$600 Million School Refunding Tops DASNY Board Meeting

ALBANY, NY: At a meeting held in Albany on June 20, 2012, the Board of the Dormitory Authority of the State of New York approved approximately $1.1 billion in financings for higher education and health care institutions.

The Board approved the following financing documents:

Brooklyn Law School (Brooklyn, NY)

The Board approved the negotiated sale of one or more series of fixed rate tax-exempt Series 2012 Bonds of an aggregate amount not to exceed $60,000,000 for a term not to exceed the term of the bonds to be refunded. The funds are expected to be used for the advance refunding of the Authority's Brooklyn Law School Insured Revenue Bonds, Series 2003A Bonds ($17.5 million), and for the advance refunding of the Authority's Brooklyn Law School Insured Revenue Bonds, Series 2003B Bonds ($38 million). Underwriter: JP Morgan Securities, LLC. Co-Bond Counsel: Squire Sanders & Dempsey LLP and D. Seaton and Associates. Underwriter's Counsel: Winston & Strawn LLP

Canisius College (Buffalo, NY)

The Board approved the sale through private placement of one or more series of fixed and/or variable rate, tax-exempt and/or taxable Series 2012 Bonds in an amount not to exceed $18,000,000 for a term not to exceed the term of the bonds to be refunded. The funds are expected to be used for current refunding of the Authority's Series 2000 Bonds ($15.4 million). Co-Bond Counsel: Sidley Austin LLP and McKenzie & Associates, PC. Purchaser: M&T Bank.

The Board approved the following single approval financings:

State University Dormitory Facilities

The Board approved the competitive or negotiated sale of one or more series to be issued at one or more times of tax-exempt and/or taxable fixed rate bonds in an amount not to exceed $270,000,000 for a term not to exceed 30 years. The funds are expected to be used for various dormitory capital projects at various campuses throughout the State University of New York system ($260 million), and current refunding of certain maturities of various outstanding Dormitory Authority Lease Revenue Bonds State University Dormitory Facilities Issues ($10 million). Lead Manager: TBD. Co-Bond Counsel: Nixon Peabody LLP and Drohan Lee LLP. Underwriter's Counsel: TBD.

Building Aid Revenue Bond Program (School District Financing Program)

The Board approved the negotiated sales of one or more series of tax-exempt refunding bonds for terms of varying maturities not to exceed the terms of the bonds to be refunded in an aggregate amount not to exceed $600,000,000. The funds are expected to be used for current refunding of the Authority's School Districts Revenue Bond Financing Program Revenue Bonds, Series 2002A through Series 2002I. Co-Lead Managers: RBC Capital Markets and Raymond James | Morgan Keegan. Bond Counsel: Orrick, Herrington & Sutcliffe LLP. Co-Underwriter's Counsel: Winston & Strawn LLP and The Law Offices of Joseph C. Reid P.A.

St. John's University (Queens, NY)

The Board approved the negotiated sale of one or more series of 18-year fixed rate tax exempt Series 2012 Bonds in an amount not to exceed $112,000,000. The funds are expected to be used for refunding of certain maturities of the Authority's St. John's University Insured Series 1998, 2001A and 2005A bonds and the Authority's St. John's University 2008A variable rate bonds ($106.4 million). Lead Manager: Morgan Stanley. Co-Bond Counsel: Nixon Peabody, LLP & Drohan Lee LLP. Co-Underwriter's Counsel: Winston & Strawn LLP and The Law Offices of Joseph C. Reid.

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

Long Island University (Brookville, NY)

The Board approved the sale of one or more series of fixed rate, tax-exempt and/or taxable Series 2012 Bonds in an amount not to exceed $66,000,000. The funds are expected to be used for current refunding of all or a portion of the Authority's Series 1999 Bonds ($30.8 million) and Series 2003A Bonds ($14 million), and advance refunding of all or a portion of the Authority's Series 2003B Bonds ($19.2 million).

F.F.T. Senior Communities (Canandaigua, NY)

The Board approved the negotiated sale of 27-year, tax-exempt, variable rate bonds for an amount not to exceed $16,000,000. The funds are expected to be used for refunding of the Authority's F.F.T. Senior Communities, Inc. Revenue Bonds, Series 2000B ($15.1 million).

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

New York Society for the Relief of the Ruptured and Crippled, Maintaining the Hospital for Special Surgery (New York, NY)

The Board approved the lease of equipment pursuant to the Authority's Tax Exempt Leasing Program I (TELP I) in the total amount of $22,000,000 to finance an electronic medical records system, various surgical, radiology, and information technology equipment.

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 approximately $44.5 billion. The Authority also is a major public builder in New York State with a construction pipeline of more than 750 projects valued at more than $6.1 billion.