Three local school districts among 56 statewide to receive low-cost, tax-exempt bond financing from state authority

Published Sep 14, 2018 at 4:00pm

The Adirondack, Oneida and Utica school districts are among 56 districts that were issued about $585.2 million in low-cost tax-exempt bond financing through the Dormitory Authority of the State of New York (DASNY), the state announced Wednesday.

The bonds are in conjunction with capital projects that were launched at school districts. If a district wants to issue bonds for a capital project, they can issue their own bonds or issue bonds through DASNY, said DASNY spokesman David Perritano.

The DASNY bond financing amounts include $7.16 million for Adirondack; $6.485 million for Oneida; and $9.83 million for Utica. Several districts in Herkimer County also were among the statewide recipients.

“By modernizing academic facilities and learning environments across the state, we are supporting the next generation of leaders and laying the foundation for a stronger, more competitive Empire State,” said Gov. Andrew Cuomo.

Lt. Gov. Kathy Hochul added “the nearly $600 million in bonds for school districts across the state will allow districts to upgrade their facilities and address inefficiencies in the classroom....”

DASNY President & CEO Gerrard P. Bushell said the authority “is proud to provide low-cost financing support to these local school districts and help keep New York’s economy moving forward.”

“The projects funded by these issuances will ensure students can continue to learn and grow in modern facilities designed for them to achieve success,”
Bushell added.