Dormitory Authority - State of New York (DASNY)

The board discussed and approved a school district revenue bond financing program with an amount not to exceed $1.5 billion, and a financing transaction for Vaughn College of Aeronautics and Technology involving $45 million in bonds to restructure existing debt and finance capital improvements. The president's report covered public finance market challenges and activities, including the successful pricing of a $2 billion New York State PIT transaction, and provided updates on construction projects, specifically highlighting the Wadsworth Center.

The committee reviewed the finance charter with no recommended changes. Discussions included the authorization of multiple series of school district revenue bond financing in an amount not to exceed 1.5 billion, and the authorization of tax-exempt and taxable bonds not to exceed 45 million on behalf of Vaughn College of Aeronautics and Technology to restructure debt and fund capital improvements. The committee also discussed the process for school district participation in the DASNY pool and the financial recovery and stabilization efforts of Vaughn College.

Key discussions during the meeting included the Finance Committee's recommendation for full Board approval of Single Approval Financings for the NYU Langone Hospitals Commercial Paper Program and PIT/Sales Tax matters. The Governance Committee reported on its Annual Review of internal documents, including the By-laws, without recommending any changes. The Board authorized the issuance of tax-exempt commercial paper notes up to $750,000,000 for NYU Langone Hospitals and approved Supplemental Resolutions authorizing the issuance of up to $2.5 billion in State Personal Income Tax Revenue Bonds and State Sales Tax Revenue Bonds, primarily to refund outstanding Build America Bonds (BABs). The President reported on the Governor's proposed 2026-2027 Budget, highlighting capital appropriations for CUNY and SUNY, and grant programs like NY BRICKS, and noted DASNY's national ranking among bond issuers in 2025. The Public Finance Report provided a market update, noting year-to-date issuance volume. The Financial Report detailed personnel and non-personnel expenses. The Construction Report noted the addition of new projects, including a SUNY Upstate Medical Center parking garage, and provided updates on major projects like the Wadsworth Center Lab and CUNY expenditures. Finally, the Board adopted a resolution authorizing the use of a Project Labor Agreement (PLA) for the Rockland County Psychiatric Center Renovation project.

The Finance Committee meeting addressed two primary financing recommendations for the full Board. The first concerned recommending authorization for the issuance of multiple series of tax-exempt commercial paper notes, not to exceed $750,000,000 outstanding, on behalf of NYU Langone Hospitals. This financing aims to cover costs for renovations, including an ambulatory surgery center and a new six-story building in Brooklyn. Financial metrics for the Hospitals, such as cash on hand and operating gains, were reported as strong. The second recommendation involved authorizing the issuance of bonds, up to $2.5 billion, under either the Personal Income Tax Revenue Bond Program and/or the Sales Tax Revenue Bond Program. This issuance is intended to refund certain State Personal Income Tax Revenue Bonds previously issued as Build America Bonds (BABs), mitigating risks associated with the reduced federal interest subsidy due to sequestration.

The Governance Committee meeting primarily focused on the annual review of several key policy documents as required by the Public Authorities Law and DASNY's governing principles. The documents reviewed included the bylaws, the policy regarding payment of compensation and reimbursement to and time and attendance of senior management, the whistleblower protection policy and procedure, and the code of ethical conduct for board members. Staff recommended no changes to these four items. The committee confirmed review of the bylaws for later review by the full board at the annual meeting in April, while the other three items did not require progression to the full board. The committee meeting concluded with an agreement to adjourn, noting that a confidential board evaluation discussion would occur later during the executive session of the full DASNY board meeting.