Financing for New Theater & Conference Center at the Culinary Institute of America Leads DASNY Board Meeting

ALBANY, NY: At a meeting held in New York City on September 19, 2012, the Board of theDormitory Authority of the State of New York approved approximately $206 million in financings for higher education and health care institutions.

The Board approved the following financing documents:

· Culinary Institute of America (Hyde Park, NY)

The Board approved the negotiated sale of one or more series of fixed and/or variable rate, tax-exempt Series 2012 Bonds in an aggregate amount not to exceed $42,000,000, for a term not to exceed 31 years. The funds are expected to be used for construction of the Marriott Pavilion, a two-story theater and conference center ($11.7 million), and current refunding of the Authority’s The Culinary Institute of America Insured Revenue Bonds, Series 1999 ($12.4 million). Lead Manager: RBC Capital Markets. Bond Counsel: Hiscock & Barclay LLP. Underwriter’s Counsel: Trespasz & Marquardt, LLP, and Marous & Marous, P.C.

· NYSARC, Inc. (Delmar, NY)

The Board approved the negotiated sale of one or more series of 25-year, fixed rate, tax-exempt and/or taxable bonds in an aggregate amount not to exceed $39,000,000. The funds are expected to be used for the refinancing of the taxable indebtedness for 22 projects for eleven participating chapters ($13.9 million), and the refunding of all or a portion of the Authority’s NYSARC Inc. Revenue Bonds Series 2000A ($3.2 million), 2001A ($10.2 million) and 2002A ($3.2 million). Lead Manager: Raymond James¦ Morgan Keegan. Bond Counsel: Hiscock & Barclay, LLP. Co-Underwriter’s Counsels: Edwards Wildman Palmer LLP and The Hardwick Law Firm LLC.

The Board approved a resolution to proceed with the following new financing:

· Rochester Institute of Technology (Rochester, NY)

The Board approved the negotiated sale of one or more series of tax-exempt or taxable, fixed and/or variable rate bonds in an amount not to exceed $100,000,000, for a term not to exceed 31 years. The funds are expected to be used for construction of the new Gene Polissèni Center ice arena ($25.5 million), expansion and renovation of existing facilities for the Institute of Health Sciences and Technology ($14.5 million), electrical infrastructure ($6 million), College of Science laboratory renovations ($2 million), acquisition of existing on-campus housing ($10 million), and advance refunding of a portion of the Authority’s Rochester Institute of Technology Revenue Bonds Series 2002B and 2008A.

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

· Montefiore Medical Center (Bronx, 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 $24,996,110 to finance various information technology and medical equipment, including a laboratory replacement system.

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 $46.1 billion. The Authority also is a major public builder in New York State with a construction pipeline of more than 800 projects valued at more than $6.1 billion.

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