2010 DASNY Annual Report

We Deliver.
DASNY:
We Finance. We Build.
Dormitory Authority State of New York | Annual Report 2010
Letter from the Governor 1
Letter from Alfonso L. Carney, Jr. and Paul T. Williams, Jr. 2
Year in Review 5
Public Finance 11
New Issues 16
Tax-Exempt Equipment Leasing Program (TELP) 20
Construction 23
New Construction Projects 30
Completed Construction Projects 34
Opportunity Programs Group 39
Sustainability Programs 44
Summer Internship Program 46
Grant Programs 48
Governance 54
Bonds and Notes Outstanding 60
Audited Financial Statements 77
Managements Discussion and Analysis 80
Basic Financial Statements 89
Notes to Basic Financial Statements 92
Dormitory Authority State of New York
Annual Report 2010
Dear Friends:
Tis year, the role of the Dormitory Authority has been more essential to the people of this
State than ever before. At a time of great economic stress in New York State and around the
world, the Dormitory Authoritys core missionproviding low-cost capital fnancing and
managing public construction projects in New Yorkwas central to providing jobs and a wel-
come boost to local economies across the State.
As a leading public fnance agency that is one of the largest public construction authorities in
the nation, DASNY helped to ensure that public as well as private not-for-proft institutions in
New York had access to the low-cost capital they needed.
It is with great pride that I acknowledge DASNYs lead role in implementing recommendations
from my Executive Order 10 MWBE Task Force, a group chaired by DASNY President Paul
T. Williams, Jr. DASNY has been a leader in creating new opportunities for MWBE fnancial,
legal and professional service frms, while increasing the pool of businesses qualifed to partici-
pate in and bid on state procurements. Te Task Force recommendations were the foundation
upon which historic legislation was built, which I am proud to say is now law. No doubt, this
will encourage increasing numbers of MWBE frms to locate and grow their businesses in New
York State, making New Yorks economy even stronger in the future.
I commend the Dormitory Authoritys continuing dedication to its innovative All Green,
Only Green construction program and sustainability policies, goals which will help New York
prepare for the future by cutting energy consumption and controlling greenhouse gas emis-
sions. Tese goals are critical environmental initiatives for our future.
Te Dormitory Authority has been a trusted institution serving New Yorkers for 66 years. It
has answered New Yorks call to duty willingly and well again this year. I thank the Dormitory
Authority Board, its Chair, Alfonso L. Carney, Jr., its President, Paul T. Williams, Jr. and the
Authoritys dedicated staf for their leadership, professionalism and service to the people of
New York: helping the State weather this economic storm and build a solid foundation for a
strong recovery.
Sincerely,
David A. Paterson, Governor
State of New York
STATE OF NEW YORK
1
Dear Governor Paterson and Distinguished Leaders:
We are proud to present the Annual
Report of the Dormitory Authority
of the State of New York. Despite the
unprecedented pressure on State fnances
as the recovery from economic recession
begins, the Authority had a record year in
construction, maintained its outstanding
leadership and reputation in public
fnance and achieved new heights in
diversity.
In Fiscal Year 2010, the Authority issued more than $7.1 billion
in tax-exempt bonds ending the fscal year with an outstanding
portfolio of bonds and notes of approximately $41.8 billion. Tese
fnancings supported a wide array of State programs and institu-
tions,
including the State University of New York, City University of
New York, and Mental Health Services Facilities, as well as the
Authoritys portfolio of private, not-for-proft institutions. Among
those institutions are North Shore-Long Island Jewish Health
System, Memorial Sloan Kettering Cancer Center, Mount Sinai
School of Medicine, New York University, Cornell University,
Rockefeller University, University of Rochester, and Columbia
University. During calendar year 2009 the Authority was ranked
second in the nation for municipal bond issuance.
The Honorable
David A. Paterson
Governor
State of New York
The Honorable
Thomas P. DiNapoli
Comptroller
State of New York
The Honorable
Malcolm A. Smith
Temporary President
New York State Senate
The Honorable Pedro Espada, Jr.
Majority Leader
The Honorable Sheldon Silver
Speaker
New York State Assembly
The Honorable Dean G. Skelos
Minority Leader
The Honorable Brian M. Kolb
Minority Leader
New York State Assembly
The Honorable Carl Kruger
Chair
Senate Finance Committee
The Honorable
Herman D. Farrell, Jr.
Chair
Assembly Ways and Means
Committee
The Honorable
John A. DeFrancisco
Ranking Minority Member
Senate Finance Committee
The Honorable Jim Hayes
Ranking Minority Member
Assembly Ways and Means
Committee
Alfonso L. Carney, Jr., Chair Paul T. Williams, Jr., President
Te Authority adopted new Financing Guidelines for independent
institutions to respond to the changing public fnance market
environment, authorizing unenhanced fnancings rated in the BBB
category and the private placement of bonds to qualifed institu-
tional buyers.
Te creation of Build America Bonds (BABs) as part of the
Economic Recovery and Reinvestment Act opened a new tax-
able fnancing option, one that ofers potential savings through
federal subsidies and has been well received by the market. Of the
approximately $3.1 billion Personal Income Tax (PIT) Revenue
Bonds issued in Fiscal Year 2010, $1.2 billion were BABs, yielding
savings to the State. In addition, DASNY issued Bank Qualifed
Bonds (BQBs) and Qualifed School Construction Bonds (QSCBs)
under new federal legislation.
Fiscal Year 2010 marked a major transition within DASNYs
Construction Division, with the operation reorganizing and
restructuring to increase efciency and reduce costs. Te
Construction Division managed a pipeline of more than 700 proj-
ects across New York with a combined value of $6.7 billion. Over
the course of the year, DASNY expended nearly $993 million on
construction projects in localities across the State.
Important projects completed during the year include renovations
at City College School of Architecture, Brooklyn Colleges West
Quad, Rockland Childrens Psychiatric Center, dormitory projects
at SUNY Binghamton, Oneonta, and Cortland and major renova-
tions to three branches of the Albany Public Library.
Major ongoing construction projects include the City University
of New Yorks Fiterman Hall, an expansion to John Jay College,
a new academic building for Medgar Evers College, and new
and renovated science facilities at Lehman College and Queens
College. New York City Health and Hospitals Corporation projects
in progress include a major modernization for Harlem Hospital
and new construction and renovations at Gouverneur Healthcare
Services and Jacobi Medical Center. Large projects for the Ofce of
Mental Hygiene include the new campus for the Bernard Fineson
Developmental Disabilities Services Ofce and a major redevelop-
ment of the Bronx Psychiatric Center. New York City Court proj-
ects include a new Staten Island Criminal and Family Court and
modernization of the Bronx Family/Criminal and Civil/Supreme
Courts. SUNY projects include new townhouse and residence
hall projects at Oswego, Stony Brook, and Albany, as well as re-
habilitation of dormitories at Potsdam, Brockport, and Oneonta.
DASNY also continued its commitment to sustainability, requir-
ing all major construction projects to register for LEED status
with a minimum goal of LEED Silver. For Fiscal Year 2010, green
projects include libraries in Albany and the newest dormitories
at Binghamton University, a SUNY school which was one of
18 schools nationwide named to the Princeton Reviews Green
Rating Honor Roll.
Te 2010 Business Diversity Act marked the culmination of the
historic work done by the Governors Executive Order 10 Task
Force. We are proud of DASNYs role in the passage of legislation
and the creation of policies removing obstacles that have histori-
cally limited the participation of Minority and Women-Owned
Business Enterprise (MWBE) frms in State procurements. At
DASNY we exceeded our MWBE construction goals by achiev-
ing more than 23 percent participation, with over $219 million
in expenditures to MWBEs during Fiscal Year 2010. Designations
to MWBE underwriting frms in calendar year 2009 for state-
supported debt transactions exceeded 30 percent. We have made
gains in the procurement of legal, accounting, and professional
services from MWBEs and we are committed to do more.
Tis is a time of challenge and opportunity, not just for the State
of New York, but the global economy. Te Dormitory Authority
is proud to do its part by ofering unparalleled expertise in
both public fnance and public construction, and leadership in
equity and diversity. We stand ready to assist the Governor, the
Legislature, and the people of New York as we prepare to meet
the challenges of a new decade.
Respectfully,
3
Year in Review
Mission Statement
Te Dormitory Authority of the State of New York (DASNY)
will be the public fnance and construction partner of choice,
providing customers with low-cost quality sources of capital
and facilities delivered on time by a responsive, innovative
team of professionals.
Year in Review
During a time of great economic
uncertaintynot just in New York
but around the globethe Dormitory
Authority of the State of New York
(DASNY) continued to fnance and build
projects that stimulated New Yorks
economy and created jobs.
Te Dormitory Authority demonstrated
its commitment to excellence, innovation,
and diversity in all the services it
delivered. DASNY implemented proposals
that expanded business opportunities
for women and minorities, initiatives
recommended by Governor David
Patersons Minority and Women-Owned
Business Enterprise (MWBE) Task
Force that have since become State law.
DASNY also maintained its dedication
to sustainability, applying its All Green,
Only Green standards to all new capital
construction.
DASNY: We Finance. We Build. We Deliver.
We can never lose sight of our end
goal, which is to create jobs and put
New Yorkers back to work.
Governor David A. Paterson, New York Academy of Sciences, June 8, 2009
5
Year in Review
Jobs, Jobs, Jobs
During Fiscal Year 2010, the Dormitory
Authority delivered 33 bond issues
totaling $7.157 billion. About 70 percent
of that amount fnanced new capital
projects, keeping New Yorkers working
on public and private projects during
the fscal year and helping the State
continue its recovery from the efects of
the global recession.
DASNY projects created thousands of
jobs throughout the year. By March
2010, New York State had added jobs for
the third straight month in a rowlow-
ering the States unemployment rate to
8.6 percent while the national average
held steady at 9.7 percent.
American Recovery and
Reinvestment Act of 2009
In 2010 the Dormitory Authority took
advantage of every stimulus tool avail-
able to it through the Federal American
Recovery and Reinvestment Act of 2009,
including a product that received im-
mediate attention in fnancial markets:
Build America Bonds. Build America
Bonds help lower the cost of fnancing
new capital projects by allowing state
and local governments to sell taxable
bonds and receive a Federal subsidy
equal to 35 percent of the interest costs.
With the subsidy, the states net interest
cost for Build America Bonds is less
than the interest rate associated with
traditional tax-exempt bonds.
Te U.S. Treasury reported that more
than $106 billion of Build America
Bonds were issued by state and local
governments in the frst 13 months of
the program, resulting in $12 billion in
savings. Build America Bonds made up
about 26 percent of the issuance for the
year and were the fastest growing part of
the $2.8 trillion municipal market, ac-
cording to a report by Bloomberg News.
Approximately $1.2 billion of the $3.1
billion in Personal Income Tax (PIT)
Revenue Bonds DASNY issued in Fiscal
Year 2010 were Build America Bonds.
Capital projects on the campuses of the
City University of New York (CUNY)
and the State University of New York
(SUNY) benefted from the savings
made available by Build America Bonds.
Enrollment at CUNY for the fall of
2010 was at an all time high of 260,000
students, and SUNY reported 464,981
enrolled students in 2009. Projects at
these institutions will create facilities
and educational opportunities for
future generations of New Yorkers who
will be well-prepared to take advantage
of the jobs created as the States econo-
my recovers.
President Barack Obamas 2011 budget
proposal would make the Build America
Bonds program permanent, lowering
the subsidy rate while expanding eligible
uses of Build America Bonds to support
fnancing for not-for-profts and a wider
range of municipal borrowing.
Te Recovery Act changed the rules
governing the eligibility for Bank
Qualifed Bonds issued in calendar
years 2009 and 2010. Te Dormitory
Authority used this opportunity to
issue Bank Qualifed Bonds for not-for-
proft borrowers. Te Recovery Act also
authorized the issuance of Qualifed
School Construction Bonds to fnance
improvements for public schools.
DASNY used these QSCBs to fnance
capital grants for school districts.
Te Authority also undertook its own
initiatives to provide increased access
to the tax-exempt market for its not-
for-proft clients at a time when sources
of credit enhancement were limited.
Among these initiatives were amend-
ments to the Authoritys Financing
Guidelines to permit the issuance of
unenhanced bonds for its private clients
having an investment grade rating, or
through the sale of unrated securities
through a private placement to qualifed
institutional buyers.
So far, the Recovery Act is responsible for the
jobs of about 2 million Americans who would
otherwise be unemployed. These arent just our
numbers; these are the estimates of independent,
nonpartisan economists across the spectrum.
President Barack Obama, February 17, 2010, the one-year anniversary of the signing of the Recovery Act
Job Creation Close to 70 percent of the $7.157
billion in bond issues the Dormitory Authority
delivered in Fiscal Year 2010 nanced new capital
projects, putting thousands of New Yorkers to work
on public and private projects and helping the
State continue its recovery from the effects of the
global recession.
7
Year in Review
Construction Division Reorganizes
and Creates Jobs through Major
Projects
DASNYs Construction Division has
continued to create jobs for New York
State through 715 projects across the
State worth more than $6.7 billion.
Construction expenditures on projects
managed by the Dormitory Authority
this year totaled close to $993 million,
refecting the progress of several large
capital projects in the design or con-
struction phase.
Even as the work continued, the staf of
the Dormitory Authority was evaluat-
ing its own performance, looking for
innovative ways to continue to improve
client service. In these difcult economic
times, customers had two concerns
value and price. In Fiscal Year 2010 the
Construction Division was reorganized
in an efort to increase efciency and
reduce costs. A major restructuring
created separate downstate and upstate
groups, each of which include design and
construction services. All new projects
will beneft from a more streamlined,
engaged process that is expected to also
result in signifcant savings to clients.
With several multi-year projects
like Fiterman Hall at the Borough
of Manhattan Community College,
Binghamton Universitys East Campus
Bronx Community College Construction is
ongoing for the North Instructional Building
at Bronx Community College, a new 100,000
square foot, $102.3 million facility that will
include instruction space, a library, open study
areas, and a learning center. Completion is
slated for May 2012.
Housing Project, the expansion of the
John Jay College of Criminal Justice,
Bronx Psychiatric Center, and more
underway, DASNY continued to be an
important economic engine for New
York State.
Expanded MWBE Opportunities
Te Dormitory Authority assumed a
leadership role in Governor Patersons
Executive Order 10 Minority and
Women-Owned Business Enterprise
(MWBE) Task Force, with DASNY
President Paul T. Williams, Jr. serving
as Task Force Chairman in addition to
his duties with the Authority.
Governor Paterson created the Task
Force in response to a 2006 Department
of Economic Development report that
found only 3 percent of all State procure-
ment contracts were awarded to busi-
nesses owned by women or minorities.
Te Governor accepted the Task Forces
fnal report in March 2010 and signed
the historic 2010 Business Diversifcation
Act into law in July 2010. Tis enactment
made major reforms to Article 15-A of
the Executive Law and other statutes
governing participation by Minority
and Women-Owned Enterprises in
public procurements.
Te E.O. 10 Task Force identifed
best practice initiatives which have
demonstrated signifcant positive results.
In the underwriting sector, for example,
MWBE frms received 4.3 percent of all
designations in State-supported debt
transactions in 2007. In 2008, when
State-supported debt issuers began adopt-
ing MWBE best practices, that fgure
increased to 23.9 percent. Within another
year, the total amount of MWBE designa-
tions in State-supported debt transactions
had increased by another 5 percent.
In Fiscal Year 2010, the Dormitory
Authority expanded its commitment to
the MWBE community and adopted the
Task Forces historic recommendations
to remove barriers to entry and increase
MWBE participation in legal, fnancial,
accounting, and professional service pro-
curements. DASNY initiated new strate-
gies to increase opportunities for MWBE
fnancial and professional services frms,
including authorizing joint ventures
and establishing a panel for emerging
law frms so that small law frms can
compete for legal assignments.
Public Service
In addition to service on the MWBE
Task Force, DASNY remained at the
forefront of New Yorks green move-
ment, with staf serving in leadership
positions on two groups created by
Governor Patersons Environmental and
Sustainability Executive Orders.
The Dormitory Authority continues to be a
leader in creating a level playing eld where
all qualied rmslarge and small, upstate
and downstate, minority-owned and majority-
ownedcan compete on equal footing for the
opportunity to do business with us.
Paul T. Williams, Jr., President of the Dormitory Authority of the State of New York, and
Chairman of the Minority and Women-Owned Business Enterprise (MWBE) Task Force
Harlem Hospital Paul T. Williams, Jr., President of
the Dormitory Authority, with other DASNY ofcials
at the steel topping off ceremony for New York
City Health and Hospital Corporations Harlem
Hospitals $244.1 million modernization project.
Front row from the left: Ron Gecsedi, Chief
Project Manager, Downstate, Michael Clay,
Director, Opportunity Programs Group, Paul T.
Williams, Jr., DASNY President, Peter Jackson,
Senior Project Manager, Steve Curro, Managing
Director of Construction, Chris Headley, Field
Representative III, Bethsaida Rios, Senior Assistant
Project Manager. Back row from the left: Dennis
Williams, Opportunity Programs Analyst, and John
Pasicznyk, Managing Director, Construction and
Metro NY Operations.
Staf members from the Dormitory
Authority also served on the Governors
Economic Stimulus Cabinet and
associated committees, including
Finance, Projects, Regulatory and
Implementation, Energy, and MWBE
subcommittees. Tey assisted the
Governors economic stimulus staf in
program development and implementa-
tion, project analysis, classifcation,
and assignment.
DASNY staf members screened 1,400
projects for eligibility for stimulus fund-
ing, helping determine eligibility and, if
needed, referring projects to the proper
State agency. Te Dormitory Authority
answered questions received via its
dedicated email and a special stimulus
section of its website regarding
stimulus projects.
99
We nance.
Public Finance
On the 48-acre campus of Long Island
Jewish Medical Center in Queens near the
Nassau County border, construction on
a new $300 million, 285,000 square foot,
state-of-the-art medical facility fnanced
by bonds issued by the Dormitory
Authority is well underway.
Long Island Jewish Medical
Center DASNY issued bonds in
part to nance the construction of
this 285,000 square foot, 88-bed
tower that will add an additional 35
obstetric beds, and various other
improvements to the hospital.
Te 88-bed Katz Womens Hospital will consolidate services
dedicated to the lifelong health and well-being of women
on seven of its 10 foors, and ofer a full range of maternity
services and clinical care for a range of diseases and disorders
afecting women. Featuring a sleek curved facade covered in
glass, the facility will serve as the centerpiece for the 54-year-
old medical complex and connect to the existing hospital
tower on the second and third foors. Bonds totaling $421.5
million were issued on behalf of North ShoreLong Island
Jewish Health System Obligated Group to fnance construc-
tion of the Katz Womens Hospital and a Bioskills Education
Center in Lake Success.
Fiscal Year Activity
Te Dormitory Authority delivered approximately $7.2 bil-
lion par value of bonds in Fiscal Year 2010. Approximately
63 percent of these bonds were issued on behalf of its public
clients such as the State University of New York (SUNY),
the City University of New York (CUNY), other State agen-
cies, and school districts; 28 percent were for its independent
higher education clients and other not-for-proft clients; and 9
percent were for independent health care clients.
Te largest public client bond issues included: four issues of
State Personal Income Tax (PIT) Revenue Bonds for clients
11
Public Finance
such as SUNY, CUNY, various ofces of the State Department
of Mental Health/Hygiene and capital grant programs,
totaling $3.1 billion; $616.7 million for Consolidated Service
Contract Refundings on behalf of various State agency clients,
$418.7 million for New York State School Districts; and
$252.8 million for Mental Health Services Facilities.
Te largest private client bond issues in Fiscal Year 2010
included: $466.6 million for New York University; $421.5
million for North ShoreLong Island Jewish Health System
Obligated Group; $369.9 million for Mount Sinai School of
Medicine; $305 million for Cornell University; $259.3 mil-
lion for Rockefeller University; $140.8 million for Yeshiva
University; $117.3 million for the University of Rochester;
and $117 million for Columbia University.
Of the almost $7.2 billion in bonds delivered, approximately
$4.9 billion fnanced new capital projects and $2.3 billion
refunded and refnanced existing debt. Te refunding op-
portunities resulted in present-value savings of $68.6 million
for Authority customers. An additional $428.9 million of
variable-rate demand bonds were reofered during Fiscal Year
2010 and are not included in the numbers above.
DASNY ended the year with a portfolio of bonds and notes
outstanding of approximately $41.8 billion, up from $38.2
billion the previous year. Of the total bonds outstanding, 54
percent were on behalf of public programs (such as State-
supported debt and school districts), 24 percent were on behalf
of independent higher education institutions and other not-for-
profts, and 22 percent fnanced independent health care.
New Tools Introduced in 2009
Build America Bonds and Qualifed School Construction
Bonds were among the new fnancial products the Dormitory
Authority introduced following the passage of the American
Recovery and Reinvestment Act of 2009. Te Build America
Bonds, which are taxable bonds for which the State receives a
35 percent Federal subsidy on interest costs, greatly reduced
the cost of borrowing for many of the States capital projects.
Te Recovery Act also authorized the issuance of Qualifed
School Construction Bonds, which efectively allows the State
to borrow at zero (or close to zero) percent interest for the re-
habilitation, repair, and equipping of schools. Te Recovery Act
$8 80
70
60
50
40
30
20
10
0
$3
$4
$5
$6
$7
$2
$1
$0
Par Amount of Bonds and Notes Issued

Bonds and Notes Outstanding by Major Program (as of March 31)
Nonprot Healthcare
New Money
Independent Colleges, Universities and Other Nonprots
# of Issuances
Public Facilities
Refunding
2008
54%
26%
20%
2009
24%
22%
54%
2010
22%
24%
54%
2008 2009 2010
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DASNY ended the
year with a portfolio
of bonds and
notes outstanding
of approximately
$41.8 billion, up
from $38.2 billion
the previous year.
Samaritan Medical Center
The Dormitory Authority issued
$55.6 million in bonds for the
construction of a 355-space
parking garage with a helipad,
a four-story patient tower, new
surgical suites, and a critical care
unit at Samaritan Medical Center
in Watertown. The nancing
also included the renancing
of the Institutions share of the
New York State Housing Finance
Agency Hospital and Health Care
Project Revenue Bonds, 1998
Series A Bonds.
Rochester Institute of
Technology
DASNY issued $85 million in
bonds in 2008 to construct a
new mixed-use Global Village
residential housing complex and
upgrade energy systems and
buildings throughout the campus.
The Global Village was completed
in 2010 for occupancy by stu-
dents in the Fall 2010 semester.
Rockefeller University
DASNY issued xed rate and
variable rate tax-exempt bonds
in the amount of $259.3 million
for Rockefeller University, a world
center for advanced study and
research in the natural sciences.
Proceeds are being used for the
completion of renovation and
reconguration of two halls into a
Collaborative Research Center.
13
Public Finance
other eligible not-for-proft organizations. Staf had provided
the Board with three workshops over the course of a year to
examine the credit and policy issues associated with possible
changes to the Authoritys Financing Guidelines. Te revi-
sions were considered necessary in light of changes in the
market environment, in particular the limited availability of
bond insurance and the inability of industrial development
agencies to provide fnancing opportunities.
As a result of this examination and process, the Authority
amended its Financing Guidelines to authorize unenhanced
fnancings for bonds rated in the investment grade category.
As revised, the Guidelines permit unenhanced fnancings for
bonds rated in the BBB category in addition to those rated in
the A category and better. Te Guidelines were also amended
to authorize the private placement of unrated bonds to quali-
fed institutional buyers who are sophisticated institutional
investors experienced in appropriate due diligence and mak-
ing informed investment decisions. Tese privately placed
bonds will be sold in large denominations, will not be ofered
to retail investors, and will not be able to be transferred to
investors that are not qualifed institutional buyers.
Hutchings Psychiatric Center DASNY nanced the bonds and is overseeing
the construction at this Syracuse-based facility. Renovations of Buildings 2
and 7 were recently completed, which provide inpatient services for children
and youth.
New York University The Dormitory Authority issued bonds for improvements
to numerous buildings on the campus of New York University.
authorized Qualifed School Construction Bonds to be issued
as tax credit bonds with investors receiving a Federal tax credit
in lieu of an interest payment. Recent changes to the Qualifed
School Construction Bond program created an option allow-
ing issuers to receive interest reimbursements on taxable bonds
equal to the full yield on the bonds, up to the tax credit rate.
New Yorks 2009 allocation of Qualifed School Construction
Bonds was approximately $192 million. DASNY issued about
$58 million in Qualifed School Construction Bonds last year,
leaving a remaining authorized balance of close to $133 mil-
lion to be issued in 2010.
Te Recovery Act also permitted the Authority to issue Bank
Qualifed Bonds in 2009 and 2010 for the beneft of some
of its private clients. In addition to taking advantage of the
provisions of the Stimulus Act, the Authority also took its
own actions to enable a broader array of not-for-profts to
borrow through the Authority. At its December 2009 Board
meeting, the Dormitory Authority Board approved modifca-
tions to the Authoritys Financing Guidelines for Independent
Institutions including, higher education, health care, and
Authority Executes Leases for Cutting-Edge Technology
Te Authoritys Tax-Exempt Leasing Program (TELP) is one of
the largest of its kind in the nation. During Fiscal Year 2010, the
Authority executed more than $254 million in 21 leases for cus-
tomers telecommunication, information technology, diagnostic,
and other medical equipment needs, saving them an average of
10 percent of their annual lease costs over taxable rates.
Since the programs inception, DASNY has helped clients se-
cure more than 370 leases to fnance more than $2.1 billion in
equipment including MRIs CT scanners, computer systems,
energy efciency, and other high-tech equipment.
