For immediate release: January 25, 2012
Contact:
Marilyn Fountain: 518-257-3380
mfountai@dasny.org
DASNY Board Approves Financings for Higher Education & Health Care Facilities
ALBANY, NY: At a meeting held in Albany on January 25, 2012, the Board of the Dormitory Authority of the State of New York approved approximately $533.9 million in financings for higher education and health care institutions.
The Board approved the following financing documents:
The Board approved the sale of 10-year tax-exempt and/or taxable, fixed rate refunding bonds, in an amount not to exceed $7 million, which are to be sold through a negotiated offering.
The Board approved the following single approval financings:
The Board approved the sale of one or more series of tax-exempt and taxable fixed rate bonds issued at one or more times in an amount not to exceed $400,000,000 to be sold on a competitive or negotiated basis or a combination of both. The funds are expected to be used to reimburse the State or fund various environmental projects which may be administered by the Department of Environmental Conservation, the NYS Department of Agriculture and Markets and the NYS Office of Parks, Recreation and Historic Preservation ($195 million). Funds are also expected to be used to reimburse the State's General Fund for health care grants advanced to certain health care facilities under the HEAL Program ($165 million). Bond Counsel: Hawkins Delafield & Wood LLP and Bryant Burgher Jaffe LLP.
The Board approved the negotiated sale of approximately $96,655,000 in 30-year fixed rate, tax-exempt Series 2012 Bonds. The proceeds are expected to be used for the renovation and equipping of an existing structure to be outfitted as an extension clinic in Harrison, NY. There will also be approximately 15,000 square feet added to the facility ($128.9 million).
The Board approved the following restructuring (single approval financings) resolutions:
The Board approved certain modifications to the existing Bond Series Certificate previously adopted by the Board in connection with the Authority's The Rockefeller University Revenue Bonds, Series 2008A. The changes bring certain mechanics governing the operation of variable rate debt into line with the provisions included in similar variable rate obligations recently issued by the Authority on behalf of The Rockefeller University.
The Board approved the following Tax Exempt Leasing Program (TELP) resolutions:The Board approved a lease of equipment pursuant to DASNY's Tax Exempt Leasing Program I (TELP I) in a total amount of $10,079,350 to be used to finance energy efficiency equipment at Buffalo Mercy Hospital, the Sisters of Charity St. Joseph's Campus and the Sisters of Charity Main Street Campus.
The Board approved a lease of equipment pursuant to DASNY's Tax Exempt Leasing Program I (TELP I) in a total amount of $20,360,000 to be used for the purchase of an inpatient clinical electronic medical records system and other medical equipment and technology upgrades.
Founded in 1944, DASNY is one of the largest higher education, health care and public-purpose issuers of public debt in the nation with an outstanding bond portfolio of more than $45.2 billion. The Authority also is a major public builder in New York State with a construction pipeline of nearly 700 projects valued at $5.7 billion.