More Than $956 Million for School District Upgrades

Governor Kathy Hochul today 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.

DASNY President & CEO Robert J. Rodriguez said, "DASNY is proud to support school districts by providing low-cost financing. The capital projects supported by DASNY financing can be used to enhance learning environments and provide the best opportunities possible for our students all acrossNew York.”

State Senator Shelley B. Mayer said, “I am pleased that 69 school districts across New York State will receive low-cost financing to ensure their schools have the necessary up-to-date resources. New York’s students, teachers, and administrators are filled with ideas on how to push the next generation forward and encourage them to continue to learn and grow. It is our responsibility to ensure they have the opportunities and the resources to do so. I thank DASNY and Governor Hochul for these low-cost bonds and the voters who approved the bond issuances.”

Assemblymember Michael R. Benedetto said, "Providing equal opportunity throughout our districts is putting New York's students on a path to greater achievement. It is a privilege to support this administration's efforts to ensure our teachers have the facilities and equipment they need to succeed."

New York State School Boards Association Executive Director Robert S. Schneider said, “Advances in school infrastructure and facilities pave the way for better student outcomes. To help school districts keep pace with needed capital project upgrades, DASNY provides school districts with a cost-effective financing option – low, cost, tax-exempt bonds, so schools can borrow at reduced costs to modernize learning spaces for our students.”

New York State Council of School Superintendents Executive Director Charles Dedrick said, “It is a complex undertaking for school districts to carry out all the steps needed to complete construction projects—developing plans, arranging financing, gaining required approvals. We are grateful to the Dormitory Authority for this financing option and for all the help it gives to school districts.

New York State School Facilities Association President Matt Erwin said, “The NYS School Facilities Association, representative of public-school facilities professionals from across the state, applauds DASNY on this achievement. Access to low interest financing is critical to the successful stewardship of our communities’ greatest assets, our schools! Programs such as this help ensure our ability to provide and maintain safe and healthy school environments conducive to learning.

Additional information on DASNY’s School Districts Financing Program can be found here.