As a result of new legislation, qualifed institutions will also be
able to use the Tax-Exempt Leasing Program in the future to
fnance not only computers and other equipment but also the
cost of developing the information technology sofware and
other systems needed to run the equipment.
Personal Income Tax (PIT) Revenue Bond Changes
Various changes in State law, some of which are temporary
but have now been extended for several years, have expanded
Memorial Sloan-Kettering Cancer Center The Dormitory Authoritys
Tax-Exempt Leasing Program (TELP) provided its largest technology and
equipment funding to the Memorial Sloan-Kettering Cancer Center for
computer, laboratory, medical surgical, and radiology equipment.
Unity Hospital of Rochester Through the Tax-Exempt Equipment Leasing
Program (TELP), Unity Hospital of Rochester obtained equipment for the renal
and pulmonary departments, the operating room, as well as information technol-
ogy equipment at signicant savings compared to alternative taxable leasing.
the role of the Dormitory Authority in the Personal Income
Tax Revenue Bond Program. One such change authorized
the Dormitory Authority and the Empire State Development
Corporation to issue Personal Income Tax Revenue Bonds
for all programs that may be fnanced under the Personal
Income Tax Revenue Bond program. Te other change
authorized DASNY to issue Personal Income Tax Revenue
Bonds for the Ofce of Mental Health, the Ofce of People
with Developmental Disabilities (the former Ofce of Mental
Retardation and Developmental Disabilities), and the Ofce
of Alcoholism and Substance Abuse Services facilities as an
alternative to issuing under the Authoritys Mental Health
Financing Program.
Te Dormitory Authority brought to market a $798 million
Personal Income Tax Revenue Bond fnancing in June 2009
that included $648 million for the Mental Health program.
Te bonds were successfully marketed at a true interest cost
of 4.87 percent. Tis represented a signifcant savings given
the higher rating and stronger credit of the Personal Income
Tax Revenue Bond program as compared to the Mental
Health program.
15
Issue and Purpose Amount
Blythedale Childrens Hospital Revenue Bonds $27,000,000
The Series 2009 Bonds were issued to pay the costs of the construction of a new two-story addition to the
existing hospital, renovation of the Respiratory Therapy Center and Family Resource Center, a new resource
library, addition of a new entrance and lobby, additional parking area, as well as acquisition and installation
of furnishings and equipment. (June 2009)
Brooklyn Law School Revenue Bonds 22,340,000
The Series 2009 Bonds were issued to refund the Authoritys outstanding Brooklyn Law School Insured
Revenue Bonds, Series 2003C auction rate bonds. (July 2009)
Columbia University Revenue Bonds 117,000,000
The Series 2009A Bonds were issued to nance various construction and renovation projects throughout
the Columbia University system. (May 2009)
Consolidated Service Contract Refunding Revenue Bonds 616,740,000
The 2009 Bonds were issued to refund certain maturities of the Dormitory Authority of the State of New
York, State University Educational Facilities Revenue Bonds, Series 1997 and Series 1998A Bonds;
Revenue Bonds (Ofce of General Services Issue), Series 1998 Bonds; Ofce Facilities Lease Revenue
Bonds (Department of Audit and Control), Series 1999 Bonds; Revenue Bonds (Department of Education
of the State of New York), Series 1998 Bonds; State University Athletic Facility Revenue Bonds, 1998
Bonds; and the Upstate Community Colleges Revenue Bonds, Series 1999A Bonds. In addition, the Bonds
were issued to refund certain maturities of the New York State Housing Finance Agency, Service Contract
Obligation Revenue Bonds, 1997 Series C, 1992 Series C, 1993 Series D, 1994 Series A, 1995 Series A
and 1996 Series A Bonds. (September 2009)
Cornell University Revenue Bonds 305,000,000
The Series 2009A Bonds were issued to renance a portion of the Authoritys outstanding Commercial
Paper Notes (Cornell University 1998 Issue) and various construction and renovation projects throughout
the Universitys campus. (April 2009)
Fordham Preparatory School Bank Qualied Private Placement Bonds 6,500,000
The Bonds were issued to pay the cost of constructing a new fourth oor to add chemistry, biology,
engineering science and forensic science laboratories, as well as a greenhouse, and renovations to the
existing physics labs, creation of six additional classrooms, and provide a dedicated music room and
orchestra practice space. (February 2010)
Friends Academy Bank Qualied Private Placement Bonds 6,500,000
The Bonds were issued to pay the cost of renovations to the Lower School facilities. (January 2010)
Hamilton College Revenue Bonds 12,700,000
The Series 2010 Bonds were issued to refund the Authoritys outstanding Hamilton College Insured
Revenue Bonds, Series 1999. (February 2010)
Hospital For Special Surgery FHA-Insured Mortgage Hospital Revenue Bonds 82,955,000
The Series 2009 Bonds were issued to pay the costs of a major expansion and renovation project that
will add approximately 60,000 square feet of new space to the East Wing of the Main Building and a new
mechanical rooftop space. (December 2009)
Lease Revenue Bonds (State University Dormitory Facilities Issue) 100,120,000
The Series 2009A Bonds were issued to nance new facilities and/or renovations to existing facilities at
Albany University, Binghamton University, Brockport, Buffalo State, Buffalo University, Canton, Cobleskill,
Cortland, Delhi, Geneseo, Morrisville, New Paltz, Oneonta, Oswego, Potsdam, Stony Brook University and
Utica/Rome. (November 2009)
New Issues
Bonds delivered during the fscal year ended March 31, 2010
Dormitory Authority State of New York (A Component Unit of the State of New York)
Marymount Manhattan College Revenue Refunding Bonds 49,275,000
The Series 2009 Bonds were issued to refund the Authoritys outstanding Marymount Manhattan College
Insured Revenue Bonds, Series 1999. (December 2009)
Master Boces Program Lease Revenue Bonds (Nassau County Issue) 17,525,000
The Series 2009 Bonds were issued to pay the costs of the acquisition of the property located at One
Merrick Avenue, Westbury, Long Island for utilization as an ofce building and a teacher training center.
(July 2009)
Mental Health Services Facilities Improvement Revenue Bonds 252,830,000
The Series 2010A Bonds were issued to current refund the Authoritys Mental Health Services Facilities
Improvement Revenue Bonds, Series 1998 and Series 1999 Bonds. (March 2010)
Mount Sinai School Of Medicine Of New York University Revenue Bonds 369,915,000
The Series 2009 Bonds were issued to pay the costs of construction, renovation, repairs and equipment
for an 11-story Center for Science and Medicine building and the 10-story 102nd Street Facility, as well as
utility upgrades to these two buildings. (November 2009)
New York Law School Revenue Bonds 40,500,000
The Series 2009 Bonds were issued to nance the construction and equipping of the Academic Building,
relocating the Mendik Law Library, and various other renovations and improvements. (June 2009)
New York University Revenue Bonds 466,640,000
The Series 2009A Bonds were issued to pay the costs of nancing, renancing or reimbursement of the
costs of construction, acquisition, capital improvements and equipment relating to projects at various
campus locations of the University. The Series 2009B Bonds were issued to renance indebtedness
incurred in connection with a facility for the School of Medicine. (December 2009)
North Shore-Long Island Jewish Obligated Group Revenue Bonds 421,505,000
The 2009A-D Bonds were issued to nance the cost of the construction of a 285,000 square foot, 88-bed
tower that will add an additional 35 obstetrics beds to the Long Island Jewish Medical Center and various
other hospital improvements. In addition, the 2009A Bonds were issued to nance the cost of infrastructure
improvements to the North Shore University Hospital. The Series 2009E Bonds were issued to refund a
portion of the North Shore-Long Island Jewish Obligated Group Revenue Bonds, Series 2007B Bonds.
(September 2009)
Northern Westchester Hospital Association Revenue Bonds 17,000,000
The Series 2009 Bonds were issued to pay the costs of the construction of a new two-story 38,500 square
foot addition to the existing hospital to accommodate an expanded and modernized Emergency Room
Department. (December 2009)
NYSARC, Inc. Revenue Bonds 46,150,000
The Series 2009A Bonds were issued to nance or renance various real estate acquisitions, renovations
and equipment purchases for participating Chapters. (July 2009)
Pratt Institute Insured Revenue Bonds 50,325,000
The 2009C Bonds were issued to pay the costs of the acquisition, construction and equipping of an
educational condominium unit to be built at 526-542 Myrtle Avenue, Brooklyn, New York. (August 2009)
Rockefeller University Revenue Bonds 159,295,000
The Series 2009A and Series 2009B Bonds were issued to current refund certain maturities of the
Rockefeller University Revenue Bonds, Series 1998. (April 2009)
17
New Issues (continued)
Rockefeller University Revenue Bonds 100,000,000
The 2009C Bonds were issued to pay the costs of renovation and modernization of several existing
buildings on the Universitys campus, renovation and expansion of the Universitys animal care facility and
the initial design and construction of a bridging building which will link two existing buildings. (August
2009)
Samaritan Medical Center Revenue Bonds 55,605,000
The Series 2009 Bonds were issued to pay the costs associated with the construction of a 355 space
parking garage with a helipad, a 4-story patient tower, new surgical suites and a critical care unit center. In
addition, the Bonds were issued to renance the Institutions share of the New York State Housing Finance
Agency Hospital and Health Care Project Revenue Bonds, 1998 Series A Bonds. (April 2009)
School District Revenue Bond Financing Program Revenue Bonds 62,330,000
The Series 2009A Bonds were issued to nance all or a portion of the costs of school district capital
facilities and equipment and to renance certain bond anticipation notes. (April 2009)
School District Revenue Bond Financing Program Revenue Bonds 356,405,000
The Series 2009B through Series 2009E Bonds were issued to nance all or a portion of the costs of school
district capital facilities and school district capital equipment and/or to renance certain bond anticipation
notes issued to nance all or a portion of the costs of school district capital facilities and school district
capital equipment. (June 2009)
Siena College Revenue Bonds 20,865,000
The Series 2009 Bonds were issued to fund the construction of a residence hall, including a dining facility.
(December 2009)
State Personal Income Tax Revenue Bonds (General Purpose) 798,010,000
The Series 2009A Bonds were issued to fund certain capital projects for State and voluntary agency
facilities for the Ofce of Mental Health, the Ofce for People with Development Disabilities formerly known
as the Ofce of Mental Retardation and Developmental Disabilities, the Ofce of Alcoholism and Substance
Abuse Services, and the City University of New York senior college facilities and community college facilities.
The Series 2009B Bonds were issued to current refund a portion of certain outstanding variable rate Mental
Health Services Facilities Improvement Revenue Bonds previously issued by the Dormitory Authority. The
Series 2009C Bonds were issued to current refund a portion of certain outstanding variable rate Mental
Health Services Facilities Improvement Revenue Bonds previously issued by the Authority that could not be
refunded on a tax-exempt basis. (July 2009)
State Personal Income Tax Revenue Bonds (General Purpose) 1,261,560,000
The Series 2009D Bonds were issued to fund projects and capital expenditures for State University of
New York facilities, SUNY Upstate Community College facilities and City University of New York Senior
College facilities, grants for private colleges and universities under the Higher Education Capital Matching
Grant program, grants under the Expanding our Childrens Education and Learning program, grants to
libraries for the acquisition, construction, renovations and rehabilitation of buildings, a State Court Ofcers
Training Academy and economic development grants under various programs, including the Community
Capital Assistance Program, the New York Economic Development Capital Program, the New York State
Technology and Development program, the New York State Regional Economic Development program,
the New York Economic Development Program, the New York State Capital Assistance Program, the New
York Economic Development Assistance Program, the Strategic Investment Program and other individual
projects. The Series 2009E Bonds were issued to fund projects and capital expenditures for SUNY facilities,
economic development grants under various programs, including the New York Economic Development
Capital Program, the New York Economic Development Program, the New York State Capital Assistance
Program and the New York Economic Development Assistance Program.
Bonds delivered during the fscal year ended March 31, 2010
State Personal Income Tax Revenue Bonds (General Purpose) (continued) The Series 2009F Bonds
are Federally Taxable Build America Bonds that were issued to fund projects and capital expenditures for
SUNY facilities, SUNY Upstate Community College facilities, CUNY Senior College facilities and certain
programs and projects that otherwise may be funded with the Series 2009D Bonds. (August 2009)
State Personal Income Tax Revenue Bonds (Education) Qualied School Construction Bonds 58,560,000
The Series 2009 Tax Credit Bonds were issued for the purpose of funding grants under the Expanding our
Childrens Education and Learning program. The Program nances capital works and purposes for school
districts which fall into one of the following categories: projects designed to enhance the use of technology;
health and safety improvement projects; expansion and new construction projects intended to increase the
availability of instructional space and reduce class size; projects designed to enhance accessibility of school
facilities for individuals with disabilities; and energy conservation projects. (October 2009)
The Series 2009G and Series 2009H Bonds were issued for the purposes of funding projects and capital
expenditures for CUNY Senior and Community College facilities. (October 2009)
The Series 2010A Bonds were issued to nance certain capital grants under the Healthcare Efciency
and Affordability Law for New Yorkers Capital Grant Program (the Heal NY Grant Program) and various
environmental and other infrastructure projects and grants, and to refund certain outstanding Mental Health
Services Facilities Improvement Revenue Bonds issued by the Authority. The Series 2010B Bonds were issued
to fund costs of certain required State matching contributions made to the Water Pollution Control Revolving
Fund, and for the payment of Refunded Mental Health Bonds that cannot be refunded on a tax-exempt basis.
The Series 2010C Build America Bonds were issued to fund capital expenditures for various environmental
and other infrastructure projects and to fund remediation of hazardous waste sites. (March 2010)
United Health Services Hospitals, Inc. FHA-Insured Mortgage Hospital Revenue Bonds 28,880,000
The Series 2009 Bonds were issued to refund all of the Dormitory Authority of the State of New York
United Health Services Hospitals, Inc. FHA-Insured Mortgage Hospital Revenue Bonds, Series 1997.
(October 2009)
University Of Rochester Revenue Bonds 117,279,240
The Series 2009A, Series 2009C and Series 2009E Bonds were issued pay the nance various design,
construction, and renovation projects throughout the University system, including reimbursement of
expenditures for projects on the River Campus, the Eastman School of Music, the School of Medicine and
Dentistry and the South Campus. The Series 2009B and Series 2009D Bonds were issued to refund the
Authoritys outstanding University of Rochester Revenue Bonds, Series 1997A, Series 1998A, Series 1999B
and Series 2000A Bonds. (July 2009)
Yeshiva University Revenue Bonds 140,820,000
The Series 2009 Bonds were issued to pay the costs of the construction, renovation and equipping of new
buildings located at the Universitys campuses in the Bronx and Manhattan, as well as the renancing of a
portion of the debt incurred to acquire and maintain certain facilities located at the Universitys campus in
Manhattan. In addition, the Bonds were issued to refund the Authoritys Yeshiva University Insured Revenue
Bonds, Series 1998. (July 2009)
Total: $7,157,144,240
19
Tax-Exempt Equipment Leasing Program (TELP)
Lease and Purpose Amount
United Health Services Hospitals, Inc. $5,145,000
Cardiology, imaging, radiology, operating room and information technology equipment. (June 2009)
State University of New York University Hospital at Syracuse 13,890,000
Cardiology, imaging, radiology, information technology and operating room equipment. (June 2009)
Mary Imogene Bassett Hospital 4,900,000
Obstetric, pediatric, nursing, operating room, inpatient and radiology equipment. (October 2009)
State University of New York Stony Brook University Hospital 15,530,000
Imaging, radiology, operating room, respiratory and information technology equipment. (July 2009)
State University of New York University Hospital Medical Center at Brooklyn 20,000,000
Cardiology, nursing, computer, oncology and radiology equipment. (September 2009)
The Unity Hospital of Rochester 5,000,000
Renal, operating room, pulmonary and information technology equipment. (August 2009)
White Plains Hospital Medical Center 2,496,425
Imaging, cardiac and operating room equipment. (August 2009)
NYU Hospitals Center 46,141,845
Ambulatory, information technology and cardiology equipment. (September 2009)
Hospital for Special Surgery 5, 980,000
Operating room, radiology, inpatient and laboratory equipment. (October 2009)
The New York and Presbyterian Hospital 4,295,172
Imaging equipment. (October 2009)
Winthrop University Hospital 7,995,668
Nursing administration, respiratory therapy, information systems and recovery room equipment. (October
2009)
United Health Services Hospitals, Inc. 4,560,000
Ambulatory and radiology equipment. (November 2009)
Rome Memorial Hospital, Inc. 1,935,034
Radiology equipment. (December 2009)
Lease and Purpose Amount
The New York and Presbyterian Hospital 4,682,131
Catheterization lab and operating room equipment. (December 2009)
Albany Medical Center Hospital 4,777,823
Clinical, research, support and information technology equipment. (December 2009)
Monteore Medical Center 12,981,544
Cardiology, radiology, imaging and oncology equipment. (January 2010)
Catholic Health System, Inc. Obligated Group 4,415,528
Information technology equipment for the following obligated group members: Kenmore Mercy Hospital,
Mercy Hospital of Buffalo, Sisters of Charity Hospital of Buffalo, New York (Main Campus), Sisters of Charity
Hospital of Buffalo, New York (St. Joseph Campus). (January 2010)
St. Johns University, New York 4,000,000
Information technology equipment. (August 2009)
Memorial Sloan-Kettering Cancer Center 75,000,000
Building/facility, computer, laboratory, medical surgical and radiology equipment. (August 2009)
NYSARC, Inc. 5,596,684
Information technology, telecommunications, manufacturing and transportation equipment. (December
2009)
Staten Island University Hospital 4,744,692
Energy and environmental equipment. (August 2009)
Total: $254,067,546
Closed during the fscal year ended March 31, 2010
21
We build.
For years Fiterman Hall stood as a reminder of the one day
every New Yorker wants to forget. In 2008, DASNY negoti-
ated an insurance settlement and additional State and local
funding was committed that enabled the decontamination
process to begin. Afer decontaminating the damaged build-
ing, it was deconstructed and razed to the ground.
Construction
On September 10, 2001, the gut
renovation of the Borough of
Manhattan Community Colleges
15-story Fiterman Hall at 30 West
Broadway in Lower Manhattan, was
more than 90 percent complete and
the building was months away from
reopening. By the end of the next day
Fiterman Hall was contaminated and
uninhabitable afer debris from the
collapsing 7 World Trade Center ripped
gashes in the buildings southern and
eastern facades.
Borough of Manhattan Community
College Construction continued
on the Borough of Manhattan
Community Colleges new 14-oor,
$325 million, environmentally-
friendly Fiterman Hall. The original
building was decontaminated and
deconstructed after it was damaged
following the terrorist attacks on
September 11, 2001.
23
Albany Public Library DASNY
completed a series of projects
for the Albany Public Library
that included two new branches
and the renovation of three
existing libraries.
In 2009, construction on a new 14-foor, $325 million,
environmentally friendly Fiterman Hall began. Te project
is scheduled for completion in 2012, and the Borough of
Manhattan Community College will gain 96 classrooms, ofce
space, community gathering areas, a conference center, art
gallery, and cafe.
Although Fiterman Hall may be the DASNY-managed con-
struction project with the most dramatic history, it is only
one of more than 700 projects managed by the Dormitory
Authoritys Construction Division.
Construction
Fiscal Year Activity
At the close of Fiscal Year 2010, the Dormitory Authority
had a total construction workload of 715 projects valued at
more than $6.7 billion. Expenditures on projects for which
the Authority provided services during the fscal year totaled
nearly $993 million, up from $839 million the previous year.
Tis increase is the result of the progress on major, multi-year
construction projects that keep 1,200 workers employed on
any given day.
Projects completed in Fiscal Year 2010 include the renovation
of the School of Architecture for City University of New York
SUNY Brockport The Dormitory
Authority issued bonds and managed
the construction of several projects
at SUNY Brockport during the year,
including this $10.6 million renova-
tion of MacVicar Hall, housing for
rst-year students at the college.
(CUNY), a new building at Rockland Childrens Psychiatric
Center, and the renovation of three branches of the Albany
Public Library along with the opening of two new branches.
As they have every summer for years, campuses of the State
University of New York (SUNY) relied on the Dormitory
Authority for the repairs needed to prepare student housing for
the new academic year while continuing major projects to build
new dormitory facilities for a growing student population.
Tese projects and others demonstrate DASNYs commitment
to getting the job done well and getting it done on schedule.
SUNY Oswego Major ongoing Dormitory Authority-managed projects for
SUNY Oswego include a new, $44 million, 350-bed townhouse residence hall
(shown here), and the design, construction, rehabilitation, and upgrades of
other buildings on campus.
Ofce of Alcoholism & Substance Abuse Services Six substance abuse
treatment facilities, including this one for the Renaissance Project, in
Ellenville, NY, were completed by DASNY.
Te Dormitory Authority also continued its All Green, Only
Green initiative, requiring major capital construction proj-
ects to register for LEED Silver certifcation and encouraging
the inclusion of sustainable construction approaches in all of
its projects.
Construction Division Reorganization
Te Construction Division underwent a major reorganiza-
tion in an efort to provide the most efcient service and
best value for Authority clients. Afer reviewing customer
feedback, the Construction Division implemented a major
resource and process reorganization throughout 2010. Te
25
Division now consists of two groups, downstate and upstate,
with both design and construction services contained in each.
Supporting units include Procurement, Project Controls, and
Code Compliance.
All new projects are managed under the recently implemented
design-construction model. Te design area is led by an
internal design professional; architect or engineer. Benefts in-
clude a more efcient design review process, accommodation
for construction phase project managers to remain actively
engaged on projects through the closeout of all construction
contracts, and, with the efciency gains, anticipated savings to
customer agencies.
DASNYs construction project managers continue to oversee
the construction phase, but will be able to invest renewed
focus into project closeout. DASNY believes that the con-
struction project manager who has been dealing with the
contractors all along is best suited to close out a project or a
contract. By aligning resources and expertise in the right parts
of a construction project, whether design, procurement, or
construction, the Dormitory Authority plans to meet its goal
of reducing costs.
Consultant Site Safety Initiatives
DASNY has always considered construction site safety a top prior-
ity. In 2009, two site safety consultants were procured and have
been deployed to capital projects throughout 2010. One rm is
handling the upstate projects and administration of the program,
while another concentrates on the downstate projects. The two
rms conducted more than two dozen safety surveys during 2010
on DASNYs largest capital projects.
SUNY Oneonta Completed DASNY construction projects during the year
included the $8 million gut rehabilitation of Tobey Residence Hall on the
campus of SUNY Oneonta, adding 50 beds for the college, and new workout
space for students.
SUNY Cortland The $6 million renovation of the circa 1962 Fitzgerald Hall
dormitory at SUNY Cortland was completed during the year. Renovations
included new laundry machines and the cost for using the machines is
included in student dining plans.
City College of New York School of Architecture DASNY completed the $86
million gut renovation to the School of Architecture at City College, which
included the addition of two oors as well as all new electrical, mechanical,
and plumbing systems. The building features electronic classrooms, studio
spaces, a model shop, an exhibit hall featuring an atrium open to the roof,
a library, oating stairways, bridges traversing the Atrium, and an exterior
roof-top amphitheater for student use.
Manhattan Family Court This project was a phased renovation which
included complete facade replacement, entrance lobby renovation, and reno-
vation of 13 existing courtrooms and ancillary space as well as the creation of
two new courtrooms.
Construction
27
Borough of Manhattan Community College: Te decontam-
ination and deconstruction are complete and construction of
the new building, Fiterman Hall, is underway ($325 million);
Bronx Community College: North Instructional
Building ($102.3 million);
CUNY Advanced Science Research Center and new City
College Science Facility ($596.8 million);
John Jay College of Criminal Justice: Expansion project
($587.3 million);
Medgar Evers College: New academic building
($247.3 million);
Lehman College: New science facility ($68.5 million);
Queens College: Renovation of biology and chemistry labs
in Remsen Hall ($39.1 million);
State University College at Oswego: New 350-bed town-
house residence hall ($44.0 million);
State University of New York at Stony Brook: New 600-bed
residence hall ($62.0 million);
State University College at Potsdam: Rehabilitation to
Lehman, Bowman, and Knowles Halls ($15.3 million);
Fashion Institute of Technology: Renovations and
conversion into lab and ofce space ($33.4 million);
State University College at Brockport: Renovations of
MacVicar Hall ($10.6 million);
State University College at Oneonta: Major rehabilitation
of student residencesWilber Hall ($8.6 million) and
Golding Hall ($9.0 million);
State University of New York at Albany: New 500-bed
residence hall ($58.8 million);
State University of New York at Binghamton: Part of the
East Campus housing project, three new residence halls and
a collegiate center dining hall ($185.9 million);
Harlem Hospital Center: Major modernization
($244.1 million);
Gouverneur Healthcare Services: New construction and
renovations ($199 million);
HHC Emergency Power Systems: Upgrade and expansion of
the emergency power systems at seven facilities ($99 million);
Jacobi Medical Center: Modernization projects
($51.3 million);
Bernard Fineson Developmental Disabilities Services
Ofce: New nine-building campus ($104.8 million);
Bronx Psychiatric Center: Major redevelopment program
comprised of several new buildings ($344.0 million)
Rockland Psychiatric Center: New construction of a
support services building ($23.1 million);
Staten Island Criminal and Family Court: New court
facility ($208.2 million);
Bronx Family/Criminal Courthouse: Modernization
project ($57.6 million);
Bronx Civil/Civil Supreme Court: Modernization project
($36.6 million); and
Albany Public Library: New construction of a branch
library on Henry Johnson Blvd. ($5.7 million) and new
construction of a branch on New Scotland Avenue
($4 million).
