As part of our ongoing valued engagement with the Dormitory Authority of the State of New York (“DASNY”), one of the largest and most active bond issuers in the United States, Bryant Rabbino served as Co-Bond Counsel in connection with the issuance by DASNY of its $2,152,750,000 State Personal Income Tax Revenue Bonds (General Purpose), Series 2021E (Tax-Exempt) and $339,710,000 State Personal Income Tax Revenue Bonds (General Purpose), Series 2021F (Federally Taxable) (collectively, the “DASNY 2021 PIT Bonds”). This complex and comprehensive financing was the second largest debt issue by a New York State entity during 2021.
A portion of the proceeds of the DASNY 2021 PIT Bonds were used to finance, refinance or reimburse all or a portion of the costs of numerous programs and projects within New York State, including (but not limited to): (i) capital projects for the NYS Office of Mental Health, the NYS Office for People with Developmental Disabilities, the NYS Office of Addiction Services and Supports, and Upstate Community Colleges; (ii) funding for various environmental initiatives by various NYS agencies located throughout the State; (iii) funding for State and Municipal Facilities (SAM) Grants; (iv) funding for economic development projects and grants; (v) funding for Health Care Grants; and (vi) refinancing of an MTA Bond Anticipation Note.
In addition, a portion of the proceeds of the DASNY 2021 PIT Bonds were used to refund several issues of State-supported debt previously issued by DASNY, including paying the costs of interest rate exchange agreement terminations relating to certain refunded bonds, which in turn, provided millions of dollars in vital savings for DASNY.
Bryant Rabbino attorneys B. Seth Bryant, Sani A. Williams, Bernard Armoo, Goldie Bryant and Adrian Armoo assisted on the transaction, which closed on December 17, 2021.