Bond Proceeds Will Support Capital Projects for School Districts Across New York State
ALBANY, NY - The Dormitory Authority of the State of New York (DASNY) priced $1.03 billion in School Districts Revenue Bonds to finance capital projects for public school districts across New York State and to refinance Bond Anticipation Notes (BANs) previously issued to support these improvements.
The bonds were sold via negotiated sale in two order periods, a retail order period on May 13, 2025, followed by institutional pricing on May 14, 2025. The tax-exempt bonds were sold through three series and achieved very strong investor demand across all maturities. Yields ranged from 3.08% in 2026 to 4.79% in 2052.
The bond proceeds will reimburse capital spending for school districts across New York State, including
- Renovations to existing educational facilities
- Safety and accessibility improvements
- Energy efficiency upgrades
- Technology infrastructure enhancements
- Other authorized capital improvements
The bonds are secured by the participating school districts’ general obligation pledges and by a statutory intercept of State aid payments, which allows DASNY to receive funds directly from the State Comptroller if necessary.
Since launching in 2004, DASNY’s School Districts Revenue Bond Financing Program has delivered more than $7.5 billion in capital to districts across the state through 86 separate bond issues. An additional 22 series totaling $1.2 billion have been issued to refund outstanding bonds under the program.
The 2025A bonds are expected to close on June 17, 2025, the 2025B bonds are expected to close on June 12, 2025, and the 2025C bonds are expected to close on July 2, 2025. RBC Capital Markets, Roosevelt & Cross and Raymond James served as underwriters. Barclay Damon LLP and BurgherGray LLP served as Co-Bond Counsel.
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 $12 billion as of March 31, 2024. To learn more about DASNY, visit www.dasny.org.
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