Bond Proceeds Will Support Major Renovations and Expansions at Two Educational Campuses
ALBANY, NY – The Dormitory Authority of the State of New York (DASNY) closed on the $134,185,000 Series 2025 bond issuance for the Board of Cooperative Educational Services of the Sole Supervisory District of Orange and Ulster Counties (Orange-Ulster BOCES) to complete the organization's comprehensive capital improvement program at two educational campuses.
The Series 2025 bonds will support major renovations and construction projects at the Gibson Road Campus and the Arden Hill Campus, which were approved by voters in October 2022 as part of a $158.8 million referendum. The improvements include roof replacements, window upgrades, heating and air conditioning system modernization, new security vestibules, new classrooms, classroom renovations, and construction of a new gymnasium. Site work will include a well water system, sanitary system replacement, sidewalk repair and replacement, and the paving of driveways and parking lots.
In June 2024, DASNY closed the $14,795,000 Series 2024A bond issuance, the first of two financings for the Orange-Ulster BOCES capital improvement program. The project was split into two separate financings to allow construction to begin sooner, as different phases required separate approvals from the New York State Education Department.
DASNY President Robert J. Rodriguez said, "DASNY is proud to help Orange-Ulster BOCES complete this transformative capital improvement program that will modernize educational facilities serving students across the region. These state-of-the-art learning environments will support career and technical education programs that are vital to developing the skilled workforce our communities need."
OUB Chief Operating Officer Deborah McBride Heppes said, “This capital project is creating the modern, welcoming, and efficient spaces that our students so truly deserve while safeguarding the community’s long-term investment in our facilities. As the needs of our students and the demand for workplace readiness education grows, the improvements and upgrades ensure that we can continue to provide resources and opportunities to our component districts, our students, and our community for years to come.”
The comprehensive capital program serves facilities that educate more than 2,000 career and technical education students, 1,000 special needs students, and over 4,500 adult education students annually. Orange-Ulster BOCES provides shared educational services to 17 component school districts in Orange and Ulster Counties.
The transaction was led by Roosevelt & Cross Incorporated as senior manager and supported by co-bond counsel Hodgson Russ LLP and Holley & Pearson-Farrer LLP. The Series 2025 bonds received strong investor interest with over five times subscriptions during the June 4, 2025 order period. The Series 2025 bonds have a final maturity in 2044, with yields ranging from 2.82% to 4.74% and a true interest cost of 4.21%.
About DASNY
Founded in 1944, DASNY is New York State's capital project development authority. It finances and constructs sustainable and resilient science, health and education institutions that help New York thrive. It is one of the largest issuers of tax-exempt bonds in the nation with an outstanding bond portfolio of approximately $60.1 billion as of March 31, 2025. DASNY is also a prolific public builder with a construction pipeline of approximately 1,000 projects valued at more than $13 billion as of March 31, 2025. To learn more about DASNY, visit www.dasny.org.