Construction
John Jay College of Criminal Justice
The $587.3 million expansion to
John Jay College of Criminal Justice
continued during the year. This facil-
ity for CUNY will be a world leading
center for law enforcement and
forensic training.
Major Ongoing Dormitory Authority-Managed Projects include:
Expenditures on projects for which the Authority
provided services during the scal year totaled
$993 million, up from $839 million the previous
year. This increase is the result of the progress of
major, multi-year construction projects.
29
New Construction Projects
Project and Purpose Amount
City University of New York (CUNY)
Bernard M Baruch College $3,400,000
Modernization and rehabilitation of the 10 escalators in the Newman Vertical Campus. (March 2009)
Brooklyn College 1,000,000
Replacement of the hot water circulating pumps in Whitehead Hall. (June 2009)
City College of New York 2,150,000
Complete renovation of the Marshak Buildings six passenger elevators. (June 2009)
Eugenio Maria De Hostos Community College 9,154,000
Complete interior renovation and asbestos abatement of the 5th oor of the 500 Grand Concourse building,
as well as replacement of the entire roof and renovation of all of the bathrooms in the building. (July 2009)
Kingsborough Community College 3,634,000
Fire alarm upgrades at the Physical Education building, Arts and Sciences building and the Library.
(December 2009)
Queensborough Community College 18,000,000
Design and construction for the replacement or new installation of building step down transformers,
associated wiring, switchgear, transfer switches and generators for the RFK Gymnasium, Service Building,
Administration Building, Science Building, Technology Building, Humanities Building, Library and Student
Center. (November 2009)
Queens College 1,700,000
Design and construction of three new high efciency electric centrifugal chillers with variable frequency
drives, and two winter cooling remote condensing units and associated mechanical work. (August 2009)
Ofce of Mental Health (OMH)
Bronx Psychiatric Center 3,100,000
The demolition of Building 4, one component of the Bronx Mental Health Redevelopment project.
(December 2009)
Hutchings Psychiatric Center 19,000,000
Reconguration and modication of Building 8 to house long-term inpatient adults. (January 2010)
Mohawk Valley Psychiatric Center 1,785,000
Installation of new stand-alone air conditioning chillers in Buildings 63 and 64. (December 2009)
Rockland Psychiatric Center 1,230,000
Replacement of the Building Management Systems in Buildings 57-60. (December 2009)
Fiscal year ended March 31, 2010
(Includes projects valued at $1 million and above)
Ofce for People with Developmental Disabilities (OPWDD)
Brooklyn Developmental Disabilities Services Ofce 1,445,000
Design and bid services to facilitate conversion of a former OCFS residence into an eight-bed
Individualized Residential Alternative. (November 2009)
Phased rehabilitation of bathrooms in Buildings 1 through 5. (March 2010)
Capital District Developmental Disabilities Services Ofce 3,250,000
Ceiling abatement in Buildings 5 and 6, as well as replacement of condensate lines, remediation of
damaged areas and associated duct work, and replacement of equipment above the ceilings. (July 2009)
Ofce of Mental Retardation Various Developmental Disabilities Services Ofce 1,000,000
Investigation and analysis of sprinkler systems at various Ofce of Mental Retardation and Developmental
Disabilities facilities statewide. (November 2009)
Western New York Developmental Disabilities Services Ofce 1,703,338
Abatement, demolition and partial design for two 3,800 s.f. Individualized Residential Alternatives.
(April 2009)
Western New York Developmental Disabilities Services Ofce 1,281,851
Design and construction of two seven-bed modular Individualized Residential Alternatives. (February 2010)
New York City Health and Hospitals Corporation (NYC HHC)
Coler Hospital 25,000,000
Design and construction of a new re protection sprinkler system for the Coler campus. (November 2009)
New York City Ofce of Chief Medical Examiner (NYC OCME)
Bronx OCME 30,000,000
Construct a new 40,000 s.f. mortuary for the Ofce of the Chief Medical Examiner on the grounds of the
Jacobi Medical Center. (January 2010)
State University of New York (SUNY)
SUNY at Binghamton 12,075,500
The abatement and demolition of Bingham and Broome residence halls and Newing Dining Hall, as well as
site work and utilities, as part of the East Campus Housing project. (April 2009)
SUNY at Binghamton 1,380,519
Removal of the existing re alarm system, and installation of a new fully addressable re alarm and detection
system in buildings in the Dickinson Community. (April 2009)
State University College at Brockport 3,650,000
Installation of heavy commercial grade window replacement units at Bramley, Briggs, Perry and Mortimer
Halls. (March 2010)
31
New Construction Projects (continued)
State University College at Buffalo 1,000,000
Design and construction of a fully addressable re alarm system for MacDonald, Pritchard, and Schoellkopf
Halls. (June 2009)
State University College at Buffalo 2,100,000
Abatement of asbestos containing materials, including ooring and ceilings, in four buildings. The project will
also include painting and installation of new ooring and ceilings. (October 2009)
State University College at Cortland 5,400,000
Interior renovations including painting, ooring and bathroom renovations, and mechanical system upgrades
at Cheney Hall. (November 2009)
State University College at Oneonta 8,500,000
Major rehabilitation of Littell Hall, including new construction of center core area and roof. (November 2009)
State University College at Oswego 6,500,000
Phase V of the concrete shell restoration and window replacement project at several buildings. (August
2009)
Communications systems upgrade involving improvement of the residence hall electronic and electrical
infrastructure, and adapting the campus network to accommodate current construction activities,
modernize the network and provide for future technology capabilities. (August 2009)
Design and construction for the rehabilitation of four buildings. (August 2009)
State University College at New Paltz 12,500,000
Renovation of the Crispell Residence Hall. (January 2010)
State University College at Plattsburgh 4,141,836
Building renovations, including asbestos abatement, plumbing, building envelope, re sprinkler protection,
heating, lighting, electrical upgrades, interior nishes, lobby and Americans with Disabilities Act compliance.
(March 2010)
SUNY College of Agriculture & Technology at Morrisville 1,000,000
Windows replacement at Pond Quad residence halls. (October 2009)
SUNY College of Agriculture & Technology at Morrisville 6,350,000
Interior renovations and asbestos removal at Mohawk Hall. (March 2010)
SUNY College of Technology at Alfred 1,202,891
Roof replacement at Maingate A and B Residence Halls. (June 2009)
SUNY College of Technology at Alfred 1,111,194
Sprinkler installation at Burdick and Getman Student Residence Halls. (July 2009)
SUNY College of Technology at Canton 1,300,000
Rehabilitation of the exterior and roof at Heritage and Rushton Halls. (December 2009)
SUNY College of Technology at Delhi 1,600,000
Phase III of the continued abatement and renovation of existing bathrooms in Russell Hall and removal and
replacement of domestic water heaters. (April 2009)
SUNY Maritime College at Fort Schuyler 1,356,550
Replacement of the re alarm system in Baylis Hall, modications of the re alarm system in Vanderclute
Hall, and associated abatement work. (October 2009)
Modied Service Projects
Homeless Housing Assistance Corporation (HHAC) 130,182,303
Six projects for new construction and renovations at homeless housing facilities across the state in the
following counties: Kings, Monroe, Oneida and Rensselaer.
Ofce of Alcoholism & Substance Abuse Services (OASAS) 49,466,000
The Authority provided funding and offered technical assistance at renovations and new construction for
nine OASAS projects in seven counties.
SUNY Community Colleges 68,557,770
Twenty projects at Broome, Corning, Erie, Fashion Institute of Technology, Hudson Valley, Jamestown,
Mohawk Valley, Nassau, Onondaga, Orange County, Rockland, Tompkins-Cortland and Westchester
Community Colleges.
33
Completed Construction Projects
City University of New York
Brooklyn College $137,583,653
Construction of a new facility to consolidate student services, provide functional and accessible physical
education facilities, classrooms, and campus services. Along with the demolition of the Plaza Building, the
project includes the demolition of the Bedford Avenue Bridge, and partial reconstruction of the facades of
James and Roosevelt Halls. (November 2009)
Mechanical upgrade in the lower levels of the Marshak Building, including variable air volume units,
replacement of portions of existing ductwork and a heating and ventilation unit. (June 2009)
Removal and replacement of deteriorated wood joists, selective repair of exterior limestone and repair of
deteriorated brick masonry wall and chimney at the rear courtyard of the Alumni House. (April 2009)
Complete gut renovation of a building to house the Bernard and Ann Spitzer School of Architecture. Two
additional oors were added, as well as all new electrical, mechanical and plumbing systems. The building
features electronic classrooms, studio spaces, a model shop, an exhibit hall featuring an atrium open to
the roof, a library, oating stairways, bridges traversing the Atrium and an exterior roof-top amphitheater for
student use. (June 2009)
CUNY School of Law at Queens College 1,650,000
Mechanical upgrades and cooling tower and controls system replacement at CUNY Law School. (April
2009)
Hunter College 24,532,000
Total interior and exterior renovation of the landmarked Roosevelt House to meet new program
requirements. (March 2010)
Medgar Evers College 2,900,000
Rehabilitation of thirteen modular buildings, including ooring, roong, decking, asbestos containing tile
ceilings, heating/ventilation/air conditioning, asphalt topping and vinyl siding. (August 2009)
Medgar Evers College 1,500,000
Complete replacement of the re alarm system in the Bedford Building. (October 2009)
Queensborough Community College 2,500,000
Replacement of two service transformers and switchgear. (December 2009)
York College 2,245,000
Design and construction of an alternate egress from the balcony of the main auditorium space in the
Performing Arts Center. (May 2009)
Various CUNY Senior Colleges 15,122,982
Roong replacements, door storefront replacements, various masonry and miscellaneous work. (June 2009)
Ofce of Mental Health
Binghamton Psychiatric Center 2,900,000
Construction of a new code compliant 24-bed residential transitional living unit. (June 2009)
Elmira Psychiatric Center 1,691,000
Bathroom accessibility and abatement in Buildings 2 through 7. (March 2010)
Manhattan Psychiatric Center 2,670,000
The reconstruction of the steam tunnel roof and wall in Building 122. (June 2009)
Pilgrim Psychiatric Center 1,601,813
Installation of personal assistance systems in various buildings. (July 2009)
Queens Childrens Psychiatric Center 3,600,000
Repoint and waterproof exterior brick on Building 55. (September 2009)
Rockland Childrens Psychiatric Center 55,500,000
Construction of a new 56-bed building to replace Building 124, that includes four 14-bed wards, program,
school and administrative space and secure outdoor recreation space. (February 2010)
Sagamore Childrens Psychiatric Center 6,851,795
Replacement of the re alarm and sprinkler systems. (July 2009)
Ofce for People with Developmental Disabilities (OPWDD)
Demolition of an existing building and new construction of a seven-bed State Operated Individual
Residential Alternative. (March 2010)
Design and construction of the replacement of ten air handling units. (March 2010)
Hudson Valley Developmental Disabilities Services Ofce 2,463,329
Phase I site work at the Bryant Avenue complex, including gas lines, new roads, site lighting and drainage.
(November 2009)
Ofce of Alcoholism & Substance Abuse Services
McPike Addiction Treatment Center 1,198,000
Miscellaneous renovations to an existing facility, including exterior grading, soft replacement and gutter
installation, insulation, security screens and front entrance replacement. (June 2009)
Miscellaneous Programs
Albany Public Library-Howe Branch Renovation 5,242,638
Complete renovation of existing building. (December 2009)
Albany Public Library-Pine Hills Renovation 4,784,436
35
Completed Construction Projects (continued)
Albany Public Library-Delaware Avenue Renovation 4,728,074
State University of New York
Binghamton University 2,273,407
Completion of Phase I construction, consisting of complete removal of the existing re alarm and installation
of a new fully addressable re alarm and detection system. (July 2009)
Phased removal of the existing re alarm system and installation of a new fully addressable re alarm and
detection system. (August 2009)
Design and construction for the rst of eight planned residence halls in this multi-phased project. The
building is 117,000 gross square feet and has 345 beds. (August 2009)
College at Brockport 3,300,000
Installation of a new smoke and re alarm system for nine residence halls. The new system will be
compatible with the existing campus re and smoke alarm system. (July 2009)
University at Buffalo 1,567,000
Phase 2 Pump House at the Ellicott Complex. (July 2009)
Fire safety improvements at the Ellicott Complex. (August 2009)
Bathroom renovation and asbestos abatement at the Ellicott Complex. (August 2009)
Roof repairs at the Ellicott Complex. (November 2009)
Bathroom renovations at the Ellicott Complex. (January 2010)
Cortland 6,061,000
Renovations to Fitzgerald Hall, including system upgrades. (August 2009)
Geneseo 7,450,000
Mechanical systems upgrade at Saratoga townhomes. (February 2010)
New Paltz 1,960,653
Provide National Fire Protection Agency 13R re sprinkler systems to Gage, Bouton and College/Shango
Halls. (September 2009)
Oneonta 8,000,000
Total gut rehabilitation of Tobey Residence Hall with the addition of 50 new beds. (July 2009)
Oswego 2,010,000
Replacement and modernization of elevators in Cayuga, Onondaga and Seneca Halls. (August 2009)
Plattsburgh 1,250,000
Renovations to Banks Hall bathrooms. (June 2009)
Morrisville State College 2,775,000
Design and construction to replace re alarm system at the East, Fountainview, Helyar, Mohawk, Onondaga,
Stewart, South and West residence halls. (August 2009)
Alfred State College 1,900,000
Design services for Sprinkler Fire Protection of Peet, Braddon and Burdick Halls. (August 2009)
Delhi 4,190,000
Russell Hall bathroom rehabilitation Phase I completion. (August 2009)
Delhi 1,600,000
Russell Hall bathroom rehabilitation Phase II completion. (August 2009)
Modied Service Projects
Gen*NY*sis 20,000,000
One new laboratory was constructed and furnished for the Center of Excellence in Bioinformatics at the
Cold Spring Harbor Laboratory. (June 2009)
Homeless Housing Assistance Corporation 82,922,514
Seven renovations and/or construction projects were completed at homeless housing facilities across New
York in the following counties: Bronx, Kings, New York, Oneida, Onondaga and Steuben.
Ofce of Children and Family Services 1,235,482
The substantial rehabilitation of two existing buildings and the new construction of a transitional space that
connects the buildings. (September 2009)
Ofce of Alcoholism & Substance Abuse Services 37,116,500
Completion of six projects at substance abuse treatment facilities, including additions and upgrades at St.
Josephs Villa, Catholic Charities of Rochester, Cazenovia Manor Residence, Hope House Youth Program,
Albert Einstein College of Medicine and Renaissance Project.
State University of New York Community Colleges 19,000,000
Completion of three projects at Dutchess, Monroe, and Ulster County Community Colleges. (June 2009)
37
We deliver.
Opportunity Programs Group
DASNY: Leading the Way in Diversity
and Sustainability
DASNY President Paul T. Williams, Jr.
contributed not only leadership, but
knowledge gained from the Authoritys
experience promoting minority and
women-owned businesses when he
became Chairman of Governor Patersons
Executive Order 10 Minority and
Women-Owned Business Enterprise
(MWBE) Task Force. In March 2010,
the Task Force released a fnal report
ofering concrete recommendations to
increase the participation of MWBE
frms in all State agencies and authorities
beyond construction and underwriting
procurements, to also include legal,
fnancial, and professional services.
Harlem Hospital The $244.1 million
modernization of Harlem Hospital for
the New York City Health and Hospitals
Corporation includes a Curtain Wall
on the facade of the New Patient
Pavilion that features 429 glass
panels depicting three images from a
WPA-era mural. Vertis Hayes original
eight-panel mural The Pursuit of
Happiness follows the history of
African-Americans in this country.
Te Task Force recommendations included creating a uni-
form RFP process for underwriters that would be used by all
State-supported debt issuers. It recommended outreach to
MWBE frms, a reform to requirements seen as barriers to
MWBE frms, and encouraged joint ventures with majority
frms. In addition, Task Force recommendations called for
diversity requirements for all frms doing business with New
York State.
39
Te recommendations have been implemented and proven ef-
fective at DASNY and, even more importantly, they have been
included in the historic 2010 Business Diversifcation Act
signed into law by Governor David Paterson in July 2010.
Construction
Eforts to increase the participation of Minority and Women-
Owned Business Enterprises (MWBE) have been part of
the culture of the Dormitory Authority since 1971 when it
began expanding opportunities for construction frms. By
1975, more than 40 contracts on 20 projects were awarded
to MWBE construction frms, and by 1986, that number had
risen to almost 160 contracts on 80 projects. Today DASNYs
Opportunity Programs Group is not only continuing, but
expanding its leadership, achieving record awards to MWBE
construction and commodity frms in Fiscal Year 2010.
In addition, DASNY ofers a rich array of technical and pro-
fessional programs and support services specifcally designed
to assist MWBE contractors, construction professional ser-
vices frms, and commodities providers. Tese include:
Historic Bill Signing Gov. David A. Paterson accepted the recommendations
of the Executive Order 10 Minority and Women-Owned Business Enterprise
(MWBE) Task Force and signed the historic 2010 Business Diversication Act
into law in July 2010. The new law will assure increased MWBE participation
in all public procurements by New York State and its Public Authorities.
Construction Contracting Program
EEO Minority & Women Workforce
Participation Program
Commodity Compliance Program
Construction-related Professional Services Program
City University of New York (CUNY) Set-Aside
Program
Authorization of an MWBE Surety Bond/Capital
Assistance Program Fund
Te Dormitory Authority Board approved a $3 million
Surety Bond/Capital Access Fund and program for MWBE
contractors for implementation in 2009. Te lack of available
surety bond capacity for MWBE frms is a major barrier to
their development from subcontractors to prime contractors
and limits the capacity of MWBE prime contractors to bid
on public projects.
Te Surety Bond/Capital Access Fund consists of $2 million
to assist in mitigating the risk of surety bonds authorized
as a result of the DASNY bonding program, and $1 million
to facilitate bank loans, which will provide capital access to
those frms. Te bond program will enable MWBE contrac-
tors to bid on larger projects and over time establish a track
record that could lead to work for other State authorities and
agencies, while the loan program will enable them to build
banking relationships and secure bridge loans.
More than 25 MWBE frms throughout the State are par-
ticipating in the Dormitory Authoritys 18- to 24-month
training and mentoring program with the goal of successful
procurement of secure bonding in the traditional bond-
ing markets, positioning them to compete for other public
and private prime contractor contracts in the future. Te
participants are actively seeking work with the Dormitory
Authority and other authorities and executive agencies state-
wide. Afer the frst class graduates, another group will be
invited to participate in an efort to continually expand the
pool of trained MWBE contractors and increase economic
development in all areas of New York State.
Green/LEED Training Held for MWBE Subcontractors,
Vendors, and Suppliers
DASNY sponsored its second LEED construction training for
MWBE frms in August 2009. Sixty MWBE frms attended
and completed the four-hour course in conjunction with
the NY Upstate Chapter of the United States Green Building
Council (USGBC) and the U.S. Department of Commerce -
Minority Business Development Agency (MBDA). Tis LEED
for Contractors course helps small contracting companies
become familiar with LEED construction requirements and
encourages them to focus on green building skills as a market
advantage and to create relationships to further green their
business for a stronger, more resilient economic future. Te
training helps them acquire the skills needed to win contracts
and perform high-quality work on more common as well as
cutting-edge sustainable building projects. Te day concluded
with a networking session where prime contractors met with
the newly trained frms.
Finance
MWBE Financial and Professional Services
In 2009, as a result of Executive Order 10, DASNY adopted
aggressive business diversity practices that expanded its uti-
lization of competitive MWBEs in fnancial and professional
services categories. Te momentum, continuing through 2010
and on into subsequent years, creates healthier competition
for the States business as the Dormitory Authority engages
every segment of its community in ofering cost-efective,
expert execution services to clients. Located in the fnancial
capital of the world, DASNY is leading the way in ensuring a
viable base of minority and women entrepreneurs capable of
not only meeting the Authoritys demanding needs, but those
of other large scale public and private sector institutions,
which will ensure that New York is one of the most competi-
tive states in the country.
Giving primary focus to categories having signifcant and/or
competitive MWBE business presence, DASNY was success-
ful in engaging such frms in ways never before done at the
Authority.
Construction & Commodities MWBE Goals and Results
FY 2010
MBE Goal MBE Result WBE Goal WBE Result
MWBE 15-A Construction-Related Goal Results for
Fiscal Year 2010
DASNYs construction and commodity-related MWBE 15-A
goals for Fiscal Year 2010 were 20 percent; 13 percent minor-
ity business enterprises and 7 percent women-owned business
enterprises. The Authority reconciled its results with Empire State
Development Corporation which indicated that it surpassed its
goals at 23.57 percent; 11.28 percent minority business enter-
prises and 12.29 percent women-owned business enterprises.
The total MWBE expenditures for this period are $219,640,630.
For Fiscal Year 2011, DASNY will maintain its current goals.
DASNY Financial and Professional Services Fees CY 2009
Underwriter
Swap Advisory
Risk Management
Financial Advisory
Legal
Banking
Accounting
0% 20% 40% 60% 80% 100%
Total MWBE All Other
20%
15%
10%
5%
0%
12%
11%
41
In 2009, DASNY
achieved more than 30 percent designations to MWBE
Underwriting frms in State-supported debt transactions;
engaged the resources of MWBE Risk Management
frmsinsurance brokers and construction site safety
frms accounted for 17.5 percent of total Risk
Management fees paid;
Underwriters retained four MWBE Underwriters Counsel
frms. Tough only 1.4 percent of total legal fees, the
$189,000 in MWBE Underwriters Counsel fees repre-
sented 8 percent of Underwriter Counsel fees, a signifcant
gain for DASNY.
In 2010, aggressive plans were already underway to build on
the Dormitory Authoritys success by increasing the number
of MWBE law frms and accounting frms with which it con-
ducts business.
Legal Services
As a result of a coordinated efort to increase MWBE law frm
participation across all of its engagements, DASNY is poised
for an immediate expanded deployment of these frms. Te
Dormitory Authoritys exhaustive competitive process has en-
abled it to enjoy a diverse panel of legal entities that will help
For the rst time, New York State
is leading the nation and
serving as a model in creating
opportunities for Minority, Women
and Small Business Enterprises.
Paul T. Williams, Jr., President of the Dormitory Authority of the State of New York
and Chairman of the Executive Order 10 Minority and Women-Owned
Business Enterprise (MWBE) Task Force
EO 10 Task Force On behalf of the E.O. 10 MWBE Task Force,
Paul T. Williams, Jr. delivers the Final Report to Governor Paterson in
March 2010.
Designations to MWBE rms in State-supported
Debt Transactions CY 2007 2009
18
12
m
i
l
l
i
o
n
s

(
$
)
16
10
14
8
6
4
2
0
Total MWBE
2007 2008 2009
3.0
9.1
15.5
4.8
2.8
30.5%
31.1%
.1
Designations to MWBE rms for State-supported debt transactions increased
from 30.5 percent in 2008 to 31.1 percent, in 2009.
DASNY MWBE Legal Panel Representation 2010
40%
30%
20%
10%
0%
Bond
Counsel
Real Estate &
Environmental
Counsel
Labor %
Employment
Law Counsel
Construction &
General Litigation
Counsel
27%
17%
20%
10%
DASNY MWSBE Conference DASNY hosts the largest annual MWSBE
networking conference of its kind in New York State, and includes the
participation of other State agencies and authorities.
Surety Bonding DASNY is leading New York State with innovative
programs such as the Surety Bonding and Capital Access program.
The fund helps MWBE rms establish and increase surety bonding
capacity and provide access to capital.
it with the varied and complex set of legal issues that arise.
For the frst time DASNY has a list of Pre-Approved
Underwriters Counsel that includes four MWBE frms and
fve MWBE/majority frm joint ventures. Te Dormitory
Authority also created an Emerging Firms panel with the
intent to give smaller law frms an opportunity to gain
experience for future procurement opportunities.
Audit Services
In September 2009, DASNY issued an RFP for Audit Services
which incorporated the E.O. 10 Task Force draf recommen-
dations. Te Audit Committee recommended and the Board
approved the proposal from its auditor, which included a
partnering arrangement with a certifed MWBE frm, one of
the oldest MBE audit frms in New York State. Te MBE audit
frms participation in the audit engagement is estimated to be
25 percent of the total audit hours that will be incurred across
all stafng levels. In addition, the auditor directed greater
focus to its own internal diversity by stafng the Authoritys
engagement with a number of minorities and women, exceed-
ing the Authoritys goal of 20 percent.
As the Dormitory Authority continues to aggressively en-
gage diverse suppliers in fnancial and professional services,
it draws on their expertise, expands business opportunities
where capabilities meet need, and attracts others with the
potential of similarly adding value to its clients.
Diversity Statement
The Dormitory Authority of the State of New York (DASNY)
is committed to supporting fair and open competition and
unobstructed access to its procurements, not only as a moral
and legal imperative, but as a good business practice, which
contributes to the long-term economic health of the State.
DASNY is dedicated to enhancing diversity in every aspect of its
business, from its business partners to its own workforce. The
Authority benets from the creativity and innovation when em-
ployees and suppliers with different experiences, perspectives,
and cultures work together toward accomplishing the Author-
itys greater mission. DASNY intends to continue its leadership
role, promoting inclusion, equity and respect while continuing
outreach to minority and women-owned businesses that not
only extends an invitation to do business with the Authority, but
offers programs that prepare a growing number of businesses
for future State contracts.
