The Bond Buyer

April 22, 2004, Thursday

SECTION: THE REGIONS; Pg. 3

LENGTH: 400 words

HEADLINE: New York Board Approves $1.2B in Agency Debt 

BYLINE: By Michael McDonald

BODY:
New York's Public Authorities Control Board yesterday approved $1.2 billion in proposed state agency bond sales, including more than $900 million of proposed refundings as well as $98 million of Liberty bonds. Most of the deals, which have now cleared all formal approval procedures, are being sold through the New York State Dormitory Authority.

The largest of the approved deals are three current refundings through the dorm authority -- $358 million for New York-Presbyterian Hospital in New York City, $270 million for State University of New York statewide education facilities, and $185 million for State University of New York upstate community colleges.

Dorm Authority spokeswoman Claudia Hutton said regarding the timing of the current refundings, given the recent rise in interest rates, that "if the savings are there we'll pursue them for our clients."

The board also approved an $80 million refunding for Columbia University and a $26 million refunding for the Greenburgh-Graham and Mt. Pleasant Blythedale Union Free school districts in Westchester County, both of which are also through the dorm authority.

Hutton said Columbia is also pursuing state approval for the sale of $150 million of new money bonds for campus-wide capital projects.

Among new money deals, the control board approved $150 million of bonds for the Fashion Institute of Technology Student Housing Corp. and a $27.7 million combined new money-refunding deal for the Gurwin Jewish Geriatric Center in Suffolk County, as well as a $7.1 million combined deal for New Hope Community Inc. in Sullivan County. All three deals are also going through the dorm authority.

The board approved two other new money deals -- $98 million of New York State Housing Finance Agency Liberty bonds for 100 Maiden Lane Apartments Family Housing Project and $6.1 million for the Tall Oaks Apartments multifamily housing project in Orange County.

The 100 Maiden Lane address is the former headquarters of Cadwalader Wickersham & Taft, which is moving to the World Financial Center.

In addition to bonds, the control board also approved more than $1 million in Urban Development Corp. grants, a $2 million Job Development Authority grant, and more than $20 million in Environmental Facilities Corp. loans.