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 to DASNY and played a primary role in connection with the issuance by DASNY of $2,422,335,000 of DASNY’s State Personal Income Tax Revenue Bonds (General Purpose), Series 2022A (Tax-Exempt) and $667,735,000 of State Personal Income Tax Revenue Bonds (General Purpose), Series 2022B (Federally Taxable) (collectively, the “Series 2022 PIT Bonds”), which was the largest municipal debt issuance in the State of New York (the “State”) and one of the largest in the United States in the first half of 2022.
This sizeable and complex financing had new money and refunding components, and included over $2 billion of new money to fund vital infrastructure for the State, such as capital projects for the City University of New York, the Office of Mental Health, the Office for People with Developmental Disabilities, the Office of Addiction Services and Supports, the State University of New York, the Dedicated Highway and Bridge Trust Fund, and the Metropolitan Transportation Authority, among others. The financing also included over $1.2 billion of funds that were used to currently refund several series of State-supported debt previously issued by DASNY.
Bryant Rabbino attorneys B. Seth Bryant, Sani A. Williams, Bernard Armoo, Goldie Bryant and Adrian Armoo assisted on this transaction closing on March 25, 2022.