Historic Conference: 2010 Marks 25 Years of Outreach
Te Dormitory Authoritys Annual Minority, Women and
Small Business Enterprise Conference is the largest in the
State, and the 2009 event in Albany drew more than 850
participants. Representatives from frms throughout the State
gather each year to meet decision-makers from DASNY and
other State agencies and authorities, fnd out about future
procurements, and make connections with other frms in
their feld. DASNYs MWSBE Conference celebrated its 25th
anniversary in October 2010.
43
Year in Review
Green Projects in Design and
Construction
Since January 1, 2008, all Dormitory
Authority construction projects have
been reviewed for sustainable construc-
tion opportunities or are registered in
a LEED rating system with the Green
Building Certifcation Institute (GBCI)
with a goal of LEED Silver or higher. A
total of 34 projects have been registered
with the United States Green Building
Council since the beginning of 2009.
LEED work is registered at the start of
the project and reviewed and certifed
afer construction is completed. So far,
three projects have been certifed by the
Sustainability Programs
GBCI afer satisfying rigorous design,
construction, and documentation
requirements.
Binghamton University Green
Projects Recognized
Binghamton Universitys Mountainview,
Cascade, and Windham dormitories
were DASNYs frst LEED-certifed
buildings, and the current multi-year
East Campus project is also being built
to the Dormitory Authoritys required
LEED Silver standards. Binghamton
University was one of 18 schools in the
nation to get a perfect score and make
the upcoming Princeton Review Green
Rating Honor Roll.
Renewable Energy Credit
Contract Signed
Early in January 2010, DASNY issued
a Request for Proposals for Renewable
Energy Credits sufcient to cover two
years of electric use at DASNYs head-
quarters building at 515 Broadway, as
well as the DASNY building in Bufalo.
Tis contract includes a mix of renew-
able energy that increases the percent-
age of New York State resources while
holding the expenditure at current
levels. Tis purchase has an estimated
environmental beneft equivalent to
removing 309 passenger vehicles from
the road.
Many of the lessons learned from successful
sustainability programs in business can
translate directly to the public sector.
Jim Hartzfeld, former Chairman of the Board of the U.S. Green Building Council and
Managing Director of InterfaceRAISE
Omega Center for Sustainable Living Grant recipient, the Omega Center for Sustainable Living, is an
award winning environmental education center and natural water reclamation facility built to meet the
highest standards currently available in sustainable architecture. It is the rst American building to be
both LEED Platinum certied and certied as a Living Building by the International Living Building
Institute. The OCSL is one of only two Living Buildings in the world.
DASNY: A Leader in Sustainability
Te Dormitory Authority seeks not
just to meet but to exceed the sustain-
ability goals set by the Governor. Te
2001 Executive Order No. 111 goals for
energy efciency and feet management
were used as a starting point at DASNY,
and the Dormitory Authority has con-
sistently exceeded those requirements
by purchasing hybrid and fex-fuel ve-
hicles for all passenger feet vehicles and
aggressively cutting energy use while
increasing the purchase of Renewable
Energy Credits (RECs). In addition, EO
No. 111 encourages State facilities to be
LEED certifable, meaning meeting
the goals of LEED without providing
documentation or review of the process.
DASNY has committed to achieving
a rating under the LEED for Existing
Buildings rating system and is currently
working on documenting the operations
of its headquarters building while focus-
ing building maintenance work toward
greater energy efciency and better
monitoring and control systems.
DASNY staf chairs the Sub-committee
for Sustainability, created under
Executive Order No. 4 to increase col-
laborative eforts to raise awareness
of green opportunities in State opera-
tions and reduce State operating costs.
DASNY has improved its efective use
of paper and other resources under EO
No. 4 in many ways, including using
print-on-demand for publications such
as this Annual Report, and by providing
many external and internal documents
in electronic format only. As mandated
in Executive Order No. 18, DASNY
has almost fully eliminated the pur-
chase of plastic water bottles except for
emergency supplies and feld sites with
no access to potable water. In addi-
tion, DASNY staf co-chairs, with the
New York State Energy Research and
Development Authority, the Residential,
Commercial and Industrial Buildings
Technical Working Group (RCI) created
by Executive Order No. 24. Te RCI
groups goal is to develop policy recom-
mendations including incentives, legis-
lation, and funding avenues leading to
existing and new buildings that will use
nearly no fossil fuels by the year 2050.
Finally, DASNY has contributed to the
development of a guidance document
for the Green Building Construction
Act that was signed in 2009, tying its
expertise regarding green buildings
and the LEED rating systems with
knowledge of the needs and concerns of
statewide clients.
Sustainability Training
In January, the Dormitory Authority
hosted cutting-edge Smarter Business
training sessions in Albany and New
York City to assist State agencies and
authorities in adapting successful, cost-
efective green strategies used by proft-
focused private companies to boost
energy efciency and waste reductions.
Te New York and Albany sessions
combined drew nearly 300 participants,
including DASNY staf and the sustain-
ability coordinators from State agencies
and authorities.
DASNY staf members are encouraged
to focus their ongoing professional
training on products and technologies
that will further the sustainability of
Dormitory Authority projects and con-
tinue to meet and exceed clients goals
for efcient buildings. In 2009, DASNY
had 32 LEED Accredited Professionals
(LEED-AP) on staf with specifc knowl-
edge to use the LEED systems as tools
in achieving excellence in greener, more
efective buildings for clients.
45
Year in Review
Students from around New York State
worked on challenging assignments
throughout DASNY: on construc-
tion feld sites from Bufalo to Staten
Island, on public fnancing transactions
in its Albany headquarters, and on
Authority-wide initiatives from sustain-
ability to records management. Te
interns tackled real-world assignments
and made a positive impact on the
Dormitory Authoritys operations.
Te DASNY interns also gained profes-
sional exposure to the construction and
Summer Internship Program
public fnance industries beyond their
individual assignments through a sec-
ond summer seminar series. Tey heard
from a variety of speakers and partici-
pated in case study assignments requir-
ing them to make practical decisions
for fnancing and constructing higher
education facilities in New York State.
Goal-setting was emphasized this year,
in order to help the interns maximize
their summer experience and set them-
selves on course as they pursue their
careers. In support of their professional
development, the interns were also
given opportunities to discuss their
work during the seminars and in end-
of-summer presentations to DASNY
senior staf and invited guests. Te
DASNY Summer Internship Program
aims to deliver on its promise to help
train the next generation of public ser-
vice leaders, while also benefting from
the valuable contributions the interns
can make to DASNY during their short
time here.
Tis summer DASNY welcomed another exceptional group
of college students to its 2010 Summer Internship Program.
The DASNY Summer Internship Program aims
to deliver on its promise to help train the next
generation of public service leaders.
DASNY Interns Students from around New
York State tackled challenging assignments in
construction, nance, sustainability, and other
units through their participation in DASNYs
Summer Internship Program. In addition, students
toured Fiterman Hall in Lower Manhattan, and the
New York State Capitol Building in Albany.
47
Year in Review
Grant Programs
Te Dormitory Authority sells bonds to support
community-based economic development, education,
healthcare, high-technology, housing, and public safety
projects, including over $472 million of bonds sold
during Fiscal Year 2010.
Since 1997, the State Legislature has au-
thorized the Dormitory Authority and
other public authorities to sell bonds
to fnance programs created by the
Legislature to build, expand, or renovate
community facilities throughout New
York that serve higher education,
health care, high-tech research, home-
land security projects, child care, and
other economic development and com-
munity needs.
Te grants are selected by the
Legislature and the Governor pursuant
to an established process and then
forwarded to the Dormitory Authority
for processing. Afer the Dormitory
Authority has undertaken the reviews
set forth in more detail on the follow-
ing page, fnal approvals are obtained.
For most programs, the Dormitory
Authority then enters into a Grant
Disbursement Agreement with the
grantee and disburses the grant funds
afer the submission of requisitions,
including adequate supporting docu-
mentation. Te Authoritys Ofce of
Finance conducts a desk audit of each
requisition prior to payment. Bonds
issued for these purposes are paid from
State appropriations backed by State
personal income tax revenues.
Te Dormitory Authority has imple-
mented standard procedures in con-
nection with the grant administration
process. For some of the programs,
grant information is forwarded to
the Dormitory Authority from the
Legislature for legal and fnancial
review. For other programs adminis-
tered by the Dormitory Authority, the
Legislature has asked the Dormitory
Authority to manage the information
gathering process once the grantees
have been selected by the Legislature.
As part of the review process, Authority
staf members:
Review documentation for legal
issues, such as corporate matters,
site control issues, tax matters, and
environmental considerations.
Verify that each grantee and grant-
funded project is consistent with
implementing legislation.
Undertake reviews required by
the State Environmental Quality
Review Act and the State Historic
Preservation Act.
For the majority of the programs,
verify that grantees have sufcient
funds to complete their projects.
Te Dormitory Authority does not
review the project or the grantee for
ongoing operational viability, nor does
the Dormitory Authority assess the eco-
nomic impacts and/or other benefts the
project may have on the community or
the State. For a limited number of proj-
ects, the Dormitory Authority may also
provide limited construction oversight
to the grantees.
Once the Dormitory Authority has
completed its reviews, other govern-
mental approvals are required before
the Authority may enter into grant
disbursement agreements with the
grantees. Tese approvals may include
approval by the Public Authorities
Control Board, the three-way ap-
proval pursuant to Memoranda of
Understanding among the Governor,
the Senate Majority Leader, and the
Assembly Speaker, fnal project con-
frmation from the Legislature, and in
some circumstances, from the Division
of the Budget.
Te Dormitory Authority enters into
grant disbursement agreements with
grantees for most of the grant programs.
Te agreements set forth the conditions
under which funds will be disbursed.
For certain programs, the Authority
reimburses the State for funds paid to
grantees, and for others, makes pay-
ments as directed by the regulatory State
agency.
Economic Development Grant
Programs Administered by the
Dormitory Authority
Community Enhancement Facilities
Assistance Program (CEFAP)
Te frst grant program fnanced
through the Dormitory Authority,
CEFAP, was created by the Legislature
in 1997. Te CEFAP program funds
projects that will improve communities
within the State. Te minimum CEFAP
grant is $50,000. As of March 31, 2010,
208 CEFAP grants worth approximately
$105 million have been forwarded to
the Dormitory Authority for processing.
Strategic Investment Program (SIP)
Enacted in 2000, the SIP program funds
environmental, economic development,
higher education, and arts or cultural
projects. Te minimum SIP award is
$250,000. Grants are frst paid from
the States Short-Term Investment Pool
(STIP) or General Fund. Afer each
bond sale and upon the request of the
Division of the Budget, the Dormitory
Authority reimburses the State with
bond proceeds. As of March 31, 2010,
165 SIP grants worth approximately $60
million have been awarded.
Community Capital Assistance Program
(CCAP)
CCAP grants are awarded for a variety
of purposes designed to foster com-
munity improvement within New York,
including education, transportation,
and economic development projects.
Since 2002, 1,987 CCAP grant awards
worth a total of approximately $221
million have been awarded and for-
warded to the Dormitory Authority for
processing. Te minimum CCAP award
was increased for certain projects from
$50,000 to $125,000 in May 2005.
Rebuilding the Empire State Through
Opportunities in Regional Economies
(RESTORE)
Also enacted in 2002, the RESTORE
program focuses on education, high
technology, and economic develop-
ment projects, as well as other purposes
supporting the goal of community
improvement. Prior to May 2005, the
minimum grant was $500,000. In
May 2005, the minimum grant award
for certain projects was reduced to
$125,000. If the grant is for a biotech-
nology or high-tech project, the grantee
is required by statute to contribute 25
percent of the project cost. Since 2002,
17 RESTORE grants valued at approxi-
mately $109 million have been awarded
49
Year in Review
and forwarded to the Dormitory
Authority for processing. A Dormitory
Authority construction project manager
is assigned to each RESTORE grantee to
assist with project coordination, and to
verify that sufcient progress has been
made on the project before approving
requisitions for payment.
Generating Employment Through New
York Science (Gen*NY*sis)
Te Gen*NY*sis program assists
research and technology development
projects in life sciences or enabling
sciences that are designed to develop
and commercialize new discoveries for
the improvement of human, plant, and
animal health, as well as expand busi-
nesses and employment in New York.
Gen*NY*sis grantees must be public,
not-for-proft private or academic re-
search institutions, or an entity afliated
with such an institution. Te minimum
Gen*NY*sis grant is $500,000, and
the grantee must contribute 25 per-
cent of the project cost. Since 2002, 22
Gen*NY*sis grants totaling approxi-
mately $199 million have been awarded.
A Dormitory Authority construction
project manager is assigned to each
Gen*NY*sis project.
New York Economic Development
Program (NYEDP)
Te goal of NYEDP, enacted in 2004,
is to fnance economic development
projects outside cities with a population
of one million or more. Te minimum
NYEDP grant is $250,000. A total of 173
NYEDP grants worth approximately
$128 million have been awarded and
forwarded to the Dormitory Authority
for processing.
New York Economic Development
Capital Program (NYEDCP)
Te Dormitory Authority has been
asked to administer grants for certain
economic development, university de-
velopment, homeland security, environ-
mental, public recreation, and arts and
cultural facility improvement projects
frst funded in the 2006-07 State budget.
A total of $603 million is expected to be
paid to grantees under this program. As
of March 31, 2010, the Legislature has
requested the Authority to commence
the grant administration process for
127 grants totaling approximately $499
million.
New York State Technology and
Development Program (NYS TAD)
Te Dormitory Authority started to
process grants under the NYS TAD
program in 2006. Tis grant program
was enacted to foster viable commer-
cial uses of technology, facilitate the
creation and retention of jobs, increase
business activity within a region, or
enhance educational opportunity and
quality of community life. A total of 52
grants worth approximately $65 million
have been forwarded to the Dormitory
Authority for processing.
New York State Regional Economic
Development Program (NYS RED)
In the summer of 2006, the Dormitory
Authority began administering this
program designed to foster viable
commercial uses of technology, facili-
tate the creation and retention of jobs,
Cornell University Cornell University
Cornell Lake Erie Research
and Extension Library received a
$250,000 Strategic Investment
Program (SIP) grant. The research
facility will explore both sustainability
and increased yield to benet New
York States wine and grape industry.
increase business activity within a
region, or enhance educational oppor-
tunity and quality of community life.
Te Dormitory Authority has received
a total of 30 NYS RED grants totaling
approximately $26 million.
New York State Capital Assistance
Program (NYS CAP)
In the summer of 2008, the Dormitory
Authority began to administer grants
for certain economic development,
university development, community
development, homeland security, envi-
ronmental, infrastructure, utility, health
care facility, public recreation facility,
and arts and cultural facility projects.
Te Dormitory Authority has received
a total of 64 NYS CAP grants totaling
approximately $241 million.
New York State Economic Development
Assistance Program (NYS EDAP)
Also enacted in 2008, the NYS EDAP
program funds projects for economic
development, university development,
community development, homeland
security, environmental, infrastructure,
utility, health care facility, public recre-
ation facility, and arts and cultural facil-
ity purposes. Te Dormitory Authority
has received a total of 491 NYS EDAP
grants totaling approximately $265
million.
Grant Programs
51
Year in Review
Active Grant Programs Administered
by Other State Agencies or Entities
Dormitory Authority bonds are also
used to fund certain grant programs
administered by State agencies. Te
programs are:
Multi-Modal Program
Te Department of Transportation
(DOT) administers and the Dormitory
Authority funds the Multi-Modal
Program of grants to municipali-
ties for DOT-approved transporta-
tion projects such as the construction
or repair of roads and bridges. Tis
program was initiated in 1996 and was
funded through other entities until the
Authority was authorized to participate
in 2002 by selling bonds to fund the
grants. As of March 31, 2010, 399 grants
have been awarded, for a total of ap-
proximately $37 million.
Higher Education Capital Matching
Grant Program (HECap)
Enacted in 2005, this program will help
independent higher education institu-
tions fnance, construct, and equip criti-
cal academic, student life, and economic
development projects on or near their
campuses. Grants will be allocated to
each eligible recipient by a formula
that includes a base grant amount, an
allocation based on enrollment and an
allocation based on Tuition Assistance
Program participation. HECap grants
may fund up to 25 percent of an eligible
project. Te Dormitory Authority acts
as staf to the independent HECap
Board in connection with this program.
As of March 31, 2010, 114 colleges/
universities have submitted applications
totaling over $145 million.
Health Care Efciency and Affordability
Law of New Yorkers (HEAL-NY) Capital
Grant Program
Enacted in 2005, HEAL-NY is jointly
administered by the Department of
Health and the Dormitory Authority.
Te program will provide up to $1
billion in funding, over a four-year
period, through an appropriation to the
Department of Health and bond autho-
rization to the Dormitory Authority, to
encourage improvements in the opera-
tion and efciency of the States health
care delivery system. Grants will be
awarded to eligible recipients through
a competitive process based upon
established criteria. As of March 31,
2010, 271 HEAL grants were awarded,
totaling $1.3 billion to help restructure
health care delivery in New York and to
improve health information technology.
Funding for the HEAL projects may
come from a combination of Dormitory
Authority issued bonds, hard dollar
State appropriations, or Federal-State
Health Reform Partnership (F-SHRP).
Because many projects are funded from
a combination of sources, HEAL proj-
ects in excess of the $740 million statu-
torily authorized bonding limit will be
approved by the Dormitory Authority
Board and the Public Authorities
Control Board (PACB). As of March 31,
2010, the Dormitory Authority has is-
sued over $214 million to fnance HEAL
projects.
Grant Programs
Expanding Our Childrens Education
and Learning (EXCEL)
Te EXCEL program was established
in 2006 to provide project fnancing
or assistance in the form of grants to
public schools. A total of $2.6 billion is
available through the EXCEL program,
$800 million for school district projects
outside New York City and $1.8 billion
for New York City Schools. EXCEL
projects include the acquisition, design,
planning, or renovation of schools
throughout the State. As of March 31,
2010, 502 school districts have received
grant funding totaling over $2.0 billion.
Public Library Construction Program
Te Public Library Construction
Program was established in 2006. To
date, 731 grants totaling $56 million
have been awarded and the Dormitory
Authority has issued bonds to fnance
$42 million of the $70 million au-
thorized by statute. Tis program is
intended to fnance up to 50 percent of
the cost of capital construction proj-
ects for public libraries throughout the
State. Te grantees are selected by the
23 public library systems in New York
and approved by the State Education
Department.
U.S. Salt The lakeside salt plant in Watkins Glen,
NY is more than 100 years old and sits atop a salt
vein that will be able to be mined for many, many
more years. The plant is off the grid generating
its own electricity. Originally the plant burned coal
and more recently converted to burning natural
gas. The project grant will allow the plant to
convert the boilers to burning a biomass fuel. The
conversion allows the plant to: remain off the grid
and be self-sustaining; use a renewable energy
source; and provide local economic stimulus
because it will buy biomass(wood) from
sources within 50 miles of Watkins Glen.
53
Year in Review
Te Board of the Dormitory Authority is supported by a
full-time staf of approximately 600 people, independent
bond counsel, and other outside advisors.
Governance
Te Board includes fve members appointed
by the Governor, with the approval of the
State Senate, for three-year terms. Te
Governor selects the Chair from among his
appointees. Te Temporary President of the
State Senate and the Speaker of the State
Assembly each appoint a member.
Te State Comptroller or a designated
representative serves on the Board, while the
State Budget Director and Commissioners
of Education and Health serve as ex ofcio
members. Members of the DASNY Board
serve without compensation but can receive
reimbursement for expenses incurred in
their ofcial capacity with the Authority.
Te DASNY Board voted at their March
31, 2010 meeting to amend the Dormitory
Authority bylaws to comply with provi-
sions of the new Public Authorities Reform
Law. A Finance Committee was created and
the Board adopted the Authoritys Mission
Statement and Performance Measures. Te
Authority also has an Audit Committee and
Governance Committee.
DASNY fled its annual report to the
Authority Budget Ofce at the end of
June 2010. In compliance with the Public
Authorities Accountability Act of 2005, the
Authority creates and distributes various
annual reports regarding its operations
within 90 days of March 31st, the end of
the fscal year. Tose materials are available
on the Dormitory Authoritys website,
www.dasny.org. DASNYs website, consis-
tent with the Authoritys objective of operat-
ing in an open and transparent manner,
also contains a wealth of other informa-
tion pertaining to the operations of the
Authority, including summaries of all
actions taken at Board meetings and the
minutes of these meetings. In addition, the
Authority maintains webcasts of previous
meetings of the Board and its committees
on its website.
Alfonso L. Carney, Jr.,
Chair, New York
Alfonso L. Carney,
Jr. was appointed
as a Member of the
Authority by the
Governor on May 20, 2009. Mr. Carney
is a principal of Rockwood Partners,
LLC, which provides medical and legal
consulting services in New York City.
Consulting for the frm in 2005, he served
as Acting Chief Operating Ofcer and
Corporate Secretary for the Goldman Sachs
Foundation in New York where, working
with the President of the Foundation,
he directed overall staf management of
the Foundation, provided strategic oversight
of the administration, communications and
legal afairs teams, and developed selected
Foundation program initiatives. Prior to
this, Mr. Carney held several positions with
Altria Corporate Services, Inc., most recent-
ly as Vice President and Associate General
Counsel for Corporate and Government
Afairs. Previously Mr. Carney served
as Assistant Secretary of Philip Morris
Companies Inc. and Corporate Secretary of
Philip Morris Management Corp. For eight
years, Mr. Carney was Senior International
Counsel frst for General Foods
Corporation and later for Kraf Foods, Inc.
and previously served as Trade Regulation
Counsel, Assistant Litigation Counsel, and
Federal Government Relations Counsel
for General Foods, where he began his
legal career in 1975 as a Division Attorney.
Mr. Carney is a trustee of Trinity College,
the University of Virginia Law School
Foundation, the Riverdale Country School,
and the Virginia Museum of Fine Arts in
Richmond. In addition, he is a trustee of
the Burke Rehabilitation Hospital in White
Plains. Mr. Carney holds a Bachelors degree
in Philosophy from Trinity College and a
Juris Doctor degree from the University of
Virginia School of Law. His term expires on
March 31, 2013.
Audit Committee Member (non voting)
Corporate Governance Committee Member
(non voting)
Finance Committee Member
John B. Johnson, Jr.
Vice-Chair, Watertown
John B. Johnson Jr. is
Chairman of the Board
and Chief Executive
Ofcer of the Johnson
Newspaper Corporation, which publishes the
Watertown Daily Times, Batavia Daily News,
Malone Evening Telegram, Catskill Daily
Mail, Hudson Register Star, Ogdensburg
Journal, Massena-Potsdam Courier Observer,
seven weekly newspapers, and three shop-
ping newspapers. Mr. Johnson is also director
of the New York Newspaper Foundation,
a member of the Development Authority
of the North Country and the Fort Drum
Regional Liaison Committee, a trustee of
Clarkson University and President of the
Bugbee Housing Development Corporation.
He has been a member of the American
Society of Newspaper Editors since 1978, and
was a Pulitzer Prize juror in 1978, 1979, 2001,
and 2002. Mr. Johnson was reappointed on
March 16, 2010 for a term to expire on March
31, 2013.
Audit Committee Member
Corporate Governance Committee Chair
Jacques Jiha, Ph.D.
Secretary, Woodbury
Jacques Jiha was ap-
pointed as a Member
of the Authority by
the Governor on
December 15, 2008. Mr. Jiha is the Executive
Vice President / Chief Operating Ofcer &
Chief Financial Ofcer of Black Enterprise,
a multi-media company with properties
in print, digital media, television, events,
and the internet. He is a member of the
Investment Advisory Committee of the New
York Common Retirement Fund. Previously,
Mr. Jiha served as Deputy Comptroller for
Pension Investment and Public Finance
in the Ofce of the New York State
Comptroller. As the States chief investment
ofcer, he managed assets valued at $120
billion and was also in charge of all ac-
tivities related to the issuance of New York
State general obligation bonds, bond an-
ticipation notes, tax and revenue anticipa-
tion notes, and certifcates of participation.
Mr. Jiha was the Co-Executive Director
of the New York State Local Government
Assistance Corporation (LGAC) in charge
of the sale of refunding bonds, the ratifca-
tion of swap agreements, and the selection
of fnancial advisors and underwriters.
Previously Mr. Jiha was Nassau County
Deputy Comptroller for Audits and
Finances. He also worked for the New York
City Ofce of the Comptroller in increas-
ingly responsible positions: frst as Chief
Economist and later as Deputy Comptroller
for Budget. Earlier, Mr. Jiha served as
Executive Director of the New York State
Legislative Tax Study Commission and as
Principal Economist for the New York State
Assembly Committee on Ways and Means.
He holds a Ph.D. and a Masters degree in
Economics from the New School University
and a Bachelors degree in Economics from
Fordham University. His current term
expires on March 31, 2011.
Charles G. Moerdler, Esq.
New York
Charles G. Moerdler
was appointed as
a Member of the
Authority by the
Governor on March 16, 2010. Mr. Moerdler
is a founding partner in the Litigation
Practice of the law frm Stroock & Stroock
& Lavan LLP. His areas of practice include
defamation, antitrust, securities, real estate,
class actions, health care, international law,
labor law, administrative law, and zoning.
Mr. Moerdler also specializes in State and
Federal appellate practice. He served as
Commissioner of Housing and Buildings
55
of the City of New York, as a real estate and
development consultant to New York City
Mayor John Lindsay, as a member of the
Citys Air Pollution Control Board, and as
Chairman and Commissioner of the New
York State Insurance Fund. Mr. Moerdler
currently serves on the Board of Directors
of the New York City Housing Development
Corporation and as a member of the New
York City Board of Collective Bargaining.
