Governor Hochul Announces More Than $956 Million in Financing to Fund Upgrades at School Districts Statewid

Tax-exempt Bonds Issued by the Dormitory Authority of the State of New York Will Support 69 Public School Districts – See Full List of Projects Here

Governor Kathy Hochul announced that approximately $956.8 million in low-cost, tax-exempt bonds were issued in June through the Dormitory Authority of the State of New York on behalf of 69 school districts across New York State. Projects supported by these bonds include classroom additions and renovations, athletic field improvements, energy efficiency upgrades, safety enhancements, and technology updates to promote innovation and collaboration.

“Helping our students thrive means giving them the tools, the facilities, and the infrastructure they need to succeed in the classroom,” Governor Hochul said. “With this financing, my administration is funding critical capital projects that will give our young people a learning environment that inspires, challenges, and motivates them, while making it more affordable for taxpayers in these districts all across New York State.”

Since the inception of this program in 2002, DASNY has issued 114 separate series of bonds on behalf of over 350 school districts totaling more than $8.8 billion. The low-cost, tax-exempt bonds provide permanent, long-term, fixed-rate financing for the districts to refinance short-term debt which was already approved by the voters in each school district and used to fund capital projects.

The full list of bond issuances is available here. A regional breakdown is as follows:

• Capital Region: $102,955,000                                                                           
• Central New York: $128,655,000
• Finger Lakes Region: $112,630,000
• Long Island: $71,105,000
• Mid Hudson: $126,135,000
• Mohawk Valley: $61,265,000
• North Country: $78,780,000
• Southern Tier: $171,325,000
• Western New York: $103,970,000

The 69 public school districts that participated in DASNY’s June financing are located throughout the State. Barclay Damon, LLP and BurgherGray,LLP were Co-Bond Counsel to DASNY. The bonds were sold using a syndicate of managers, with Raymond James as the Lead Manager and Roosevelt & Cross Incorporated and RBC Capital Markets as Co-Lead Managers. Yields on the bonds ranged from 2.99 percent to 4.29 percent, with an overall average True Interest Cost of 3.58 percent.