Financial Services
Higher Education
Independent Colleges and Universities Revenue Bonds are issued to finance the construction and renovation of facilities and acquisition of equipment for private, nonprofit colleges and universities. The Bonds are secured in most instances by the general pledge of revenues of the not-for-profit institution. The Bonds in most cases may be insured by a municipal bond insurance provider guarantying the timely payment of interest and principal payments on the outstanding bonds or backed by a letter of credit.
The Tax-Exempt Equipment Leasing Program is available to any customer authorized to finance their construction projects through the Dormitory Authority. Under this program, a traditional two-party commercial lease is converted into a tri-party tax-exempt lease and sub-lease structure. The commercial lender retains the role of lessor, with DASNY as the tax-exempt lessee. DASNY then subleases the equipment to the customer, who makes rental payments, with those payments assigned to the lending source. Because the lender does not pay federal, state or local taxes on the interest portions of the lease payments, the lease interest rate is lowered to reflect the full tax savings.
The Dormitory Authority and the New York State Energy Research and Development Authority (NYSERDA) have formed a new partnership to help mutual customers develop innovative energy-saving projects. The partnership allows our customers access in one step to the services, expertise and financing available through both authorities. Together, the Dormitory Authority and NYSERDA will help customers find the necessary technical and financial assistance to turn ideas into money-saving, energy-efficient projects. To learn more about the program, see "The Dormitory Authority Joins with New York State Energy & Research Development Authority".
State University of New York Educational Facilities Revenue Bonds ("SUNY") are issued to finance the maintenance and construction of educational facilities for the system of universities located throughout the State of New York. The Bonds are secured by annual appropriations from the State of New York for operating expenses for the State universities.
SUNY Dormitory Facilities Revenue Bonds are issued to finance construction and rehabilitation projects for the system of universities located throughout the State of New York. The Bonds are secured by the room rents and student "college fees" received by the State University of New York.
Upstate Community College Revenue Bonds are issued to finance the maintenance and construction of Community Colleges not located in New York City. The Bonds are secured by annual educational aid appropriations from the State of New York to certain municipalities where the Community Colleges are located.
City University System Consolidated Revenue Bonds ("CUNY") are issued to finance the maintenance and construction of educational facilities for the system of universities located throughout the five boroughs of New York City. The Bonds are secured by annual appropriations from the State of New York for operating expenses for the Senior Colleges and one-half of the amount of operating expenses for the Community Colleges. The Bonds are also secured by annual appropriations from the City of New York for the other half of operating expenses for the Community Colleges.
*Supplemental Higher Education Loan Financing/College & University Education Loan Bonds are issued to fund student loans at participating colleges and universities. Bonds are secured by revenue pledges by each of the participating schools; each participant is liable only for its own obligations and not for those of any other participating school. The Bonds in most cases may be insured by a municipal bond insurance provider guarantying the timely payment of interest and principal payments on the outstanding bonds.
* Indicates that there are no plans to issue bonds under this program in the foreseeable future.
Health Care
The Tax-Exempt Equipment Leasing Program is available to any client authorized to finance their construction projects through the Dormitory Authority. Under this program, a traditional two-party commercial lease is converted into a tri-party tax-exempt lease and sub-lease structure. The commercial lender retains the role of lessor, with DASNY as the tax-exempt lessee. DASNY's then subleases the equipment to the customer, who makes rental payments, with those payments assigned to the lending source. Because the lender does not pay federal, state or local taxes on the interest portions of the lease payments, the lease interest rate is lowered to reflect the full tax savings.
Nonprofit Hospitals, Nursing Homes, and Facilities for the Aged The Dormitory Authority provides financing for capital construction and rehabilitation projects for health-care facilities in New York State, using a variety of credit structures, depending on the financial status and needs of the customer.
Insured Mortgage Project Revenue Bonds are issued to finance the construction and renovation of health care institutions. The Bonds are secured by a general pledge by the health care institution to make mortgage payments that fund debt service payments on the outstanding bonds. These mortgage payments are insured by the Federal Housing Administration Mortgage Insurance Program.
Revenue Bonds Secured by Letters-of Credit or Bond Insurance are issued to finance construction and renovation projects for health care facilities. The Bonds are secured by a general pledge of the health care institution to make loan payments that fund debt service payments on the outstanding bonds, with an irrevocable, direct-pay letter of credit or municipal bond insurance policy backing up the institution's pledge.
*Hospital and Nursing Home Project Revenue Bonds were issued by the New York State Medical Care Facilities Finance Agency to provide funds to make mortgage loans to not-for-profit nursing home companies and not-for-profit hospital corporations. The Bonds are secured by a pledge of the hospital and nursing home institutions to make mortgage payments which fund the debt service payments on the outstanding bonds.