He holds a Bachelors of Arts degree from
Long Island University and a Juris Doctor
degree from Fordham University. His cur-
rent term expires on March 31, 2012.
Anthony B. Martino, CPA
Buffalo
Anthony B. Martino
was appointed as
a Member of the
Authority by the
Governor on December 15, 2008. A certi-
fed public accountant with more than 37
years of experience, Mr. Martino is a retired
partner of the Bufalo CPA frm Lumsden
& McCormick, LLP. He began his career at
Price Waterhouse where he worked in the
frms Bufalo and Washington, DC, ofces.
Mr. Martino is a member of the American
Institute of CPAs and the New York State
Society of CPAs. Long involved in commu-
nity organizations, he serves on the boards
of the Bufalo Niagara Medical Campus as
Vice Chairman, Mount Calvary Cemetery
as Chair of the Investment Committee,
Cradle Beach Camp of which he is a former
Chair, the Kelly for Kids Foundation, and
Key Bank. Mr. Martino received a Bachelor
of Science degree in accounting from the
University at Bufalo. Mr. Martinos term
expired on August 31, 2010 and by law he
continues to serve until a successor shall be
chosen and qualifed.
Audit Committee Chair
Sandra M. Shapard
Delmar
Sandra M. Shapard was
appointed as a Member
of the Authority by
the State Comptroller
on March 27, 2002. Ms. Shapard served as
Deputy Comptroller for the Ofce of the
State Comptroller from January 1995 until
her retirement in 2001, during which time
she headed the Ofce of Fiscal Research
and Policy Analysis and twice served as
Acting First Deputy Comptroller. Previously,
Ms. Shapard held the positions of Deputy
Director and First Deputy Director for
the New York State Division of Budget,
from 1991 to 1994, and Deputy Assistant
Commissioner for Transit for the State
Department of Transportation, from 1988
to 1991. She began her career in New York
State government with the Assembly in 1975
where, over a 13 year period, she held the
positions of Staf Director of the Ofce of
Counsel to the Majority, Special Assistant to
the Speaker, and Deputy Director of Budget
Studies for the Committee on Ways and
Means. Ms. Shapard also served as Assistant
to the County Executive in Dutchess County.
A graduate of Mississippi University for
Women, Ms. Shapard received a Masters
of Public Administration from Harvard
University, John F. Kennedy School of
Government, where she has served as
visiting lecturer, and has completed
graduate work at Vanderbilt University.
Gerard Romski, Esq.,
Mount Kisco
Gerard Romski was
appointed as a Member
of the Authority by the
Temporary President
of the State Senate on June 8, 2009. He is
Counsel and Project Executive for Arverne
By Te Sea, where he is responsible for ad-
vancing and overseeing all facets of Arverne
by the Sea, one of New York Citys
largest mixed-use developments located
in Queens, NY. Mr. Romski is also of
counsel to the New York City law frm of
Bauman, Katz and Grill LLP. He formerly
was a partner in the law frm of Ross &
Cohen, LLP (now merged with Duane
Morris, LLP) for 12 years, handling all
aspects of real estate and construction law
for various clients. He previously served
as Assistant Division Chief for the New
York City Law Departments Real Estate
Litigation Division where he managed
all aspects of litigation arising from real
property owned by Te City of New York.
Mr. Romski is a member of the Urban
Land Institute, Council of Development
Finance Agencies, the New York State Bar
Association, American Bar Association,
and New York City Bar Association. He
previously served as a member of the
New York City Congestion Mitigation
Commission and the Board of Directors
for the Bronx Red Cross. Mr. Romski holds
a Bachelor of Arts degree from the New
York Institute of Technology and a Juris
Doctor degree from Brooklyn Law School.
Finance Committee Chair
Roman B. Hedges, Ph.D.
Delmar
Roman B. Hedges
was appointed as
a Member of the
Authority by the
Speaker of the State Assembly on February
24, 2003. Dr. Hedges is the former Deputy
Secretary of the New York State Assembly
Committee on Ways and Means. Dr.
Hedges served on the Legislative Advisory
Task Force on Demographic Research and
Reapportionment. He previously served
as the Director of Fiscal Studies of the
Assembly Committee on Ways and
Means where he was responsible for
the preparation of studies of the New York
State economy and revenues of
Governance
local government, tax policy and
revenue analyses, and for negotiating
revenue and local government legisla-
tion for the Assembly. Dr. Hedges was an
Associate Professor of Political Science
and Public Policy at the State University
of New York at Albany where he taught
graduate and undergraduate courses in
American politics, research methodology,
and public policy. Dr. Hedges holds
a Doctor of Philosophy and a Master
of Arts degree from the University of
Rochester and a Bachelor of Arts degree
from Knox College.
David M. Steiner, Ph.D.
Commissioner of
Education of the State
of New York, Albany;
ex-ofcio.
David M. Steiner
was appointed by the Board of Regents as
President of the University of the State of
New York and Commissioner of Education
on October 1, 2009. Prior to his appoint-
ment, Dr. Steiner served as the Klara and
Larry Silverstein Dean of the School of
Education at Hunter College CUNY.
Prior to his time with Hunter College,
Dr. Steiner served as Director of Arts
Education at the National Endowment
for the Arts and Chairman of the
Department of Education Policy at
Boston University. As Commissioner of
Education, Dr. Steiner serves as chief
executive ofcer of the Board of Regents,
which has jurisdiction over the States
entire educational system, which includes:
public and non-public elementary, middle
and secondary education; public and
independent colleges and universities;
museums, libraries and historical societies,
and archives; the vocational rehabilitation
system; and responsibility for licensing,
practice, and oversight of numerous
professions. He holds a Doctor of
Philosophy in political science from
Harvard University and a Bachelor of
Arts and Master of Arts degree in
philosophy, politics, and economics
from Balliol College at Oxford University.
Ann Marsh is the designated representative for
the Department of Education.
Richard F. Daines, M.D.
Commissioner of Health,
Albany; ex-ofcio
Richard F. Daines,
M.D., became
Commissioner of
Health on March 21, 2007. Prior to his ap-
pointment, he served as President and CEO
at St. Lukes-Roosevelt Hospital Center since
2002. Before joining St. Lukes-Roosevelt
Hospital Center as Medical Director in
2000, Dr. Daines served as Senior Vice
President for Professional Afairs of St.
Barnabas Hospital in the Bronx, New
York since 1994 and as Medical Director
from 1987 to 1999. Dr. Daines received a
Bachelor of History degree from Utah State
University in 1974 and served as a mis-
sionary for the Church of Jesus Christ of
Latter-day Saints in Bolivia, 1970-1972. He
received his medical degree from Cornell
University Medical College in 1978. He
served a residency in internal medicine at
New York Hospital and is Board Certifed
in Internal Medicine and Critical Care
Medicine.
Lora Lefebvre is the designated representative for
the Department of Health. She also serves as a
member of the Finance Committee.
Robert L. Megna
Budget Director of the
State of New York,
Albany; ex-ofcio
Robert L. Megna was
appointed Budget
Director on June 15, 2009. He is responsible
for the overall development and manage-
ment of the States fscal policy, includ-
ing overseeing the preparation of budget
recommendations for all State agencies
and programs, economic and revenue
forecasting, tax policy, fscal planning,
capital fnancing, and management of the
States debt portfolio, as well as pensions
and employee benefts. Mr. Megna previ-
ously served as Commissioner of the New
York State Department of Taxation and
Finance, responsible for overseeing the
collection and accounting of more than
$90 billion in State and local taxes, the
administration of State and local taxes,
including New York City and the City of
Yonkers income taxes, and the processing
of tax returns, registrations and associated
documents. Prior to this he served as head
of the Economic and Revenue Unit of the
New York State Division of the Budget
where he was responsible for State Budget
revenue projections and the development
and monitoring of the State Financial Plan.
Mr. Megna was Assistant Commissioner
for Tax Policy for the Commonwealth of
Virginia. He also served as Director of Tax
Studies for the New York State Department
of Taxation and Finance and as Deputy
Director of Fiscal Studies for the Ways and
Means Committee of the New York State
Assembly. Mr. Megna was also an econo-
mist for AT&T. He holds Masters degrees
in Public Policy from Fordham University
and Economics from the London School of
Economics.
Mary Beth Labate is the designated representa-
tive for the Division of the Budget.
57
Paul T. Williams, Jr.
Paul T. Williams,
Jr., President of the
Dormitory Authority
of the State of New
York (DASNY), is the
highest ranking ofcer in the Authority
with responsibility over all matters of day-
to-day management and policy decision-
making. He oversees the Authoritys
fve operating divisions and 600 person
workforce. Mr. Williams was appointed to
the Dormitory Authority in June 2008. He
also served as Chairman of the Task Force
to Increase the Utilization of Minority
and Women-Owned Business Enterprise
Underwriters for State Debt Oferings
created by Gov. David Paterson under
Executive Order 10 and currently serves as
a member of the board of the Moynihan
Station Development Corp.
DASNY is one of the largest and most
frequent issuers of tax-exempt debt for
higher education, healthcare and state-sup-
ported services in the United States, with
a portfolio of outstanding bonds worth
approximately $42 billion. Te Dormitory
Authority sold nearly $7.2 billion in bonds
during fscal year 2010, and was the second
largest tax-exempt bond issuer in the na-
tion in calendar year 2009.
Te Authority is also a signifcant builder
of large scale public projects, including
court houses, hospitals and other health
care facilities, educational facilities and, of
course, dormitories. DASNYs construction
portfolio includes more than 700 projects
valued at over $6.7 billion.
Prior to joining the Authority, Mr.
Williams enjoyed a distinguished career
as a corporate attorney, investment banker
and civic leader.
Mr. Williams is a graduate of Phillips
Exeter Academy, Yale University and
Columbia University School of Law.
As an undergraduate, he was named a
Ford Trustees Scholar and studied at the
American University in Cairo.
Michael T. Corrigan
Michael T. Corrigan
is the Vice President
of the Authority, and
assists the President in
the administration and
operation of the Authority. Mr. Corrigan
came to the Authority in 1995 as Budget
Director, and served as Deputy Chief
Financial Ofcer from 2000 until 2003.
He began his government service career
in 1983 as a budget analyst for Rensselaer
County, and served as the Countys Budget
Director from 1986 to 1995. Immediately
before coming to the Authority, he served as
the appointed Rensselaer County Executive
for a short period. Mr. Corrigan holds a
Bachelors degree in Economics from the
State University of New York at Plattsburgh
and a Masters degree in Business
Administration from the University of
Massachusetts.
Jeffrey M. Pohl
Jefrey M. Pohl is
General Counsel
to the Dormitory
Authority. Mr. Pohl is
responsible for all legal
services, including litigation, contract mat-
ters, and the legal aspects of all Authority
fnancings. He is a member of the New
York State Bar, and most recently served as
a counsel in the public fnance group of a
large New York law frm. Mr. Pohl previ-
ously served in various capacities with the
Ofce of the State Comptroller and the NYS
Senate. He holds a Bachelors degree from
Franklin and Marshall College and a Juris
Doctor degree from Albany Law School.
Executive Staf
Te Board appoints the
President, Vice President,
Chief Financial Ofcer,
General Counsel,
Managing Directors, and
other staf as designated
in the Authoritys by-laws.
Governance
Paul W. Kutey
Paul W. Kutey is the
Chief Financial Ofcer
of the Authority. Mr.
Kutey oversees and
directs the activities
of the Ofce of Finance and Information
Services. He is responsible for supervising
the Authoritys investment program, ac-
counting functions, operation, maintenance
and development of computer hardware,
sofware and communications infrastruc-
ture; as well as the development and imple-
mentation of fnancial policies, fnancial
management systems, and internal controls
for fnancial reporting. Previously, Mr.
Kutey was Senior Vice President of Finance
and Operations for AYCO Company, L.P.,
a Goldman Sachs Company, where his re-
sponsibilities included fnance, operations,
and facilities management. Prior to joining
AYCO Company, he served as Corporate
Controller and Acting Chief Financial
Ofcer for First Albany Companies, Inc.
From 1982 until 2001, Mr. Kutey held
increasingly responsible positions with
PricewaterhouseCoopers, LLP, becoming
partner in 1993. He is a Certifed Public
Accountant and holds a Bachelor
of Business Administration degree from
Siena College.
Stephen D. Curro, P. E.
Stephen D. Curro, P. E.
is the Managing
Director of
Construction. In that
capacity, he is respon-
sible for the Authoritys construction groups,
including design, project management,
purchasing, contract administration, interior
design, and engineering and other technol-
ogy services. Mr. Curro joined the Authority
in 2001 as Director of Technical Services,
and most recently served as Director of
Construction Support Services. He is a
registered Professional Engineer in New
York and Rhode Island and has worked in
the construction industry for over 20 years
as a consulting structural engineer and a
technology solutions provider. Mr. Curro is
also an Adjunct Professor at Hudson Valley
Community College and Bryant & Stratton
College. He holds a Bachelor of Science in
Civil Engineering from the University of
Rhode Island, a Master of Engineering in
Structural Engineering from Rensselaer
Polytechnic Institute, and a Master of
Business Administration from Rensselaer
Polytechnic Institutes Lally School of
Management.
Portia Lee
Portia Lee, Managing
Director of Public
Finance and Portfolio
Monitoring, is respon-
sible for supervising
and directing Authority bond issuance
in the capital markets through fnancial
feasibility analysis and fnancing structure
determination for Authority clients, as well
as implementing and overseeing fnancing
programs, including interest-rate ex-
change and similar agreements. Te Ofce
of Public Finance also administers the
Tax-Exempt Equipment Leasing Program
(TELP), which provides tax-exempt interest
rates on equipment leases to Authority cli-
ents. Ms. Lee also supervises and directs the
monitoring of the fnancial and operating
condition of health care, higher educa-
tion, and other not-for-proft clients for
whom the Authority has provided fnanc-
ing. In addition to monitoring compliance
by these clients with the requirements of
their fnancing documents, she directs the
Authoritys response to loan or covenant vi-
olations and implements fnancial work-out
plans. Ms. Lee previously served as Senior
Investment Ofcer at the New York State
Comptrollers Ofce where she was respon-
sible for assisting in the administration of
the long-term fxed income portfolio of the
New York State Common Retirement Fund,
as well as the short-term portfolio, and the
Securities Lending Program. From 1995 to
2005, Ms. Lee worked at Moodys Investors
Service where she most recently served as
Vice President and Senior Credit Ofcer in
the Public Finance Housing Group. In ad-
dition, Ms. Lee has extensive public service
experience working for over 10 years in
various positions in the Governors Ofce,
NYS Department of Social Services, as well
as the New York State Assembly. She holds a
Bachelors degree from the State University
of New York at Albany.
Carra Wallace
Carra Wallace is the
Managing Director of
the Ofce of Executive
Initiatives (OEI). Ms.
Wallace is respon-
sible for strategic eforts in developing
programs, maximizing the utilization of
Minority and Women Owned Businesses,
and communicating with DASNYs clients,
the public and governmental ofcials. Te
Ofce of Executive Initiatives consists
of the Authoritys Communications and
Marketing, Opportunity Programs Group,
Sustainability Programs, Client Outreach,
Training, Executive Projects, and Legislative
Afairs units. Ms. Wallace comes to the
Dormitory Authority with more than 20
years of senior leadership experience in
diverse private sector businesses and civic
organizations. Most recently she served
as Executive Vice President at Telwares, a
major telecommunications service frm.
Prior to her service at Telwares, Ms. Wallace
served as Executive Vice President of
External Afairs at the NYC Leadership
Academy, Mayor Michael Bloombergs cen-
terpiece of the Children First public school
reform efort. Ms. Wallace is a graduate of
the Pepperdine University Graziadio School
of Business and Management.
59
Bonds and Notes Outstanding
March 31, 2010
(in thousands)
Dormitory Authority of the State of New York (A Component Unit of the State of New York)
60
l
DASNY Annual Report 2010
Issued Outstanding
Health Care Facilities:
Debt originally issued by the Dormitory Authority:
Adult Day Care Revenue Bonds, Series 2005 $ 13,355 $ 12,465
AIDS Long-Term Health Care Facilities Revenue Bonds, Series 2005 50,905 28,620
Albany Medical Center Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Under the Resolution Dated
September 22, 2004:
Albany Medical Center Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Subseries 2004A-1 96,815 63,455
Albany Medical Center Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Subseries 2004A-2 (Taxable) 11,265 11,265
Augustana Lutheran Home for the Aged, Inc. FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 2000A 23,275 19,910
Augustana Lutheran Home for the Aged, Inc. FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 2001 8,450 7,120
Beverwyck, Inc. Revenue Bonds, 1995 Issue 22,440 5,400
Bishop Henry B. Hucles Nursing Home, Inc. Revenue Bonds, Series 2006 29,345 26,000
Blythedale Childrens Hospital Revenue Bonds, Series 2009 27,000 27,000
Bronx-Lebanon Hospital Center Revenue Bonds, Series 2009 36,510 36,510
Brooklyn Hospital Center FHA-Insured Mortgage Hospital Revenue Bonds, Series 1999 55,985 44,805
Buena Vida Nursing Home Revenue Bonds, Series 1998A 33,835 30,315
Cabrini of Westchester Project GNMA Collateralized Revenue Bonds, Series 2006 51,775 51,775
Carmel Richmond Nursing Home, Inc. Revenue Bonds, Series 1999 30,645 14,915
Catholic Health Services of Long Island Obligated Group Revenue Bonds, Under the Resolution
Dated August 11, 1999:
Good Samaritan Hospital Medical Center Revenue Bonds, Series 1999A 62,485 42,695
Mercy Medical Center Revenue Bonds, Series 1999A 24,610 6,700
Mercy Medical Center Revenue Bonds, Series 1999B (PARS) 51,950 41,025
St. Charles Hospital and Rehabilitation Center Revenue Bonds, Series 1999A 78,330 55,935
St. Francis Hospital Revenue Bonds, Series 1999A 49,775 36,555
St. Francis Hospital Project Revenue Bonds, Series 2004 99,645 94,170
Catholic Health Services of Long Island Revenue Bonds, Under the Resolution Dated August 16, 2000:
St. Catherine of Siena Medical Center, Series 2000A 88,090 78,175
Siena Village, Series 2000B 19,080 16,240
Catholic Health System Obligated Group Revenue Bonds, Under the Resolution Dated October 25, 2006:
Catholic Health System Obligated Group Revenue Bonds, Series 2006A Mercy Hospital of Buffalo 13,360 12,095
Catholic Health System Obligated Group Revenue Bonds, Series 2006B Sisters of Charity Hospital
of Buffalo, New York 30,295 27,050
Catholic Health System Obligated Group Revenue Bonds, Series 2006C Kenmore Mercy Hospital 16,730 14,720
Catholic Health System Obligated Group Revenue Bonds, Series 2006D St. Joseph
of Cheektowaga, New York 8,435 7,620
Catholic Health System Obligated Group Revenue Bonds, Series 2008 Mercy Hospital of Buffalo 24,700 24,700
Chapel Oaks, Inc. Revenue Bonds, Series 1997 14,455 10,820
Concord Nursing Home, Inc. Project GNMA Collateralized Revenue Bonds, Series 2007 18,690 17,680
Eger Health Care Center of Staten Island FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1998 14,840 6,490
Eger Health Care and Rehabilitation Center FHA-Insured Mortgage Revenue Bonds, Series 2000 12,100 6,930
Ellis Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Series 1995 68,740 27,735
Ellis Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004 16,825 15,620
F.F.T. Senior Communities, Inc. Revenue Bonds, Series 2000B 18,555 16,575
Frances Schervier Home and Hospital Insured Revenue Bonds (Franciscan Health Partnership Obligated Group),
Series 1997 50,750 35,555
German Masonic Home Corporation d/b/a Dumont Masonic Home FHA-Insured Mortgage Revenue Bonds,
Series 1996 10,980 7,815
Gurwin Jewish Geriatric Center FHA-Insured Mortgage Nursing Home Revenue Bonds, Under the Resolution Dated
September 22, 2004:
Gurwin Jewish Geriatric Center FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 2005A 16,380 14,460
Gurwin Jewish Geriatric Center FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 2005B 9,335 8,765
Health Center Revenue Bonds, Series 2006 21,900 17,690
l
61
Issued Outstanding
Health Quest Systems Inc. Obligated Group Revenue Bonds, Under the Resolution Dated June 27, 2007:
Health Quest Systems, Inc. Obligated Group Revenue Bonds, Series 2007A $ 14,280 $ 13,840
Health Quest Systems, Inc. Obligated Group Revenue Bonds, Series 2007B 47,300 45,785
Health Quest Systems, Inc. Obligated Group Revenue Bonds, Series 2007C (Federally Taxable) 7,755 7,250
Highland Community Development Corporation Revenue Bonds, 1994B Issue 13,000 9,610
Hospital for Special Surgery FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998 120,775 83,785
Hospital for Special Surgery FHA-Insured Mortgage Hospital Revenue Bonds, Under the Resolution
Dated July 27, 2005:
Hudson Valley Hospital Center FHA-Insured Mortgage Hospital Revenue Bonds, Series 2007 75,065 75,065
Hunts Point Multi-Service Center, Inc. Revenue Bonds, Series 1997 5,825 4,110
Ideal Senior Living Center Housing Corporation FHA-Insured Mortgage Nursing Home Revenue Bonds,
Series 1996 19,030 13,260
John T. Mather Memorial Hospital Insured Revenue Bonds, Series 1996 35,980 21,445
Kaleida Health FHA-Insured Mortgage Hospital Revenue Bonds, Under the Resolution Dated March 24, 2004:
Kaleida Health FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004 97,405 77,935
Kaleida Health FHA-Insured Mortgage Hospital Revenue Bonds, Series 2006 81,810 78,045
Kateri Residence Revenue Bonds, Series 2003 23,935 14,075
Kingsbrook Jewish Medical Center FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998 23,865 12,575
Lenox Hill Hospital Obligated Group Revenue Bonds, Series 2001 150,505 129,770
Long Island College Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Under the Resolution Dated February
25, 2004:
Long Island College Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004A 124,535 97,935
Long Island College Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004B 69,715 61,910
Lutheran Medical Center FHA-Insured Mortgage Hospital Revenue Bonds, Series 2003 89,645 65,490
Lutheran Social Services of Upstate New York, Inc. FHA-Insured Mortgage Nursing Home Revenue Bonds,
Series 1998 26,140 20,005
Maimonides Medical Center Master FHA-Insured Mortgage Hospital Revenue Bonds, Under the Resolution Dated
January 3, 1996:
Maimonides Medical Center FHA-Insured Mortgage Revenue Bonds, Series 1996A 37,430 14,350
Maimonides Medical Center FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004 113,340 105,825
Memorial Hospital of William F. and Gertrude F. Jones, Inc. FHA-Insured Mortgage Hospital Revenue Bonds,
Series 1999 15,845 9,945
Memorial Sloan-Kettering Cancer Center Revenue Bonds, Series 1998 150,000 146,300
Memorial Sloan-Kettering Cancer Center Revenue Bonds, Under the Resolution Dated December 5, 2001:
Memorial Sloan-Kettering Cancer Center Revenue Bonds, Series 2008A1 161,990 161,990
Memorial Sloan-Kettering Cancer Center Revenue Bonds, Series 2008A2 281,165 281,165
Memorial Sloan-Kettering Cancer Center Revenue Bonds, Under the Resolution Dated February 26, 2003:
Memorial Sloan-Kettering Cancer Center Revenue Bonds, 2003 Series 1 488,326 351,710
Menorah Campus, Inc. FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1997 39,550 31,370
Menorah Home and Hospital for the Aged and Inrm FHA-Insured Mortgage Nursing Home Revenue Bonds,
Series 1999 74,015 58,655
Millard Fillmore Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Series 1997 95,260 55,515
