DASNY Board Approves Financings for Education, Health Care

ALBANY: At its regularly scheduled June 23, 2010 meeting, the Board of the Dormitory Authority of the State of New York approved over $245 million in financings for education, higher education and health care.

The Board approved the following resolutions for single-approval financings.

Herkimer-Fulton-Hamilton-Otsego Board of Cooperative Educational Services
The Board gave final approval for the negotiated sale of tax-exempt, 15-year fixed-rate bonds in an amount not to exceed $17,025,000. The proceeds are expected to be used for renovations to the district’s only specifically dedicated building. The Herkimer-Fulton-Otsego Board of Cooperative Educational Services is an association of 12 component school districts serving over a thousand students within a four county area. Lead Manager: Roosevelt & Cross, Inc. Bond Counsel: Squire Sanders and Dempsey LLP. Underwriter’s Counsel: Holland & Knight LLP.

St. Francis College
The Board approved the negotiated sale of 30 year fixed-rate, tax-exempt bonds in an amount not to exceed $35 million. The proceeds are expected to be used for infrastructure improvements to college facilities, including improvements to the College’s science building, information technology center, laboratories and lecture hall. Bond Counsel: Hiscock & Barclay, LLP. Underwriter: Ramirez & Co., Inc. Underwriter’s Counsel: Mintz Levin Cohn Ferris Glovsky and Popeo, P.C.

St. Joseph’s College
The Board authorized the negotiated sale of not more than $35 million in 30 year fixed rate, tax-exempt bonds. The proceeds are expected to be used for construction of an indoor athletic facility on the Brooklyn campus, an outdoor athletic complex on the Long Island campus and the conversion of classroom space into laboratory space on the Long Island campus. Underwriter: Roosevelt & Cross, Inc. Bond Counsel: Squire, Sanders & Dempsey LLP. Underwriter’s Counsel: Akerman Senterfitt LLP.

St. Mary’s Hospital for Children, Inc.
The Board approved the private placement sale of approximately 101.9 million in one or more series of 31 and a half year fixed rate, tax-exempt and/or taxable bonds. The proceeds are expected to be used to fund a major modernization of the hospital campus including renovations to the existing building and the construction of a five story addition. Placement Agent: Roosevelt & Cross, Inc. Bond Counsel: Harris Beach PLLC. Placement Agent’s Counsel: Akerman Senterfitt LLP.

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

NYSARC, Inc.
The Board approved the negotiated sale of approximately $49.4 million in aggregate principal in one or more series of fixed rate tax-exempt and/or taxable bonds with terms not to exceed 30 years. The proceeds are expected to be used to finance 9 new money projects for participating Chapters including Individualized Residential Alternatives and Day Habilitation facilities and to refinance taxable indebtedness.

853 Schools Program The Summit School, Inc.
The Board approved the private placement with RBS Citizens Bank, N.A. of 20-year, fixed-rate bonds not to exceed $7,470,000. The proceeds are expected to be used to construct a 20,000 square foot new school building and renovate an existing gymnasium at the Summit School in Upper Nyack.

The Board approved the following resolutions for the Tax-Exempt Leasing Program:

Albany Medical Center Hospital
The Board approved the lease of equipment under the Tax-Exempt Leasing Program (“TELP”). This lease in the amount of no more than $16,497,882 is the first TELP I lease authorization requested by the Medical Center for calendar year 2010. The proceeds would be used for the lease of medical and information technology equipment for various departments.

SUNY University Hospital Medical Center At Brooklyn
The Board approved the lease of equipment under the Tax-Exempt Leasing Program (“TELP”). This lease in the amount of no more than $25 million is the first TELP I lease authorization requested by the Medical Center for calendar year 2010. The proceeds would be used for the lease of medical and information technology for various departments on both the main and Bay Ridge campuses.

St John’s University
The Board approved a $3,500,000 Tax-Exempt Leasing Program recommendation. The proceeds will be used to lease computers and accessories.