Albany, NY: At a meeting held in Albany on May 15, 2013, DASNY’s Board (Dormitory Authority of the State of New York) adopted the documents necessary to issue approximately $2.1 billion for the NYS Personal Income Tax Revenue Bond Program and $26.9 million for Brooklyn’s Buena Vida Nursing Home. The Board also adopted the documents necessary for the issuance of  up to $271 million of SUNY Dormitory Facilities Revenue Bonds.

The Board approved two single approval financings:

New York State Personal Income Tax Revenue Bond Program. The Board adopted the documents necessary for the sale of multiple series of tax-exempt and taxable fixed rate bonds issued at one or more times in an amount of approximately $2.1 billion. Bond Counsel: Hawkins Delafield & Wood LLP and Bryant Rabbino LLP.

Proceeds of the bonds are expected to be  used for:

• State University of New York (SUNY) Educational Facilities ($245.7 million)
• City University of New York (CUNY) capital projects ($239.6 million)
• Office of Mental Health (OMH), Office for Persons with Developmental Disabilities (OPWDD), and Office of Alcoholism and Substance Abuse Services (OASAS) capital projects ($123 million)
• OMH voluntary agency facilities capital projects ($4.6 million)
• Department of Environmental Conservation environmental projects ($44.8 million)
• Refunding of certain fixed rate bonds issued under the Personal Income Tax Revenue Bond Program, the Mental Health Facilities Program, and the Service Contract Program ($1.14 billion)

Buena Vida Corp. (Brooklyn, NY). The Board adopted the documents necessary for the negotiated sale of tax-exempt, fixed rate bonds with maturities not to exceed 15 years in an amount not to exceed $27.2 million. The bond proceeds are expected to be used for a refunding of DASNY’s Buena Vida Nursing Home Revenue Bonds, Series 1998A. A portion of the savings from the refunding will be used to fund various life and safety projects and equipment as well as certain revenue generating improvements. Lead Manager: M.R. Beal & Company; Bond Counsel: Harris Beach PLLC; Underwriter’s Counsel: McKenna Long & Aldridge, LLP.

The Board adopted the following financing documents:

SUNY Dormitory Facilities Revenue Bonds. The Board adopted  the documents necessary for the issuance of  fixed rate tax-exempt or taxable bonds or a combination of both to be issued in an amount not to exceed $271 million for a term not to exceed 21 years. Bond proceeds will be used to refund DASNY’s Lease Revenue Bonds Series 2003A and B Bonds. Lead Manager: BofA Merrill Lynch; Bond Counsel: Nixon Peabody, LLP; Co-Underwriter’s Counsel: McKenna Long & Aldridge LLP and Law Office of Joseph C. Reid, P.A.

The Board’s next meeting will be June 26 at 9:30 a.m. at DASNY’s New York City’s office at One Penn Plaza, New York, NY.

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 $45.3 billion as of March 31, 2013. DASNY also is a major public builder in New York State with a construction pipeline of 873 projects valued at more than $5.6 billion.