Miriam Osborn Memorial Home Association Revenue Bonds, Series 2000B 44,965 40,005
Monteore Medical Center FHA-Insured Mortgage Hospital Revenue Bonds, Under the Resolution
Dated June 23, 1999:
Monteore Medical Center FHA-Insured Mortgage Hospital Revenue Bonds, Series 1999 111,605 88,935
Mount Sinai NYU Health Obligated Group Revenue Bonds, Under the Resolution Dated April 5, 2000:
Mount Sinai NYU Health Obligated Group Revenue Bonds, Series 2000A 499,940 320,645
Mount Sinai NYU Health Obligated Group Revenue Bonds, Series 2000C 95,100 78,175
Part B NYU Hospitals Center Obligated Group Revenue Bonds, Under the Resolution Dated April 5, 2000:
NYU Hospitals Center Revenue Bonds, Series 2000D (PARS) (Taxable) 61,500 48,300
NYU Hospitals Center Revenue Bonds, Series 2006A 94,590 94,590
NYU Hospitals Center Revenue Bonds, Series 2006B 27,410 16,290
NYU Hospitals Center Revenue Bonds, Series 2007A 165,300 159,335
NYU Hospitals Center Revenue Bonds, Series 2007B 94,150 92,645
62
l
Bonds and Notes Outstanding, continued
March 31, 2010
(in thousands)
Issued Outstanding
New York and Presbyterian Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998 $ 709,520 $ 451,170
New York and Presbyterian Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Series 2007 296,075 296,075
New York Hospital Medical Center of Queens FHA-Insured Mortgage Hospital Revenue Bonds, Series 1999 66,255 52,120
New York Hospital Medical Center of Queens FHA-Insured Mortgage Hospital Revenue Bonds, Series 2007 188,740 188,740
New York Methodist Hospital Revenue Bonds, Series 2004 44,940 44,940
North Shore Health System Obligated Group Revenue Bonds, Under the Resolution Dated June 24, 1998:
North Shore University Hospital Revenue Bonds at Manhasset-Syosset, Series 1998 171,690 82,410
North Shore University Hospital Revenue Bonds at Glen Cove, Series 1998 11,020 4,915
North Shore University Hospital Revenue Bonds at Forest Hills, Series 1998 50,215 23,565
North Shore University Hospital Revenue Bonds at Plainview, Series 1998 28,900 14,025
North Shore University Hospital Revenue Bonds Center for Extended Care and Rehabilitation, Series 1998 16,690 6,740
North Shore-Long Island Jewish Obligated Group Revenue Bonds, Series 2003 81,230 34,820
North Shore-Long Island Jewish Obligated Group Revenue Bonds, Series 2005 (Subseries 2005A) 123,600 113,145
North Shore-Long Island Jewish Obligated Group Revenue Bonds, Series 2005 (Subseries 2005B) 10,390 9,805
North Shore-Long Island Jewish Obligated Group Revenue Bonds, Series 2007A 161,545 156,240
North Shore-Long Island Jewish Obligated Group Revenue Bonds, Series 2007B 123,265 52,955
North Shore-Long Island Jewish Obligated Group Revenue Bonds, Series 2009A 235,615 235,615
North Shore-Long Island Jewish Obligated Group Revenue Bonds, Series 2009B 50,000 50,000
North Shore-Long Island Jewish Obligated Group Revenue Bonds, Series 2009C 37,500 37,500
North Shore-Long Island Jewish Obligated Group Revenue Bonds, Series 2009D 37,500 37,500
North Shore-Long Island Jewish Obligated Group Revenue Bonds, Series 2009E 60,890 60,890
Northern Westchester Hospital Association Revenue Bonds, Series 2009 17,000 17,000
Norwegian Christian Home and Health Center FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 2001 27,635 23,300
Nottingham Retirement Community, Inc. Revenue Bonds, Series 1995 21,605 16,165
Nursing Homes Revenue Bonds, 1995 Issue A 63,105 18,425
Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008 261,345 261,345
Ozanam Hall of Queens Nursing Home, Inc. Revenue Bonds, Series 2006 39,475 37,465
Park Ridge Housing, Inc. Revenue Bonds, Series 2000 16,480 13,075
Park Ridge Hospital, Inc. Revenue Bonds, Series 2005 58,225 49,150
Providence Rest Insured Revenue Bonds, Series 2005 41,320 39,770
Resurrection Rest Home FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1995 7,700 5,540
Rivington House Health Care Facility Revenue Bonds, Series 2002 29,790 15,620
Rochester Friendly Home Revenue Bonds, Series 2008 16,745 16,745
Rochester General Hospital Insured Revenue Bonds, Series 2005 71,295 60,710
Rosalind and Joseph Gurwin Jewish Geriatric Center of Long Island, Inc. FHA-Insured Mortgage Nursing Home
Revenue Bonds, Series 1997 30,830 23,585
Ryan/Clinton Community Health Center, Inc. Revenue Bonds, Series 1999 11,940 8,000
Samaritan Medical Center Revenue Bonds, Under the Resolution Dated March 25, 2009:
Samaritan Medical Center Revenue Bonds, Series 2009A 31,660 31,560
Samaritan Medical Center Revenue Bonds, Series 2009B 23,945 23,650
Sarah Neuman Nursing Home FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1997 15,625 10,455
Secured Hospital Insured Revenue Bonds (Southside Hospital), Series 1998C 55,000 35,400
Secured Hospital Revenue Refunding Bonds (Wyckoff Heights Medical Center), Series 1998H 144,125 93,295
Secured Hospital Revenue Refunding Bonds (New York Downtown Hospital), Series 1998I 60,710 36,420
Secured Hospital Revenue Refunding Bonds (Brookdale Hospital), Series 1998J 140,960 67,900
Secured Hospital Revenue Refunding Bonds (North General Hospital), Series 2003 138,135 116,995
Secured Hospital Revenue Refunding Bonds (Catskill Regional Medical Center), Series 2004 51,405 39,970
Master Secured Hospital Revenue Bonds, Under the Resolution Dated October 25, 2006:
Secured Hospital Revenue Refunding Bonds The Bronx-Lebanon Hospital Center, Series 2006 97,065 80,890
Secured Hospital Revenue Refunding Bonds Interfaith Medical Center, Series 2007 122,475 122,475
Secured Hospital Revenue Refunding Bonds The Jamaica Hospital, Series 2007 50,680 43,680
SS Joachim & Anne Residence Revenue Bonds, Series 2002 24,035 18,125
St. Barnabas Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Under the Resolution Dated
October 29, 1997:
St. Barnabas Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Series 1997 46,320 24,635
St. Barnabas Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Series 2002A 74,290 66,210
St. Barnabas Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Series 2002B 10,330 5,135
St. James Mercy Hospital FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998 10,115 7,025
St. Johns Health Care Corporation FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1996 46,090 31,830
St. Josephs Hospital Health Center Insured Revenue Bonds, Series 1997 68,030 35,325
l
63
Issued Outstanding
St. Lukes-Roosevelt Hospital Center FHA-Insured Mortgage Hospital Revenue Bonds, Series 2000A $ 32,625 $ 2,270
St. Lukes-Roosevelt Hospital Center FHA-Insured Mortgage Hospital Revenue Bonds, Series 2005 345,315 312,080
St. Vincent de Paul Residence Revenue Bonds, Series 1997 21,025 11,785
Staten Island University Hospital Insured Revenue Bonds, Series 1998 94,860 25,010
Terence Cardinal Cooke Health Care Center Revenue Bonds, Series 1998 30,565 3,345
Teresian House Housing Corporation Revenue Bonds, Series 2003 40,265 18,425
United Health Services Hospitals, Inc. FHA-Insured Mortgage Hospital Revenue Bonds, Series 2009 28,880 28,345
Vassar Brothers Hospital Insured Revenue Bonds, Series 1997 58,500 39,650
W. K. Nursing Home Corporation FHA-Insured Mortgage Revenue Bonds, Series 1996 51,550 33,480
Wesley Health Care Center, Inc. FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1997 9,715 4,355
White Plains Hospital Medical Center FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004 32,330 25,345
Willow Towers, Inc. Project GNMA Collateralized Revenue Bonds, Series 2002 28,000 24,520
Winthrop South Nassau University Health System Obligated Group Revenue Bonds, Under the Resolution Dated
June 27, 2001:
Winthrop-University Hospital Association Revenue Bonds, Series 2001A 51,545 43,610
South Nassau Communities Hospital Revenue Bonds, Series 2001B 46,670 35,835
Winthrop-University Hospital Association Revenue Bonds, Series 2003A 43,855 39,535
South Nassau Communities Hospital Revenue Bonds, Series 2003B 60,000 52,835
Total debt originally issued by the Dormitory Authority 11,262,236 8,958,010
Debt originally issued by the Medical Care Facilities Finance Agency:
(1)
Hospital and Nursing Home Project Bond Program:
1975 Series A 62,000 940
1979 Series A 164,230 1,940
Total 226,230 2,880
Revenue Bond, Secured Loan and Other Programs:
Health Care Project Revenue Bonds (Secured Mortgage Program):
Health Care Project Revenue Bonds (Secured Mortgage Program), 1992 Series A, B.I. Nursing Home Company 6,720 1,230
Adult Day Care Project Revenue Bonds:
Adult Day Care Project Revenue Bonds, 1995 Series A 39,840 5,815
Total 46,560 7,045
Insured Mortgage Programs:
Hospital Insured Mortgage Revenue Bonds, 2004 Series A New York and Presbyterian Hospital 312,490 251,775
Hospital and Nursing Home Insured Mortgage Revenue Bonds:
Hospital and Nursing Home Insured Mortgage Revenue Bonds, 1991 Series B,
Mt. Loretto Nursing Home, Inc. 8,660 6,350
Hospital and Nursing Home Insured Mortgage Revenue Bonds, 1993 Series A,
Bishop Francis J. Mugavero Center for Geriatric Care 38,595 19,340
Hospital and Nursing Home Insured Mortgage Revenue Bonds, 1993 Series D,
Hudson Valley Hospital Center 24,590 12,925
FHA-Insured Mortgage Project Revenue Bonds:
FHA-Insured Mortgage Project Revenue Bonds, 1995 Series E, MG Nursing Home, Inc. 32,640 24,580
Total 416,975 314,970
Total debt originally issued by the Medical Care Facilities Finance Agency 689,765 324,895
Total Health Care Facilities $ 11,952,001 $ 9,282,905
(1)
Under legislation enacted in 1995, the Authority assumed the powers, duties and functions of the New York State Medical Care Facilities
Finance Agency (MCFFA). The bonds originally issued by MCFFA became the responsibility of the Authority.
64
l
March 31, 2010
(in thousands)
Issued Outstanding
Independent Institutions:
853 Schools Program Insured Revenue Bonds, Under the Resolution Dated April 30, 1997:
853 Schools Program Series 1997, Insured Revenue Bonds:
Center for Developmental Disabilities, Inc., Series 1997A $ 8,940 $ 4,920
Childrens Home of Kingston NY, Series 1997B 2,085 1,115
853 Schools Program Series 1998 Issue 1, Insured Revenue Bonds:
Gateway-Longview, Inc., Series 1998A 5,515 3,295
LaSalle School, Inc., Series 1998B 9,330 5,455
Wyndham Lawn Home for Children, Series 1998C 10,455 6,120
Baker Hall, Series 1998D 3,965 2,305
St. Anne Institute, Series 1998E 7,315 4,255
Vanderheyden Hall, Series 1998F 8,920 5,260
Green Chimneys School for Little Folk, Series 1999A 11,110 6,475
Gustavus Adolphus Child & Family Services, Inc., Series 1999B 7,940 4,095
Harmony Heights School, Series 1999C 5,715 3,340
Northeast Parent and Child Society, Inc., Series 1999D 3,075 1,795
Anderson School, Series 1999E 11,210 7,260
McQuade Foundation Insured Revenue Bonds, Series 2005 9,620 8,550
4201 Schools Program Revenue Bonds, Under the Resolution Dated June 24, 1998:
4201 Schools Program Revenue Bonds, Series 1998:
Lexington School for the Deaf, Series 1998 9,525 5,575
Mill Neck Manor School for Special Education, Series 1998 8,875 5,195
New York Institute for Special Education, Series 1998 14,240 8,340
New York School for the Deaf, Series 1998 14,225 8,330
St. Francis deSales School for the Deaf, Series 1998 2,525 1,480
St. Josephs School for the Deaf, Series 1998 2,250 1,320
4201 Schools Program Revenue Bonds, Series 2000:
Rochester School for the Deaf, Series 2000 13,745 9,570
Albany Public Library Insured Revenue Bonds, Series 2007 29,110 28,150
Barnard College Insured Revenue Bonds, Under the Resolution Dated July 23, 2003:
Barnard College Insured Revenue Bonds, Series 2004 28,915 27,195
Barnard College Insured Revenue Bonds, Series 2007A 48,420 46,970
Barnard College Revenue Bonds, Series 2008 28,040 27,540
Bay Shore-Brightwaters Public Library Insured Revenue Bonds, Series 2006 10,075 9,630
Brooklyn Law School Insured Revenue Bonds, Under the Resolution Dated October 30, 2002:
Brooklyn Law School Insured Revenue Bonds, Series 2003A 31,245 22,750
Brooklyn Law School Insured Revenue Bonds, Series 2003B 38,025 38,025
Brooklyn Law School Revenue Bonds, Series 2009 22,340 22,340
Canisius College Insured Revenue Bonds, Series 1995 31,595 2,330
Canisius College Insured Revenue Bonds, Under the Resolution Dated January 21, 2004:
Cerebral Palsy Afliates 2005 Pooled Loan Program Insured Revenue Bonds, Series 2005A 12,330 9,175
Colgate University Insured Revenue Bonds, Series 1996 17,540 13,350
Colgate University Insured Revenue Bonds, Series 1998 26,200 22,230
College of New Rochelle Revenue Bonds, Series 2008 40,000 40,000
College and University Education Loan Revenue Bonds, 1992 Issue 45,000 997
College and University Education Loan Revenue Bonds, 1993 Issue 26,600 1,750
College and University Education Loan Revenue Bonds, 1995 Issue 29,107 2,889
Columbia University Revenue Bonds, Series 1994A 180,030 11,300
Columbia University 1997 Issue, Commercial Paper Notes 55,780 29,820
Columbia University Revenue Bonds, Under the Resolution Dated September 27, 2000:
Columbia University Revenue Bonds, Series 2002B 96,700 37,400
Columbia University Commercial Paper Notes, Series 2002C 23,300 23,300
l
65
Issued Outstanding
Columbia University Revenue Bonds, Series 2003A $ 87,775 $ 69,995
Columbia University Revenue Bonds, Series 2004A2 51,935 46,500
Columbia University Revenue Bonds, Series 2004C 50,000 48,270
Comsewogue Public Library Insured Revenue Bonds, Series 2005 5,160 4,260
Cornell University Revenue Bonds, Series 1990B 60,000 56,000
Cornell University 1998 Issue, Commercial Paper Notes 490,000 6,155
Cornell University Revenue Bonds, Under the Resolution Dated January 26, 2000:
Cornell University Revenue Bonds, Series 2000A 67,250 54,845
Cornell University Revenue Bonds, Series 2008C 65,000 65,000
Culinary Institute of America Insured Revenue Bonds, Series 1999 20,275 14,450
Culinary Institute of America Insured Revenue Bonds, Under the Resolution Dated December 3, 2003:
Culinary Institute of America Insured Revenue Bonds, Series 2004A 9,760 8,025
Culinary Institute of America Insured Revenue Bonds, Series 2004B 9,720 6,090
Culinary Institute of America Insured Revenue Bonds, Series 2004C 23,725 23,725
Culinary Institute of America Insured Revenue Bonds, Series 2004D 19,000 17,400
Culinary Institute of America Insured Revenue Bonds, Series 2006 15,125 14,325
Devereux Foundation Insured Revenue Bonds, Series 1995 16,300 6,690
DYouville College Insured Revenue Bonds, Series 1998 5,625 3,855
DYouville College Insured Revenue Bonds, Series 2001 10,700 8,380
DYouville College Revenue Bonds, Series 2008 26,710 26,710
Educational Housing Services -- CUNY Student Housing Project Insured Revenue Bonds, Series 2005 63,050 61,100
FIT Student Housing Corporation Revenue Bonds, Under the Resolution Dated April 28, 2004:
FIT Student Housing Corporation Insured Revenue Bonds, Series 2004 144,545 23,330
FIT Student Housing Corporation Insured Revenue Bonds, Series 2007 110,935 110,935
Fordham Preparatory School Revenue Bonds, Series 2010 6,500 5,000
Fordham University Insured Revenue Bonds, Series 1998 79,105 6,615
Fordham University Revenue Bonds, Under the Resolution Dated March 26, 2008:
Fordham University Revenue Bonds, Series 2008A-1 48,610 48,260
Fordham University Revenue Bonds, Series 2008A-2 48,285 47,935
Fordham University Revenue Bonds, Series 2008B 115,000 113,185
Friends Academy Revenue Bonds, Series 2010 6,500 6,500
Hamilton College Revenue Bonds, Series 2010 12,700 12,700
Harborelds Public Library Insured Revenue Bonds, Series 2003 8,000 6,990
Haverstraw Kings Daughters Public Library Insured Revenue Bonds, Series 2001 11,000 9,150
Iona College Insured Revenue Bonds, Series 2002 34,475 27,425
Ithaca College Revenue Bonds, Series 2008 38,505 35,080
Jewish Board of Family and Childrens Services, Inc. Insured Revenue Bonds, Series 2003 17,555 10,985
Leake and Watts Services, Inc. Insured Revenue Bonds, Series 2004 33,105 26,145
Le Moyne College Insured Revenue Bonds, Series 1994 14,955 4,275
Le Moyne College Revenue Bonds, Series 2009 19,470 18,910
Long Island University Insured Revenue Bonds, Under the Resolution Dated March 29, 1995:
Long Island University Insured Revenue Bonds, Series 1999 45,355 33,260
Long Island University Insured Revenue Bonds, Series 2003A 16,350 14,685
Long Island University Insured Revenue Bonds, Series 2003B 23,650 20,545
Long Island University Revenue Bonds, Series 2006A 72,600 70,780
66
l
March 31, 2010
(in thousands)
Issued Outstanding
Manhattan College Insured Revenue Bonds, Under the Resolution Dated December 6, 2000:
Manhattan College Insured Revenue Bonds, Series 2000 $ 42,025 $ 30,710
Manhattan College Insured Revenue Bonds, Series 2007A 35,000 35,000
Manhattan College Insured Revenue Bonds, Series 2007B 15,000 15,000
Manhattanville College Insured Revenue Bonds, Series 1993 27,487 7,807
March of Dimes Birth Defects Foundation Insured Revenue Bonds, Series 1993 9,950 2,280
Marymount Manhattan College Revenue Bonds, Series 2009 49,275 49,275
Metropolitan Museum of Art Revenue Bonds, Under the Resolution Dated June 23, 1993:
Metropolitan Museum of Art Revenue Bonds, Series 1993A 41,660 17,440
Metropolitan Museum of Art Revenue Bonds, Series 1993B 22,115 6,780
Mount Saint Mary College Insured Revenue Bonds, Series 2003 24,720 20,835
Mount Saint Mary College Insured Revenue Bonds, Series 2005 29,265 27,470
Mt. Sinai School of Medicine Insured Revenue Bonds, Under the Resolution Dated January 26, 1994:
Mt. Sinai School of Medicine Insured Revenue Bonds, Series 1994A 143,105 143,105
Mt. Sinai School of Medicine Insured Revenue Bonds, Series 1994B 41,465 7,490
Mount Sinai School of Medicine of New York University Insured Revenue Bonds, Series 2003 63,630 42,085
Mount Sinai School of Medicine of New York University Revenue Bonds, Under the Resolution Dated
June 27, 2007:
Mount Sinai School of Medicine of New York University Revenue Bonds, Series 2007 120,820 119,470
Mount Sinai School of Medicine of New York University Revenue Bonds, Series 2009 369,915 369,915
New Hope Community, Inc. Revenue Bonds, Series 2004 7,100 4,770
New School University Insured Revenue Bonds, Series 1999 42,500 33,725
New School University Insured Revenue Bonds, Under the Resolution Dated April 27, 2005:
New York Law School Revenue Bonds, Series 2009 40,500 40,500
New York Medical College Insured Revenue Bonds, Series 1998 66,890 52,640
New York Public Library Revenue Bonds, Under the Resolution Dated March 31, 1999:
New York Public Library Revenue Bonds, Series 1999A 82,075 62,745
New York Public Library Revenue Bonds, Series 1999B 35,560 29,550
New York State Rehabilitation Association Pooled Loan Program No. 1 Insured Revenue Bonds, Under the
Resolution Dated June 28, 2000:
New York State Rehabilitation Association Pooled Loan Program No. 1 Insured Revenue Bonds, Series 2001A 21,395 12,345
New York State Rehabilitation Association Pooled Loan Program No. 1 Insured Revenue Bonds, Series 2001B
(Federally Taxable) 675 365
New York State Rehabilitation Association Pooled Loan Program No. 2 Insured Revenue Bonds, Under the
Resolution Dated June 25, 2003:
New York State Rehabilitation Association Pooled Loan Program No. 2 Insured Revenue Bonds,
Series 2003A 22,240 14,415
New York State Rehabilitation Association Pooled Loan Program No. 2 Insured Revenue Bonds,
Series 2003B (Federally Taxable) 795 400
New York State Rehabilitation Association Community Resources Revenue Bonds, Series 2008A 14,650 14,010
New York University Insured Revenue Bonds, Under the Resolution Dated February 25, 1998:
New York University Insured Revenue Bonds, Series 1998A 250,000 201,580
New York University Insured Revenue Bonds, Under the Resolution Dated December 6, 2000:
New York University Insured Revenue Bonds, 2001 Series 1 120,000 120,000
New York University Insured Revenue Bonds, 2001 Series 2 94,300 94,300
New York University Insured Revenue Bonds, Under the Resolution Dated February 26, 2003:
New York University Insured Revenue Bonds, Series 2003B 26,875 26,875
New York University Revenue Bonds, Under the Resolution Dated May 28, 2008:
New York University Revenue Bonds, Series 2008A 280,250 280,250
New York University Revenue Bonds, Series 2008B 226,705 226,705
New York University Revenue Bonds, Series 2008C 98,805 98,805
New York University Revenue Bonds, Series 2008D (Federally Taxable) 10,705 10,705
New York University Revenue Bonds, Series 2009A 402,380 402,380
New York University Revenue Bonds, Series 2009B 64,260 64,260
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Issued Outstanding
Northern Onondaga Public Library Insured Revenue Bonds, Series 1998 $ 4,125 $ 2,290
NYSARC, Inc. Insured Revenue Bonds, Under the Resolution Dated May 31, 2000
NYSARC, Inc. Insured Revenue Bonds, Series 2000A 11,725 4,630
NYSARC, Inc. Insured Revenue Bonds, Under the Resolution Dated December 19, 2006:
NYSARC, Inc. Insured Revenue Bonds, Series 2007B 13,520 7,465
NYSARC, Inc. Revenue Bonds, Series 2009A 46,150 46,150
Oceanside Library Insured Revenue Bonds, Series 2005 4,240 3,560
Oxford University Press, Inc. Revenue Bonds, Series 1993 29,385 24,395
Oxford University Press, Inc. Revenue Bonds, Series 1996 13,610 10,900
Pace University Insured Revenue Bonds, Series 1997 60,000 5,290
Pace University Insured Revenue Bonds, Series 2000 26,075 1,915
Pace University Insured Revenue Bonds, Under the Resolution Dated April 27, 2005:
Pace University Insured Revenue Bonds, Series 2005A 73,975 73,675
Pace University Insured Revenue Bonds, Series 2005B Federally Taxable 42,500 40,950
Pratt Institute Revenue Bonds, Under the Resolution Dated September 24, 2008:
Pratt Institute Revenue Bonds, Series 2009A 33,775 33,775
Pratt Institute Revenue Bonds, Series 2009B 18,420 17,980
Pratt Institute Insured Revenue Bonds, Series 2009C 50,325 50,325
Residential Institutions for Children Revenue Bonds, Under the Resolution Dated March 26, 2008:
Residential Institutions for Children Revenue Bonds, Sub-Series 2008A-1 53,835 53,835
Residential Institutions for Children Revenue Bonds, Sub-Series 2008A-2 (Federally Taxable) 75 75
Rochester Institute of Technology Insured Revenue Bonds, Series 1999 15,320 8,375
Rochester Institute of Technology Insured Revenue Bonds, Under the Resolution Dated September 25, 2002:
Rochester Institute of Technology Insured Revenue Bonds, Series 2002A 40,000 40,000
Rochester Institute of Technology Insured Revenue Bonds, Series 2002B 20,000 14,040
Rochester Institute of Technology Insured Revenue Bonds, Series 2006A 57,675 52,015
Rochester Institute of Technology Revenue Bonds, Series 2008A 85,000 85,000
Rockefeller University Revenue Bonds, Under the Resolution Dated February 25, 1998:
Rockefeller University Revenue Bonds, Series 1998 102,015 29,000
Rockefeller University Revenue Bonds, Series 1998A 46,500 20,700
Rockefeller University Revenue Bonds, Under the Resolution Dated October 31, 2001:
Rockefeller University Revenue Bonds, Series 2009B 100,000 100,000
Rockefeller University Revenue Bonds, Series 2009C 100,000 100,000
Rogers Memorial Library Insured Revenue Bonds, Series 1998 5,000 3,865
Royal Charter Properties-East, Inc. Revenue Bonds, Under the Resolution Dated September 27, 2006:
Royal Charter Properties-East, Inc. Revenue Bonds, Series 2006A 147,770 147,770
Royal Charter Properties-East, Inc. Revenue Bonds, Series 2006B (Federally Taxable) 23,610 21,215
Siena College Insured Revenue Bonds, Series 1997 30,000 815
Siena College Insured Revenue Bonds, Series 2001 24,935 13,715
Siena College Insured Revenue Bonds, Series 2006 26,770 25,595
Siena College Revenue Bonds, Series 2009 20,865 20,865
Skidmore College Insured Revenue Bonds, Series 1998 14,625 9,170
Skidmore College Insured Revenue Bonds, Series 2004 32,245 29,445
Smithtown Special Library District Revenue Bonds, Series 2008 20,930 20,345
St. John Fisher College Revenue Bonds, Series 2008A 13,200 12,745
St. Johns University Insured Revenue Bonds, Under the Resolution Dated August 12, 1998:
St. Johns University Insured Revenue Bonds, Series 1998 143,110 37,740
St. Johns University Insured Revenue Bonds, Series 2001A 46,135 12,255
St. Johns University Insured Revenue Bonds, Under the Resolution Dated January 26, 2005:
St. Johns University Insured Revenue Bonds, Series 2007C 124,425 119,625
68
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March 31, 2010
(in thousands)
Issued Outstanding
St. Johns University Revenue Bonds, Under the Resolution Dated March 26, 2008:
St. Johns University Revenue Bonds, Series 2008A $ 55,490 $ 54,775
St. Johns University Revenue Bonds, Series 2008B-1 67,780 67,395
St. Johns University Revenue Bonds, Series 2008B-2 67,760 67,760
St. Lawrence University Revenue Bonds, Series 2008 47,950 46,795
St. Thomas Aquinas College Insured Revenue Bonds, Series 1998 17,460 9,950
Suffern Free Library Association Insured Revenue Bonds, Series 1998 8,000 6,140
Teachers College Insured Revenue Bonds, Series 2002 42,085 35,250
Teachers College Revenue Bonds, Series 2009 52,595 52,595