*Secured Hospital Revenue Bonds are issued to allow financially distressed New York not-for-profit- hospitals access to the capital markets. The establishment of the Secured Hospital Program became necessary because the physical plants of certain hospitals were deteriorating, but such hospitals' financial conditions were too weak to enable them to borrow the monies necessary to modernize their facilities. The bonds are secured by a pledge of loan payments by financially distressed hospitals which will pay debt service on the outstanding bonds (there is a first mortgage lien on the hospital projects) and from payments by New York State under a Secured Hospitals Service Contract. Authorization to issue bonds under this program expired on March 1, 1998.
*The Long-term Health Care Revenue Bonds were originally issued to provide for construction of long-term health care facilities for substance abusers who tested positive for the human immunodeficiency virus and are symptomatic or are diagnosed as having contracted AIDS. There have been eight financings for various institutions completed under this program. Each bond issue is secured by the general pledge of the individual institution to make mortgage payments which fund the debt service payments on the outstanding bonds.
Municipal Health Facilities Bonds are issued to finance the acquisition, construction, rehabilitation, and improvement of municipal health facilities, including primary care clinics and diagnostic and treatment centers in medically underserved areas of New York City. Any municipal health facility can be financed under this program; to date, all loans under this program have been to the City of New York. The Bonds are secured by annual appropriations by the City of New York. In most cases, the Bonds may be insured by municipal bond insurance to guarantee the timely payment of interest and principal on the outstanding bonds.
* Indicates that there are no plans to issue bonds under this program in the foreseeable future.
Government and Nonprofit Agencies
Independent Institutions Revenue Bonds are issued to finance the construction and renovation of certain not-for-profit institutions authorized by statute. The Bonds are secured in most instances by the general pledge of the not-for-profit institution. The Bonds in most cases may be insured by a municipal bond insurance provider guarantying the timely payment of interest and principal payments on the outstanding bonds or backed by a letter of credit.
The Tax-Exempt Equipment Leasing Program is available to any customer authorized to finance their construction projects through the Dormitory Authority. Under this program, a traditional two-party commercial lease is converted into a tri-party tax-exempt lease and sub-lease structure. The commercial lender retains the role of lessor, with DASNY as the tax-exempt lessee. DASNY then subleases the equipment to the client, who makes rental payments, with those payments assigned to the lending source. Because the lender does not pay federal, state or local taxes on the interest portions of the lease payments, the lease interest rate is lowered to reflect the full tax savings.
The Department of Health Revenue Bonds are issued to finance various capital improvements made by the Department to five medical care facilities enumerated as part of the Department including the Roswell Park Cancer Institute, the Helen Hayes Hospital and three New York State Homes for Veterans located throughout the State. The Bonds are secured by certain patient care revenues and miscellaneous receipts that are collected by the Department of Health and deposited into the Health Income Fund held by the State Comptroller.
Department of Education Revenue Bonds are issued to design and construct or furnish and equip dormitories and certain facilities for the Department of Education of the State of New York. The Bonds are secured by annual appropriations from the State of New York.
Mental Health Services Facilities Improvement Revenue Bonds are issued to finance the maintenance and construction of health facilities for the Department of Mental Hygiene. The Bonds are secured by annual appropriations from the State of New York. The annual appropriations that secure the Bonds are expected to be derived from mainly mental hygiene patient care income that includes Medicare, private insurance, third party beneficiary payments, State appropriation of Federal Medicaid funds and payments from voluntary agency facilities.
Court Facilities Lease Revenue Bonds are issued to finance the design and construction of various court system related projects throughout the State of New York. Bonds currently outstanding are secured by annual appropriations of semi-annual payments from the municipality or county in which the court facilities are located.
Special Act School Bonds are issued to finance construction projects for certain public school districts created by special acts of the Legislature for the education of children with handicapping conditions. Bonds are secured by the revenue pledges of the participating Special Act School Districts. The Bonds in most cases may be insured by a municipal bond insurance provider guarantying the timely payment of interest and principal payments on the outstanding bonds.
*State Pension Bonds funded the payment to the State Comptroller of a deferred pension liability owed by the State to the New York State Common Retirement Fund. The seven-year bonds are secured by annual appropriations from the State of New York.
* Indicates that there are no plans to issue bonds under this program in the foreseeable future.
School District Building Aid Revenue Bonds Program
Financing Schedule for the upcoming Series 2013A Bonds | Word
School District Contact Sheet | PDF | Word
Exhibit A - Project Description | PDF | Excel
Exhibit B - BAN History | PDF | Word
Supplement to Exhibit A and Exhibit B to Financing Agreement | Excel
Financing Agreement (June 2013) | Word
Tax Questionnaire (June 2013) | Word
Due Diligence Questionnaire (June 2013) | Word
Appendix C - Central School District Disclosure Template | Word
Appendix C - City School District Disclosure Template | Word
Please send completed forms to Mr. David Ostrander