Districts Among Nine in the Southern Tier Region Saving $2.5 million through Bond Refunding
Savings Complements “Southern Tier Soaring” – The Region’s Comprehensive Strategy to Revitalize Communities and Grow the Economy
ALBANY, N.Y. -- Gerrard P. Bushell, President and CEO of The Dormitory Authority of the State of New York (DASNY), announced today that the Johnson City, Whitney Point and Waverly Central School Districts are among nine districts in the Southern Tier Region that will collectively achieve $2.5 million in net present value savings as a result of DASNY’s refunding more than $47 million of their outstanding bonds.
The Johnson City Central School District achieved more than $305,000 in net present value savings, the Whitney Point Central School District more than $622,000 and the Waverly Central School District more than $523,000, each by reducing annual debt service through the refunding.
The districts are among 54 statewide that are achieving approximately $17 million in net present value savings as part of an almost $300 million bond refunding delivered by DASNY. The refundings are part of DASNY’s School Districts Revenue Bond Financing Program, which provides public school districts across New York State with an efficient financing alternative. Since the inception of the program in 2002, DASNY has issued 85 separate series of bonds on behalf of more than 200 school districts statewide.
“DASNY is delighted to partner with school districts throughout New York State as they prepare students on their journeys to success,” said Gerrard P. Bushell, President and CEO of DASNY. “Providing our students with every opportunity is essential to keeping the Southern Region’s economy soaring.”
“Using every tool at our disposal to support our students is paramount to helping them achieve their goals,” said Mary Kay Roland, Superintendent of Johnson City Central Schools. “The financial flexibility provided through our partnership with DASNY will go a long way in making sure they have what they need to succeed.”
“Quality education for our students is our number one priority,” said Patricia Follette, Superintendent of Whitney Point Central Schools. “The savings achieved in partnership with DASNY helps us prepare them for the next step on their journey to success.”
Today's announcement complements “Southern Tier Soaring," the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $4.6 billion in the region since 2012 to lay the groundwork for the plan – attracting a talented workforce, growing business and driving innovation.
Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Binghamton, Johnson City and Corning as a destination in which to grow and invest.
Now, the region is accelerating "Southern Tier Soaring" with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 10,200 new jobs. More information is available here.
Net present value savings achieved by districts in the Southern Tier Region:
| Andover Central School District | $57,867 |
| Belfast Central School District | $306,986 |
| City School District of the City of Binghamton | $94,404 |
| Johnson City Central School District | $305,056 |
| Otego-Unadilla Central School District | $234,748 |
| Trumansburg Central School District | $176,530 |
| Waverly Central School Distric | $523,059 |
| Wayland-Cohocton Central School District | $202,820 |
| Whitney Point Central School District | $622,360 |
Founded in 1944, DASNY – the Dormitory Authority of the State of New York – 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 $48.5 billion as of September 30, 2017. DASNY is also a major public builder with a construction pipeline of 935 projects valued at more than $6.3 billion as of September 30, 2017.