United Cerebral Palsy of New York City, Inc. Insured Revenue Bonds, Series 1996 12,210 8,735
United Cerebral Palsy Afliates Pooled Loan Program No. 1 Insured Revenue Bonds, Series 2002A 16,095 11,245
University of Rochester Revenue Bonds, Under the Resolution Dated August 11, 1999:
University of Rochester Revenue Bonds, Series 2001A 22,920 16,800
University of Rochester Revenue Bonds, Series 2003B 49,650 32,425
University of Rochester Revenue Bonds, Series 2003C 82,225 67,000
University of Rochester Revenue Bonds, Series 2006A-1 94,130 94,130
University of Rochester Revenue Bonds, Series 2006B-1 17,050 17,050
University of Rochester Revenue Bonds, Series 2009D 3,625 3,625
University of Rochester Revenue Bonds, Series 2009E 13,590 13,590
Vassar College Revenue Bonds, Series 2007 125,455 122,480
Wagner College Revenue Bonds, Under the Resolution Dated April 29, 1998:
Wagner College Revenue Bonds, Series 1998 16,600 12,435
Wagner College Revenue Bonds, Series 2009 30,500 30,500
Yeshiva University Revenue Bonds, Under the Resolution Dated February 28, 2001:
Yeshiva University Insured Revenue Bonds, Series 2001 65,000 52,255
Yeshiva University Insured Revenue Bonds, Series 2004 100,000 91,640
Yeshiva University Revenue Bonds, Series 2009 140,820 140,820
Total Independent Institutions $ 12,383,337 $ 9,889,066
State University:
Fashion Institute of Technology Revenue Bonds, Series 2000 $ 18,515 $ 9,535
State University Dormitory Facilities Issue Lease Revenue Bonds, Under the Resolution Dated
September 20, 1995:
State University Dormitory Facilities Issue Lease Revenue Bonds, Series 1995A Lot 1 220,900 7,630
State University Dormitory Facilities Issue Lease Revenue Bonds, Series 1995A Lot 2 2,955 2,010
State University Dormitory Facilities Issue Lease Revenue Bonds, Series 1997 26,000 700
State University Dormitory Facilities Issue Lease Revenue Bonds, Series 1999A 32,600 3,435
State University Dormitory Facilities Issue Lease Revenue Bonds, Series 1999B 34,725 2,145
State University Dormitory Facilities Issue Lease Revenue Bonds, Series 1999C 68,640 1,610
State University Dormitory Facilities Issue Lease Revenue Bonds, Series 2001 99,405 11,335
State University Dormitory Facilities Issue Lease Revenue Bonds, Series 2003C (Federally Taxable) 5,850 5,850
State University Dormitory Facilities Issue Lease Revenue Bonds, Series 2005C 33,970 33,705
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69
Issued Outstanding
State University Dormitory Facilities Issue Lease Revenue Bonds, Series 2008A $ 129,375 $ 128,145
State University Educational Facilities Revenue Bonds, Under the Resolution Dated May 31, 1989:
State University Educational Facilities Revenue Bonds, Series 1989B 686,335 10,345
State University Educational Facilities Revenue Bonds, Series 1990A 622,936 55,525
State University Educational Facilities Revenue Bonds, Series 1990C 229,809 8,960
State University Educational Facilities Revenue Bonds, Series 1993A 1,009,965 748,875
State University Educational Facilities Revenue Bonds, Series 2000 273,845 73,200
State University Educational Facilities Revenue Bonds, Series 2000C 36,615 36,615
State University Educational Facilities Revenue Bonds, Under the Resolution Dated October 27, 1999:
State University Educational Facilities Revenue Bonds, Series 1999 246,110 11,840
Third General Resolution Revenue Obligation Bonds, Under the Resolution Dated September 4, 2002:
State University Educational Facilities Issue, Series 2002A 96,290 93,545
State University Educational Facilities Issue, Series 2002B 978,595 978,595
State University Educational Facilities Issue, Series 2005A 172,025 166,520
State University Educational Facilities Special Obligation Bonds, Series 1990A 275,885 4,310
State University Educational Facilities Special Obligation Bonds, Series 1990B 328,575 478
Upstate Community Colleges Revenue Bonds, Under the Resolution Dated January 26, 1994:
Upstate Community Colleges Revenue Bonds, Series 1994A 133,930 5,690
Upstate Community Colleges Revenue Bonds, Series 2004B 71,150 71,150
Upstate Community Colleges Revenue Bonds, Under the Resolution Dated February 26, 1997:
Upstate Community Colleges Revenue Bonds, Series 2004 54,935 49,635
Upstate Community Colleges Revenue Bonds, Under the Resolution Dated January 26, 2005:
Upstate Community Colleges Revenue Bonds, Series 2005B 29,855 29,855
Upstate Community Colleges Revenue Bonds, Series 2005C 54,080 54,080
Total State University $ 9,413,395 $ 3,807,613
City University:
City University System Consolidated Revenue Bonds, Under the Resolution Dated July 15, 1986:
City University System Consolidated Revenue Bonds, Series 1993A $ 311,880 $ 147,185
City University System Consolidated Revenue Bonds, Series 1993B 67,450 45,755
City University System Consolidated Revenue Bonds, Series 1993C 18,045 4,140
City University System Consolidated Revenue Bonds, Series 1993D 22,725 6,515
City University System Consolidated Revenue Bonds, Series 1993E 52,485 10,105
City University System Consolidated Revenue Bonds, Series 1995A 157,990 110,665
City University System Consolidated Second General Resolution Revenue Bonds, Under the Resolution
Dated January 31, 1990:
Second General Resolution Revenue Bonds, Series 1990C 541,130 30,825
Second General Resolution Revenue Bonds, Series 1993A 271,775 219,300
Second General Resolution Revenue Bonds, Series 2000A 94,790 94,790
Second General Resolution Revenue Bonds, Series 2000B 60,250 59,275
City University System Consolidated Third General Resolution Revenue Bonds, Under the Resolution
Dated May 25, 1994:
Third General Resolution Revenue Bonds, 1998 Series 1 132,290 90,435
70
l
March 31, 2010
(in thousands)
Issued Outstanding
City University System Consolidated Fourth General Resolution Revenue Bonds, Under the Resolution
Fourth General Resolution Revenue Bonds, 2000 Series A $ 163,735 $ 7,480
Fourth General Resolution Revenue Bonds, 2001 Series A 168,870 11,170
Fourth General Resolution Revenue Bonds, 2003 Series A 182,085 47,025
City University System Consolidated Fifth General Resolution Revenue Bonds, Under the Resolution
Fifth General Resolution Revenue Bonds, Series 2003A 101,840 25,595
Fifth General Resolution Revenue Bonds, Series 2008B 280,780 280,095
Fifth General Resolution Revenue Bonds, Series 2008C 337,475 337,475
Fifth General Resolution Revenue Bonds, Series 2008D 150,100 150,100
Fifth General Resolution Revenue Bonds, Series 2008E 107,095 103,560
Total City University $ 3,936,205 $ 2,306,360
New York State Agencies:
State Service Contract Revenue Bonds (Albany County Airport Project), Under the Resolution
Dated December 3, 1997:
State Service Contract Revenue Bonds, (Albany County Airport Project), Series 1997 $ 41,395 $ 2,320
State Service Contract Revenue Bonds, (Albany County Airport Project), Series 2005 21,445 21,020
Ofce of General Services Issue Revenue Bonds, Series 1998 40,910 8,245
Ofce Facilities Lease Revenue Bonds, (Department of Audit and Control), Series 1999 51,700 13,175
State Judicial Institute at Pace University Insured Lease Revenue Bonds, Series 2000 16,105 2,375
School District RESCUE Program Issue Service Contract Revenue Bonds, Series 2001A 64,880 15,295
Service Contract Revenue Bonds, Child Care Facilities Development Program, Series 2002A 29,465 5,750
Department of Education of the State of New York Issue, Series 1998 14,825 2,160
Department of Education of the State of New York Issue Revenue Bonds, Under the Resolution
Dated December 4, 2002:
Department of Education of the State of New York Issue, Series 2003 26,420 24,390
Department of Education of the State of New York Issue, Series 2006A 21,420 20,955
Department of Health of the State of New York Revenue Bonds, Under the Resolution Dated July 18, 1990:
Department of Health of the State of New York Revenue Bonds, Series 1998 50,510 43,825
Department of Health of the State of New York Revenue Bonds, Series 1999A 20,800 16,995
Department of Health of the State of New York Revenue Refunding Bonds, Series 2003 41,910 36,600
Department of Health of the State of New York Revenue Refunding Bonds, Series 2004 (Sub-Series 1) 77,245 62,460
Department of Health of the State of New York Revenue Refunding Bonds, Series 2004 (Sub-Series 2) 78,870 67,780
Department of Health of the State of New York Revenue Refunding Bonds, Series 2005A 51,465 50,465
Department of Health of the State of New York Revenue Bonds, Series 2006A 22,725 21,910
Department of Health Veterans Home Revenue Bonds, Series 1996 19,755 13,705
Department of Health of the State of New York Refunding Issue, Series 2004 57,050 47,365
Library Facilities Service Contract Bonds, Series 1996 19,450 1,850
Mental Health Services Facilities Improvement Revenue Bonds, Under the Resolution Dated January 31, 1996:
Mental Health Services Facilities Improvement Revenue Bonds, Series 1996B 245,600 51,275
Mental Health Services Facilities Improvement Revenue Bonds, Series 1996C 61,305 460
Mental Health Services Facilities Improvement Revenue Bonds, Series 1998A 20,615 355
Mental Health Services Facilities Improvement Revenue Bonds, Series 1998D 328,130 26,040
Mental Health Services Facilities Improvement Revenue Bonds, Series 1998E 18,660 695
Mental Health Services Facilities Improvement Revenue Bonds, Series 1998F 78,300 27,970
Mental Health Services Facilities Improvement Revenue Bonds, Series 1998G 90,030 5,145
Mental Health Services Facilities Improvement Revenue Bonds, Series 1999C 175,870 12,275
Mental Health Services Facilities Improvement Revenue Bonds, Series 1999D 80,750 85
Mental Health Services Facilities Improvement Revenue Bonds, Series 2000B 75,180 150
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71
Issued Outstanding
Mental Health Services Facilities Improvement Revenue Bonds, Series 2001A $ 36,075 $ 3,755
Mental Health Services Facilities Improvement Revenue Bonds, Under the Second Resolution
Dated February 26, 2003:
Mental Health Services Facilities Improvement Revenue Bonds, Series 2003D-2 818,800 199,700
Mental Health Services Facilities Improvement Revenue Bonds, Series 2003A 14,330 10,450
Mental Health Services Facilities Improvement Revenue Bonds, Series 2005C-1 106,300 92,865
Mental Health Services Facilities Improvement Revenue Bonds, Series 2005D-1 348,550 328,610
Mental Health Services Facilities Improvement Revenue Bonds, Series 2005E 182,000 146,135
Mental Health Services Facilities Improvement Revenue Bonds, Series 2008E 41,065 39,850
Mental Health Services Facilities Improvement Revenue Bonds, Series 2009A-1 443,495 407,800
Total New York State Agencies $ 6,222,020 $ 3,408,370
Municipal Facilities:
Court Facilities Lease Revenue Bonds (The City of New York Issue), Under the Resolution Dated October 13, 1993:
Court Facilities Lease Revenue Bonds (The City of New York Issue), Series 1999 $ 290,000 $ 11,300
Court Facilities Lease Revenue Bonds (The City of New York Issue), Series 2003A 357,710 95,140
Court Facilities Lease Revenue Bonds (The City of New York Issue), Series 2005A (Fixed Rate Bonds) 383,230 383,230
Court Facilities Lease Revenue Bonds (The City of New York Issue), Series 2005B (Variable Rate Bonds) 125,500 125,500
Court Facilities Lease Revenue Bonds (The County of Westchester Issue), Under the Resolution
Dated October 28, 1998:
Court Facilities Lease Revenue Bonds (The County of Westchester Issue), Series 1998 133,008 24,113
Court Facilities Lease Revenue Bonds (The County of Westchester Issue), Series 2006A 67,780 67,780
Court Facilities Lease Revenue Bonds (The County of Westchester Issue), Series 2006B 21,075 17,070
Master BOCES Program Lease Revenue Bonds, Under the Resolution Dated August 15, 2001:
Nassau County Issue, Series 2001A 34,900 25,570
Sole Supervisory District of Madison and Oneida Counties Issue, Series 2002 15,500 11,575
Nassau County Issue, Series 2003 14,610 11,720
Broome-Tioga Issue, Series 2004 10,345 8,340
Wayne-Finger Lakes Issue, Series 2004 10,415 8,695
St. Lawrence-Lewis Issue, Series 2007 10,500 9,815
Delaware, Chenango, Madison, and Otsego Issue, Series 2007 47,755 44,705
Genesee Valley Issue, Series 2008 38,165 35,390
Oneida Herkimer Madison Issue, Series 2008 38,550 37,300
Nassau County Issue, Series 2009 17,525 17,525
Municipal Health Facilities Improvement Program Lease Revenue Bonds (The City of New York Issue), Under the
Resolution Dated August 22, 1996:
Municipal Health Facilities Improvement Program, Series 1996A 26,165 19,220
Municipal Health Facilities Improvement Program Lease Revenue Bonds (New York City Issue), Under the Resolution
Municipal Health Facilities Improvement Program Lease Revenue Bonds (New York City Issue), 1998 Series 1 294,960 172,370
72
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March 31, 2010
(in thousands)
Issued Outstanding
Master School Districts Revenue Bond Financing Program Revenue Bonds, Under the Resolution
Dated May 29, 2002:
School Districts Revenue Bond Financing Program Revenue Bonds, Series 2002A $ 325,990 $ 215,570
School Districts Revenue Bond Financing Program Revenue Bonds, Series 2002B 36,615 26,330
School Districts Revenue Bond Financing Program Revenue Bonds, Series 2002C 75,855 49,625
School Districts Revenue Bond Financing Program Revenue Bonds, Series 2002D 416,040 274,415
School Districts Revenue Bond Financing Program Revenue Bonds, Series 2002E 91,815 67,755
School Districts Revenue Bond Financing Program Revenue Bonds, Series 2002F 1,335 875
School Districts Revenue Bond Financing Program Revenue Bonds, Series 2002G 10,415 6,705
School Districts Revenue Bond Financing Program Revenue Bonds, Series 2002H 26,850 17,450
School Districts Revenue Bond Financing Program Revenue Bonds, Series 2002I 23,135 12,035
School Districts Revenue Bond Financing Program Revenue Bonds, Series 2003J 18,955 13,875
School Districts Revenue Bond Financing Program Revenue Bonds, Series 2004A 27,655 23,655
School Districts Revenue Bond Financing Program Revenue Bonds, Series 2009E 2,345 2,345
Special Act School Districts Program Insured Revenue Bonds, Under the Resolution Dated July 18, 1990:
Special Act School Districts Program Insured Revenue Bonds, Series 1995 29,770 17,885
Total Municipal Facilities $ 4,647,453 $ 3,330,628
State of New York Consolidated Service Contract Refunding Revenue Bonds, Under the Resolution
Dated July 25, 2007:
(2)
State of New York Consolidated Service Contract Refunding Revenue Bonds, Series 2007:
Fashion Institute of Technology State Share $ 5,860 $ 5,860
Child Care Facilities Development Program 11,630 11,630
Ofce of General Services 10,605 10,605
Ofce Facilities Department of Audit and Control 12,055 12,055
State Judicial Institute at Pace University 7,905 7,905
Library Facilities 2,060 2,060
State of New York Consolidated Service Contract Refunding Revenue Bonds, Series 2009A:
Ofce of General Services 12,165 12,165
Ofce Facilities Department of Audit and Control 6,425 6,425
Department of Education 8,455 8,455
Housing Financing Agency SCOR 133,665 133,665
State University Athletic Facilities 17,145 17,145
State University Educational Facilities 351,000 351,000
Upstate Community Colleges 78,305 78,305
State of New York Consolidated Service Contract Refunding Revenue Bonds, Series 2009B (Federally Taxable):
Housing Financing Agency SCOR 9,580 9,580
Total NY Consolidated Service Contract Refunding Bonds $ 666,855 $ 666,855
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73
Issued Outstanding
State Personal Income Tax Revenue Bonds:
(2)
State Personal Income Tax Revenue Bonds (Education), Under the Resolution Dated July 24, 2002:
State Personal Income Tax Revenue Bonds (Education), Series 2003A:
State University of New York Educational Facilities (State University) $ 241,370 $ 24,430
Upstate Community Colleges (State University) 16,300 1,645
City University of New York Senior Colleges (City University) 135,650 13,720
City University of New York Community Colleges (City University) 19,825 2,000
Rebuild Schools to Uphold Education (New York State Agencies) 75,915 14,895
Capital Outlay Program (New York State Agencies) 92,450 24,305
State Personal Income Tax Revenue Bonds (Education), Series 2003B (Taxable):
New York State Ofce of Science, Technology and Academic Research for SUNY Educational Facilities
(State University) 22,870 5,785
New York State Ofce of Science, Technology, and Academic Research for Jobs Two Thousand
(New York State Agencies) 24,630 6,235
State University of New York Educational Facilities (State University) 29,070 25,930
State Personal Income Tax Revenue Bonds (Education), Series 2004B (Taxable):
New York State Ofce of Science, Technology and Academic Research for SUNY Educational Facilities (State
University) 15,090 6,615
New York State Ofce of Science, Technology, and Academic Research for Jobs Two Thousand (New York State
Agencies) 6,040 2,650
State Personal Income Tax Revenue Refunding Bonds (Education), Series 2005B:
State Personal Income Tax Revenue Bonds (Education), Series 2005D:
State Personal Income Tax Revenue Bonds (Education), Series 2005E (Federally Taxable):
State Personal Income Tax Revenue Bonds (Education), Series 2005F:
Public Broadcasting Facilities Assistance Program (New York State Agencies) 4,795 2,835
State Personal Income Tax Revenue Bonds (Education), Series 2005G (Federally Taxable):
State Personal Income Tax Revenue Bonds (Education), Series 2006B (Federally Taxable):
State Personal Income Tax Revenue Bonds (Education), Series 2006C:
Expanding our Childrens Education and Learning Program (New York State Agencies) 757,175 719,225
State Personal Income Tax Revenue Bonds (Education), Series 2006D:
(2)
State Personal Income Tax Revenue Bonds (PIT Bonds) and State of New York Consolidated Service Contract Refunding Revenue Bonds (Service ContractBonds) were issued for a
variety of programs that historically were issued under Resolutions within the respective programs. The PIT Bonds and Service Contract Bonds have been recorded in their respective
programs as reected in supplementary information schedules 1, 2, 3, and 6. The program noted in parenthesis after the name of the bond issue identies the program category in
which the bonds are recorded in the supplementary schedules.
74
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(in thousands)
Issued Outstanding
City University of New York Senior Colleges (City University) $ 267,125 $ 253,215
State Library Facilities (New York State Agencies) 13,265 9,890
Public Broadcasting Facilities Assistance Program (New York State Agencies) 9,355 6,980
State Personal Income Tax Revenue Bonds (Education), Series 2006E (Federally Taxable):
New York State Ofce of Science, Technology and Academic Research for SUNY Educational Facilities
(State University) 9,120 6,830
Public Broadcasting Facilities Assistance Program (New York State Agencies) 130 100
Archival Facilities (New York State Agencies) 9,770 9,310
State Personal Income Tax Revenue Bonds (Education), Series 2007B:
State Personal Income Tax Revenue Bonds (Education), Series 2007C:
State Personal Income Tax Revenue Bonds (Education), Series 2008B:
Higher Education Capital Matching Grants Program (New York State Agencies) 52,445 47,445
State Personal Income Tax Revenue Refunding Bonds (Education), Series 2008C:
State Personal Income Tax Revenue Bonds (Education) Qualied School Construction Bonds, Series 2009
(Tax Credit Bonds):
State Personal Income Tax Revenue Bonds (Economic Development and Housing), Under the Resolution
State Personal Income Tax Revenue Bonds (Economic Development and Housing), Series 2003A:
Community Enhancement Facilities Assistance Program (New York State Agencies) 15,595
Strategic Investment Program (New York State Agencies) 38,665
Multi-Modal Transportation Program (New York State Agencies) 23,190 7,965
Community Capital Assistance Program/Rebuilding the Empire State Through Opportunities in Regional
Economies Program (New York State Agencies) 57,500 19,760
State Personal Income Tax Revenue Bonds (Economic Development and Housing), Series 2003B
(Federally Taxable):
Rebuilding the Empire State Through Opportunities in Regional Economies Program (New York State Agencies) 13,180 4,380
Generating Employment Through New York Science Program (New York State Agencies) 25,350 8,430
Multi-Modal Transportation Program (New York State Agencies) 11,080 4,910
l
75
Issued Outstanding
State Personal Income Tax Revenue Bonds (Economic Development and Housing), Series 2005B:
Economies Program (New York State Agencies) $ 9,340 $ 9,340
State Personal Income Tax Revenue Bonds (Economic Development and Housing), Series 2006A
State Personal Income Tax Revenue Bonds (Economic Development and Housing), Series 2006B:
State Personal Income Tax Revenue Bonds (Economic Development and Housing), Series 2007A
Community Enhancement Facilities Assistance Program (New York State Agencies) 7,595 6,265
New York Economic Development Capital Program (New York State Agencies) 18,985 15,665
New York Economic Development Program (New York State Agencies) 37,965 31,330
New York State Regional Economic Development Program (New York State Agencies) 7,595 6,265
New York State Technology and Development Program (New York State Agencies) 4,750 3,920
Strategic Investment Program (New York State Agencies) 6,645 5,480
New York State Technology and Development Program (New York State Agencies) 1,015 830
State Personal Income Tax Revenue Refunding Bonds (Economic Development and Housing), Series 2008C
Community Capital Assistance Program (New York State Agencies) 14,705 10,525
New York State Capital Assistance Program (New York State Agencies) 29,160 28,320
New York State Economic Development Assistance Program (New York State Agencies) 38,880 37,760
State Personal Income Tax Revenue Bonds (State Facilities and Equipment), Under the Resolution Dated December 4, 2002:
State Personal Income Tax Revenue Bonds (State Facilities and Equipment), Series 2003A:
State court facilities improvements (New York State Agencies) 21,245 15,275
State court facilities improvements (New York State Agencies) 16,345 12,380
Enhanced Wireless 911 Service (New York State Agencies) 23,780 16,135
State Personal Income Tax Revenue Bonds (Healthcare), Under the Resolution Dated January 23, 2008:
State Personal Income Tax Revenue Bonds (Healthcare), Series 2008A:
Healthcare Efciency and Affordability Law for New Yorkers (New York State Agencies) 69,380 54,115
State Personal Income Tax Revenue Bonds (Healthcare), Series 2009A:
State Personal Income Tax Revenue Bonds (General Purpose), Under the Resolution Dated April 29, 2009:
State Personal Income Tax Revenue Bonds (General Purpose), Series 2009A:
Mental Health (State) 351,525 347,355
Mental Health (Voluntary) 82,875 81,500
State Personal Income Tax Revenue Refunding Bonds (General Purpose), Series 2009B (Refunding):
76
l
March 31, 2010
(in thousands)
Issued Outstanding
State Personal Income Tax Revenue Bonds (General Purpose), Series 2009D:
State University of New York Educational Facilities (State University) $ 31,390 $ 31,390
Higher Education Capital Matching Grants Program (New York State Agencies) 37,085 37,085
Judicial Training Academy (New York State Agencies) 15,260 15,260
Economic Development OtherNon-DASNY (New York State Agencies) 56,030 56,030
Economic Development OtherNYEDAP (New York State Agencies) 13,220 13,220
Economic Development OtherRoosevelt Island Tramway (New York State Agencies) 13,875 13,875
Economic Development OtherSUNY HH Richardson (State University) 11,095 11,095
New York State Technology and Development Program (New York State Agencies) 23,130 23,130
New York State Regional Economic Development Program (New York State Agencies) 7,925 7,925
Strategic Investment Program (New York State Agencies) 4,980 4,980
Economic Development OtherDASNY (New York State Agencies) 18,015 18,015
State Personal Income Tax Revenue Bonds (General Purpose), Series 2009E (Federally Taxable):
State Personal Income Tax Revenue Bonds (General Purpose), Series 2009F (Federally TaxableBuild America Bonds):
State Personal Income Tax Revenue Bonds (General Purpose), Series 2009G:
State Personal Income Tax Revenue Bonds (General Purpose), Series 2009H (Federally TaxableBuild America Bonds):
State Personal Income Tax Revenue Bonds (General Purpose), Series 2010A:
State Parks Capital 7,535 7,535
State Personal Income Tax Revenue Bonds (General Purpose), Series 2010B (Federally Taxable):
Clean Water Revolving 20,240 20,240
State Personal Income Tax Revenue Bonds (General Purpose), Series 2010C (Federally Taxable Build America Bonds):
Brentwood State Park 6,605 6,605
DEC Environmental Protection Fund 61,955 61,955
DEC Hard Dollar 12,195 12,195
Onondaga Lake 5,080 5,080
State Parks Capital 40,635 40,635
DEC Superfund 64,110 64,110
Total State Personal Income Tax Revenue Bonds $ 10,402,290 $ 9,141,815
Total bonds and notes outstanding $ 59,623,556 $ 41,833,612
See accompanying independent auditors report.
