. Lead Manager is Citigroup; Bond Counsel is Orrick Herrington & Sutcliffe LLP; Underwriter’s Counsel is Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC.

The Board approved the following single-approval resolutions:

Barnard College. The Board approved the conversion of Letter of Credit-backed variable rate demand bonds in weekly rate mode to unenhanced variable-rate bank qualified bonds in bank purchase mode in an amount not to exceed $27.5 million through a private placement of bank qualified bonds with the Letter of Credit bank. Private Placement Agent is RBC Capital Markets; Bond Counsel is Squire Sander & Dempsey LLP; Underwriter’s Counsel is Hiscock & Barclay LLP; Private Placement Bank is RBS Citizens NA.

Consolidated Service Contract Refunding - Revised. The Board approved the negotiated sale of one or more series of tax-exempt and/or taxable, fixed-rate and/or variable interest rate bonds in an amount not to exceed $795 million. The maturity of the bonds will not exceed that of the bonds to be refunded. Lead Mangers are Citi and Ramirez & Co.; Bond Counsel is Winston & Strawn LLP; Underwriter’s Counsel is Gonzalez, Saggio & Harlan LLP.

Personal Income Tax Revenue Bonds – General Purpose. The Board approved the negotiated sale of one or more series of tax-exempt and/or taxable, fixed-rate and/or variable-interest rate bonds in an amount not to exceed $1.43 billion and for a term not to exceed 30 years. Proceeds from the sale of the bonds are expected to be used to fund educational facilities for the State University of New York (SUNY), capital projects for SUNY Upstate Community Colleges, capital projects for the City University of New York (CUNY), and Higher Education Capital Matching Grants, among other purposes. Lead Managers are Merrill Lynch & Co., Loop Capital Markets, Goldman Sachs & Co., MR Beal & Co., and Morgan Stanley.

State University Dormitory Facilities. The Board approved the negotiated sale of one or more series of tax-exempt and/or taxable fixed and/or variable-rate bonds in an amount not to exceed $153 million and for a term not to exceed 30 years. Proceeds from the sale of the bonds are expected to be used to develop dormitory capital projects at various campuses in the State University of New York system, and to refund certain SUNY Dorm bonds. Lead Manager is Siebert Brandford Shank & Co.; Bond Counsel is Hiscock & Barclay LLP; Underwriter’s Counsel to be determined.

United Health Services Hospitals, Inc. (Binghamton) The Board approved the negotiated sale of nine-year tax-exempt, fixed-rate bonds in an amount not to exceed $33.5 million. Proceeds from the sale of the bonds are expected to be used to refund United Health Services Hospitals, Inc.’s 1997 FHA insured mortgage hospital revenue bonds. Lead Manager is Cain Brothers; Bond Counsel is Nixon Peabody LLP; Underwriter’s Counsels are Trespasz & Marquardt LLP, and Marous & Marous PC.

The Board approved the following resolutions to proceed with new financings:

Molloy College. (Nassau County) The Board approved the negotiated sale of 30-year, fixed-rate, tax-exempt bonds in an amount not to exceed $50 million. Proceeds from the sale of the bonds are expected to be used to construct a three-story campus center, and build a two-story, 156-bed residence hall.

Mount Sinai School of Medicine. The Board approved the negotiated sale of 30-year, tax-exempt, fixed-rate bonds in an amount not to exceed $370 million. Proceeds from the sale of the bonds are expected to be used to construct the Center for Science and Medicine research facility.

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

The Mary Imogene Bassett Hospital. (Cooperstown) The Board approved a lease-financing transaction of $4.9 million that will enable the hospital to acquire high-tech equipment for its Obstetric, Pediatric, Nursing, Radiology, and Information Systems departments. Equipment acquired through lease-sublease financing under the Dormitory Authority’s TELP initiative will be owned by the medical center after all outstanding lease payments are made.

United Health Services Hospitals, Inc. (Binghamton) The Board approved a lease-financing transaction of $6.2 million that will enable the hospital to acquire high-tech equipment for its Ambulatory Surgery and Radiology departments. Equipment acquired through lease-sublease financing under the Dormitory Authority’s TELP initiative will be owned by the medical center after all outstanding lease payments are made.

Hospital for Special Surgery. (Manhattan) The Board approved a lease-financing transaction of $5.9 million that will enable the hospital to acquire high-tech equipment for its Operating, Radiology, Information Systems, Digital Media, and Laboratory departments. Equipment acquired through lease-sublease financing under the Dormitory Authority’s TELP initiative will be owned by the medical center after all outstanding lease payments are made.

New York University Hospitals Center. The Board approved a lease-financing transaction of $46.9 million that will enable the center to acquire high-tech equipment for its Pediatric Cardiology, Ambulatory, Information Technology, and Surgical departments. Equipment acquired through lease-sublease financing under the Dormitory Authority’s TELP initiative will be owned by the medical center after all outstanding lease payments are made.

The Board will meet next September 23 in New York City.

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The Dormitory Authority, founded in 1944, is the largest higher education, health care and public-purpose bonding and construction authority in the nation. The Dormitory Authority has a construction pipeline of 714 projects valued at $7 billion. The Authority has an outstanding bond portfolio of more than $38 billion.