Dormitory Authority
of the State of New York
(A Component Unit of the State of New York)
Basic Financial Statements
March 31, 2010 and 2009
(With Independent Auditors Report Tereon)
78
l
Managements Discussion and Analysis
(unaudited)
March 31, 2010 and 2009
Audited Financial
Statements
79 Independent Auditors
Report
80 Managements Discussion
and Analysis
89 Basic Financial
Statements
89 Statements of Net Assets
90 Statements of Revenues,
Expenses, and Changes
in Net Assets
91 Statements of Cash Flows
92 Notes to Basic Financial
Statements

108 Schedule of Funding
Progress for the Retiree
Health Plan
The nancial statements of the Authority for the scal year ended March 31, 2010 are the
responsibility of management. The nancial statements were prepared in accordance with
U.S. generally accepted accounting principles. Financial information contained elsewhere in
this report is consistent with the nancial statements. The Board of the Authority adopted
these nancial statements on June 23, 2010.
The Authority has an established internal control structure. The objectives of an internal
control structure are to provide reasonable assurance as to the protection of and account-
ability for assets, compliance with applicable laws and regulations, proper authorization
and recording of transactions, and the reliability of nancial records for preparing nancial
statements. The internal control structure is subject to periodic review by management, the
internal audit staff and the independent auditors.
The Authoritys annual nancial statements have been audited by KPMG LLP, independent
auditors appointed by the Members of the Authority. The role of the independent auditors
is to express an opinion of the nancial statements based on their audits. Management has
made available to KPMG all the nancial records and related data of the Authority, as well
as providing access to all the minutes of the meetings of the Members of the Authority. The
independent auditors periodically meet with the Members of the Authority.
The independent audit included tests of accounting records, consideration of the internal
controls structure, and other procedures which the independent auditors considered neces-
sary in order to express an opinion as to the fairness of the presentation of the nancial state-
ments. No material weaknesses in internal control or any condition of non-compliance with
applicable laws, regulations or policy were noted by the auditors. The unqualied independent
auditors report attests that the nancial statements present fairly in all material respects,
the nancial position of the Authority as of March 31, 2010 and 2009, and the changes in its
nancial position and its cash ows for the years then ended in conformity with U.S. generally
accepted accounting principles.
Responsibility for Financial Reporting
Paul T. Williams, Jr.
Executive Director
Paul W. Kutey
Chief Financial Ofcer
l
79
Independent Auditors Report
Te Board of Directors
Dormitory Authority of the State of New York:
We have audited the accompanying statements of net assets of the Dormitory Authority of the State of New
York (the Authority), a component unit of the State of New York, as of March 31, 2010 and 2009, and the
related statements of revenues, expenses, and changes in net assets and cash fows as of and for the years
then ended. Tese fnancial statements are the responsibility of the Authoritys management. Our responsi-
bility is to express an opinion on these fnancial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to fnancial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Tose standards require that we plan and perform
our audits to obtain reasonable assurance about whether the fnancial statements are free of material
misstatement. An audit includes consideration of internal control over fnancial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the efectiveness of the Authoritys internal control over fnancial reporting. Accordingly,
we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the
amounts and disclosures in the fnancial statements, assessing the accounting principles used and signifcant
estimates made by management, as well as evaluating the overall fnancial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the fnancial statements referred to above present fairly, in all material respects, the fnancial
position of the Authority as of March 31, 2010 and 2009, and the changes in its fnancial position and its
cash fows for the years then ended in conformity with U.S. generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated June 23, 2010,
on our consideration of the Authoritys internal control over fnancial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters.
Te purpose of that report is to describe the scope of our testing of internal control over fnancial reporting
and compliance and the results of that testing, and not to provide an opinion on the internal control over
fnancial reporting or on compliance. Tat report is an integral part of an audit performed in accordance
with Government Auditing Standards and should be considered in assessing the results of our audits.
Te managements discussion and analysis on pages 80 through 88 is not a required part of the fnancial
statements but is supplementary information required by U.S. generally accepted accounting principles. We
have applied certain limited procedures, which consisted principally of inquiries of management regarding
the methods of measurement and presentation of the required supplementary information. However, we did
not audit the information and express no opinion on it.
June 23, 2010
KPMG LLP is a Delaware limited liability partnership, the U.S.
member frm of KPMG International Cooperative (KPMG
International), a Swiss entity.
The following discussion and analysis of the Dormitory Authority of the
State of New Yorks (the Authority) nancial performance provides an
overview of the Authoritys activities as of and for the years ended March
31, 2010 and 2009. It should be read in conjunction with the Authoritys
nancial statements that follow this section. This discussion and analysis is
intended to serve as an introduction to the Authoritys nancial statements,
which are comprised of the nancial statements and the notes to the
nancial statements.
Background
The Authority is a public benet corporation, an independent corporate
agency with governmental functions delegated to it by the State of New
York (the State) and is authorized to nance, design, construct or rehabili-
tate buildings for use by various public and private not-for-prot corpora-
tions. Under existing law, and assuming continuing compliance, interest
on most bonds and notes issued by the Authority has been determined to
be excludable from gross income for federal income tax purposes under
Section 103 of the Internal Revenue Code of 1986, as amended.
The Authority is governed by an eleven-member Board composed of the
Director of the Budget of the State, the Commissioner of Education of
the State, the Commissioner of Health of the State, the State Comptroller
or one member appointed by him or her, ve members appointed by the
Governor, with the advice and consent of the Senate, one member ap-
pointed by the Temporary President of the State Senate, and one member
appointed by the Speaker of the State Assembly. All bonds and notes
issued by the Authority must also be approved by the New York State
Public Authorities Control Board.
The Authoritys two primary lines of business are debt issuance and
construction management, which are supported by the Authoritys operat-
ing activities. As a part of its operating activities, the Authority devotes
signicant efforts to the administration of grants authorized by the State and
payable to a variety of public and private grantees from proceeds of bonds
issued by the Authority. The Authority has a staff of approximately 600
located in three main ofces (Albany, New York City and Buffalo) and at ap-
proximately 60 eld sites across the State. The Authority provides services
to various clients under three major programs: public facilities; nonprot
healthcare; and independent colleges, universities and other nonprots.
The Authoritys clients, both public and private, typically have alternatives
to using the debt issuance and construction management services offered
by the Authority. Not-for-prot corporations qualied under section 501(c)
(3) of the Internal Revenue Code have frequently chosen to use industrial
development agencies to meet their nancing needs. Industrial develop-
ment agencies, until January 31, 2008, were authorized to issue bonds
for the benet of various not-for-prot corporations, including those for
which the Authority is currently permitted to issue bonds. The New York
State Legislature is currently considering the enactment of legislation which
would once again permit industrial development agencies to issue bonds
for the benet of these not-for-prot corporations.
Financial Markets
The Authority is a conduit debt issuer. All of the Authoritys outstanding
bonds and notes, both xed and variable rate, are special obligations
payable solely from payments required to be made by or for the account
of the client for which the particular special obligations were issued. Such
payments are pledged or assigned to the trustees for the holders of the
respective special obligations. The Authority has no obligation to pay its
special obligations other than from such payments. In addition, certain
bond and note issues are also secured by other forms of credit enhance-
ment, including municipal bond insurance and bank letters of credit. See
note 9 for a further discussion of bonds and notes outstanding.
Disruptions in the economic and nancial markets over the past several
years, including those in the sub-prime mortgage market, have led to,
among other things, downgrades in the credit ratings of certain municipal
bond insurers. The effects of such downgrades include a reduced capacity
available for future bond insurance. Further, the markets for municipal auc-
tion rate securities and certain variable rate demand bonds were disrupted
by, among other things, the credit rating downgrades to certain municipal
bond insurers, investor concerns over liquidity, and reduced participation
of investment banks as principals in the auction rate security market.
As a conduit issuer, such conditions have had no material direct nancial
impact on the operations of the Authority but may impose certain respon-
sibilities on the Authority, as the issuer of the bonds or notes, with respect
to giving notices to appropriate entities and taking certain other actions
under the relevant nancing documents. These same conditions, however,
may have a nancial impact on the operations of certain of its clients and
the holders of these bonds or notes.
The disruption in the market for auction rate securities has, in many cases,
resulted in higher interest rates being paid by clients on bonds. Failed auc-
tions resulting from insufcient clearing bids result in higher interest rates,
either set by reference to an index or at a xed maximum rate.
With regard to variable rate demand bonds, under certain circumstances, if
the credit ratings of the credit enhancer fall below a certain level, the liquidity
provider, who has the obligation to purchase the bonds, has the right to
terminate its agreement to purchase such bonds. Such risk has also resulted
in higher interest rates being paid on certain of these bonds by clients.
The Authority has worked closely with its clients to identify and implement
strategies that mitigate the effects of the problems in the variable rate
market, including refunding with xed rate bonds, converting to another
allowable mode, or adding additional credit facilities.
As of March 31, 2010, the Authority had a total of approximately $3.4
billion outstanding variable rate demand bonds, of which approximately
$2.2 billion was secured by direct pay bank letters of credit, $664 million
was secured by appropriations or by pledged assets and revenues or by
payments of the respective clients and with liquidity provided by standby
purchase agreements, $169 million was secured by agencies of the
(unaudited)
March 31, 2010 and 2009
80
l
l
81
federal government, and $318 million was secured by pledged assets
and revenues or by payments of the respective clients acting as their
own liquidity provider. As of March 31, 2009, the Authority had a total of
approximately $3.4 billion outstanding variable rate demand bonds, of
which approximately $1.9 billion was secured by direct pay bank letters of
credit, $168 million was secured by municipal bond insurance with liquidity
provided by standby purchase agreements, $812 million was secured by
appropriations or by pledged assets and revenues or by payments of the
respective clients and with liquidity provided by standby purchase agree-
ments, $171 million was secured by agencies of the federal government,
and $322 million was secured by pledged assets and revenues or by
payments of the respective clients acting as their own liquidity provider.
The Authoritys auction rate bond portfolio has decreased signicantly, by
$2.8 billion, over the past two years. As of March 31, 2010, the Authority
had a total of approximately $89 million outstanding auction rate bonds
and notes, of which approximately $41 million was secured by municipal
bond insurance, and $48 million was secured by pledged assets and
revenues or by payments of the respective clients. As of March 31, 2009,
the Authority had a total of approximately $290 million outstanding auction
rate bonds and notes, of which approximately $240 million was secured
by municipal bond insurance, and $50 million was secured by pledged
assets and revenues or by payments of the respective clients.
With respect to the impact of the above circumstances on the holders of
the bonds or notes, information describing the material terms of the bonds
or notes is disclosed to the purchasers in the offering documents.
The Authority continues to monitor the ratings of bond insurers and all
other credit enhancers and take appropriate actions as required under the
provisions of the related bond documents.
All of the required secondary market disclosures for the Authoritys private
not for prot clients is done through Digital Assurance Certication LLC
(DAC) which can be accessed through the following website:
http://www.dacbond.com/. The Authority also provides additional informa-
tion on its website www.dasny.org. In addition, while certain information
pertaining to the Authoritys debt issuances for the Authoritys public
clients is also available on the DAC website, it is generally the public entity
(rather than the Authority) that is responsible for timely compliance with the
ling of updated nancial information and operating data with the nationally
recognized municipal securities information repositories. The Authority,
the bond trustee and the public client each have responsibilities with
respect to the ling of material event notices with the nationally recognized
municipal securities information repositories.
The market disruptions described above have also led to a greater demand
for government securities, which are generally considered more secure
than other investments such as stocks or corporate debt. This increased
demand has resulted in lower interest rates on the securities invested in by
the Authority and a signicant decrease in income on investments in 2010.
Overview of Financial Statements
The Authority has elected the option under GASB Interpretation No. 2,
Disclosure of Conduit Debt Obligations, to report conduit debt in its
nancial statements. All of the Authoritys outstanding bonds and notes are
special obligations payable solely from payments required to be made by
or for the account of the client for which the particular special obligations
were issued. Such payments are pledged or assigned to the trustees for
the holders of the respective special obligations. The Authority has no
obligation to pay its special obligations other than from such payments.
The Authoritys basic nancial statements are a compilation of approximately
two thousand separate self balancing restricted accounts related to each of
the individual series of outstanding bonds and notes and over one hundred
individual program operating accounts. The Authority does not commingle
cash and investments. The vast majority of activity reected in the basic
nancial statements relates to the monies held in the restricted accounts
associated with the issuance of bonds and notes, the collection of monies in
accordance with the provisions of the underlying loan or nancing agree-
ments, the payments to the holders of the bonds and notes in accordance
with the provisions of the underlying bond and note resolutions, and
disbursements for construction and other loan activity.
This report consists of three parts: managements discussion and analysis,
nancial statements, and the notes to the nancial statements. The three
nancial statements presented are:
Statements of Net AssetsThese statements present information
reecting the Authoritys assets, liabilities, and net assets. Net assets
represent the amount of total assets less liabilities and are one way to
measure the Authoritys nancial position. Net assets are comprised of
Unrestricted net assets, related to the Authoritys operating activities,
Restricted net assets, related to monies held in the restricted bond and
note accounts, and amounts Invested in capital assets, primarily re-
lated to its Albany headquarters building. Restricted net assets remain
in the accounts of each of the individual bond or note issues and ac-
crue to the benet of the respective client institutions. At nal maturity,
the restricted net assets of an individual bond or note issue will be $0.
In a given year, for an individual bond or note issue, revenues could
be less than or greater than expenses due to the accumulation and
subsequent use of earnings. Increases or decreases in net assets can
be an indicator of nancial improvement or deterioration.
Statements of Revenues, Expenses, and Changes in Net Assets
These statements reect the operating and nonoperating revenues
and expenses of the Authority for each year. The majority of the
Authoritys revenues and expenses relate to activity in the restricted
accounts of the individual series of bonds and notes, not operating
accounts. In some years, revenues exceed expenses in restricted
bond and note accounts. In other years, expenses exceed revenues
in restricted bond and note accounts as accumulated revenues are
utilized for various purposes. Restricted net assets remain in each
of the individual bond or note issues and accrue to the benet of
the respective client institutions. At nal maturity, the restricted net
assets of an individual bond or note issue will be $0. The change in
net assets, especially unrestricted net assets, is somewhat similar to
net prot or loss for a business.
Statements of Cash FlowsThe statements of cash ows are
presented using the direct method of reporting which reects cash
ows from operating, noncapital nancing, and investing activities.
Cash collections and payments are reected in these statements to
arrive at the net increase or decrease in cash for each year.
The nancial statements provide information about the Authoritys overall
nancial condition. The notes provide explanations and more details about
the content of the nancial statements.
The Authority is considered a special-purpose government engaged in
business-type activities and follows nancial reporting for enterprise funds.
The basic nancial statements are prepared in accordance with U.S. gen-
erally accepted accounting principles (GAAP). In accordance with GASB
Statement No. 14, The Financial Reporting Entity, the Authority is included
in the basic nancial statements of the State as a discrete component unit.
82
l
(unaudited)
March 31, 2010 and 2009
Financial Highlights
The Authority delivered $7.2 billion par amount of bonds and notes
during the scal year ended March 31, 2010. The Authority delivered
$7.2 billion par amount of bonds and notes during the scal year
ended March 31, 2009, an increase of $3.6 billion (100%) from 2008.
Construction disbursements on projects managed by the Authority
totaled $993 million during the scal year ended March 31, 2010, an
increase of $154 million (18%) from 2009. Construction disburse-
ments on projects managed by the Authority totaled $839 million
during the scal year ended March 31, 2009, an increase of $72
million (9%) from 2008.
Total bonds and notes outstanding as of March 31, 2010 were
$41.8 billion, an increase of $3.6 billion (9%) from 2009. Total bonds
and notes outstanding as of March 31, 2009 were $38.2 billion, an
increase of $2.6 billion (7%) from 2008.
The Authoritys total assets were $43.9 billion as of March 31, 2010,
an increase of $3.4 billion (8%) from 2009. The Authoritys total
assets were $40.5 billion as of March 31, 2009, an increase of $2.2
billion (5%) from 2008.
Leases and loans receivable were $37.2 billion as of March 31,
2010, an increase of $3.2 billion (9%) from 2009. Leases and loans
receivable were $34.0 billion as of March 31, 2009, an increase of
$3.2 billion (10%) from 2008.
Unrestricted net assets were $63 million as of March 31, 2010, a
decrease of $18 million (22%) from 2009. Unrestricted net assets
were $81 million as of March 31, 2009, no change from 2008.
Unrestricted net assets relate to Authority operations.
Restricted net assets were $456 million as of March 31, 2010, a
decrease of $29 million (6%) from 2009. Restricted net assets were
$485 million as of March 31, 2009, a decrease of $74 million (13%)
from 2008. Restricted net assets remain in each of the individual bond
or note issues and accrue to the benet of the respective clients.
Authority Operating Activities
The Authority allocates its internal operating expenses to its various
clients based primarily on its direct labor charges. Authority operating
revenues primarily result from nancing fees and annual administrative fees
(including construction). Generally, clients qualied under Section 501(c)(3)
of the Internal Revenue Code (e.g., private colleges, universities, hospitals,
nursing homes, etc.) and the States mental hygiene program pay a nanc-
ing fee upon issuance of the bonds and notes and an ongoing annual
administrative fee throughout the term of the bonds and notes based on a
percentage of the original par amount. On March 25, 2008, the Authority
modied its fee schedule for bonds issued after that date on behalf of such
clients whereby the ongoing annual administrative fee throughout the term
of the bonds and notes is based on a percentage of the then outstanding
par amount. Other public clients (i.e., City University of New York, State
University of New York, New York State agencies, New York City Health
and Hospitals Corporation, and court facilities) pay fees in amounts equal
to their respective allocable amount of Authority operating expenses.
The Authoritys 2010 internal operating expenses totaled approximately
$76 million of which 11% was allocable to programs with xed fees and
89% was allocable to programs with fees equal to allocable expenses. The
Authoritys 2009 internal operating expenses totaled approximately $74
million of which 13% was allocable to programs with xed fees and 87%
was allocable to programs with fees equal to allocable expenses.
Debt Issuance Activities
The Authority delivered 33 issuances of bonds and notes comprised
of 56 series during the scal year ended March 31, 2010 totaling $7.2
billion par amount. Refunding bonds and notes, including renancing of
non-Authority bonds and notes, represented $2.3 billion par (32%) and
bonds and notes issued for new money projects represented $4.9 billion
par (68%). Issuances of refunding bonds and notes decreased by $1.1
billion (32%) from 2009, while issuances of new money bonds and notes
increased by $1.1 billion (29%) from 2009. From 2009 to 2010 there
was a decrease in refunding bonds and notes and an increase in bonds
and notes issued to fund new money construction projects for all major
programs. An additional $429 million par of conversions, primarily related
to mitigating the effects of the problems in the variable rate market, as
discussed above, also occurred during the year and is not included in the
debt issuance activities noted above.
The Authority delivered 40 issuances of bonds and notes comprised of
65 series during the scal year ended March 31, 2009 totaling $7.2 billion
par amount. Refunding bonds and notes, including renancing of non-
Authority bonds and notes, represented $3.4 billion par (47%) and bonds
and notes issued for new money projects represented $3.8 billion par
(53%). The par amount of bonds and notes issued during 2009 increased
by $3.6 billion (100%) from 2008. Issuances of refunding bonds and notes
increased by $2.8 billion (451%) from 2008, while issuances of new money
bonds and notes increased by $0.8 billion (27%) from 2008. The increase
in the par amount of bonds and notes issued from 2008 to 2009 was due
to an increase in refunding bonds and notes and bonds and notes issued
to fund new money construction projects for all major programs, except
for a decrease in bonds and notes issued to fund new money construction
projects for nonprot healthcare. An additional $1.4 billion par of conver-
sions, primarily related to mitigating the effects of the problems in the
variable rate market, as discussed above, also occurred during the year
and is not included in the debt issuance activities noted above.
The amount of Bonds and notes outstanding increased $3.6 billion (9%)
from 2009 to 2010, and $2.6 billion (7%) from 2008 to 2009, primarily
related to an increase in bonds and notes outstanding for public facilities
and independent colleges, universities and other nonprots. More detailed
information regarding the Authoritys bonds and notes outstanding is
presented in note 9.
Proceeds from issuance of bonds and notes are reected in the table
on the next page and on the Statements of Cash Flows. In addition, the
amount of bonds and notes issued is reected net of re-offerings and
remarketings utilized to effectuate conversions of variable to xed rate
bonds and notes and changes in modes of variable rate bonds and notes
in, 2008, 2009, and 2010.
Refunding New Money # of Issuances Refunding New Money # of Issuances
$0
$1
$2
$3
$4
$5
$6
$7
$8
2008 2009 2010
0
10
20
30
40
50
60
70
80
$

i
n

b
i
l
l
i
o
n
s
#

o
f

I
s
s
u
a
n
c
e
s
Par Amount of Bonds and Notes Issued
l
83
Par Amount of Bonds Issued By Major Program
(in millions)
Program
Refunding
Debt
New Money
Debt
Program
Total
Number
of Issuances
2008
Nonprot healthcare $ 294.3 669.8 964.1 7
Independent colleges, universities and other nonprots 225.4 595.7 821.1 10
Public facilities 101.1 1,739.9 1,841.0 11
Total par $ 620.8 3,005.4 3,626.2 28
Net premium on bonds 121.6
Proceeds from issuance of bonds and notes $ 3,747.8
2009
Independent colleges, universities and other nonprots 786.1 1,324.9 2,111.0 22
Public facilities 2,192.8 2,158.8 4,351.6 13
Total par $ 3,422.1 3,823.0 7,245.1 40
2010
Independent colleges, universities and other nonprots 456.6 1,574.5 2,031.1 17
Public facilities 1,688.0 2,805.1 4,493.1 10
Total par $ 2,236.7 4,920.4 7,157.1 33
Bonds and Notes Outstanding By Major Program
(as of March 31)
2008 2009 2010
26%
20%
54%
24%
22%
54%
22%
24%
54%
Nonprofit healthcare
Independent colleges,
universities and other
nonprofits
Public facilities
2008 2009 2010
(in millions)
Nonprot healthcare $ 9,246.2 9,239.3 9,282.9
Independent colleges, universities, and other nonprots 7,192.0 8,461.4 9,889.1
Public facilities 19,211.5 20,537.9 22,661.6
Total $ 35,649.7 38,238.6 41,833.6
84
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(unaudited)
March 31, 2010 and 2009
Construction Management Activities
One of the Authoritys primary lines of business is providing direct project
management and ancillary services on projects for a variety of clients.
Approximately 82% of the Authoritys personal service expense during
2010 and 2009 was associated with this line of business. For Authority-
managed projects, these services include design preparation and review,
bidding, negotiating, and administering contracts for construction, acquisi-
tion of furniture, xtures and equipment, and on-site project management.
The Authority provides project management services on most of the
projects that are funded from bonds and notes issued by the Authority
on behalf of its public clients, except for State University of New York
educational facilities and local school districts. The Authority also provides
its construction management services to certain public clients, the cost
of which projects are funded with amounts provided by the clients. The
Authoritys statutorily authorized client base has grown over time. At
any given time, the Authority manages approximately 600 to 650 active
projects of varying sizes ranging from several thousand dollars to several
hundred million dollars.
For projects managed by the Authority there was an 18% increase in
expenditures from 2009 to 2010 with increases on City University of New
York, State University of New York, New York City Health and Hospitals
Construction Disbursements for Authority Managed Projects
(in millions)
$0
$300
$600
$900
$1200
2008 2009 2010
Fiscal Years
2008 2009 2010
Construction disbursements for
Authority-managed projects $ 766.6 838.6 992.9
Certied construction and
other disbursements 2,965.9 4,507.8 4,522.7
Total construction, loan and other
disbursements and project funds
disbursed $ 3,732.5 5,346.4 5,515.6
Corporation, Court Facilities and independent educational projects offset
by decreases on State Department of Health, State mental hygiene
facilities and various State programs projects. For projects managed by
the Authority there was a 9% increase in expenditures from 2008 to 2009
with increases on projects for City University of New York, State University
of New York, State mental hygiene facilities, various State programs, and
New York City Health and Hospitals Corporation offset by decreases in
expenditures on independent educational, Ofce of the Chief Medical
Examiner, and State Department of Health projects. The remainder of
construction disbursements includes projects where the Authority does not
provide any construction services, but rather, the individual clients manage
the construction and the Authority reimburses the clients for expenditures
made. This category includes construction disbursements made on behalf
of most non-prot healthcare, independent colleges, universities, and
other non-prots, State University of New York educational facilities, and
certain State grant programs. The balance of Construction, loan and other
disbursements includes costs of issuance, loan payoffs, defeasance of
non-Authority bonds and notes, and capitalized fees and expenses. The
total disbursements presented below are included in Construction, loan
and other disbursements and Project funds disbursed on the Statements
of Cash Flows.
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85
Capital Assets
The Authority had invested approximately $32.4 million as of March 31,
2010 and March 31, 2009 in capital assets, primarily related to its Albany
headquarters building. Net of accumulated depreciation, the Authoritys
capital assets totaled approximately $13 million as of March 31, 2010 and
$13.7 million as of March 31, 2009. The Authoritys interest in capital as-
sets nanced through the issuance of bonds and notes on behalf of clients
is recorded on the Statements of Net Assets as a component of Leases
and loans receivable. More detailed information regarding the Authoritys
capital assets is presented in note 5. More detailed information regarding
Leases and loans receivable is presented in notes 2 and 4.
Net Assets
Unrestricted net assets relate to the Authoritys operating activities. The
related assets include unrestricted cash and investments, including monies
available to assist health care clients and program development accounts.
Unrestricted assets decreased $18 million (22%) from 2009 to 2010. The
decrease primarily resulted from an increase in expenditures to support
State initiatives. Unrestricted net assets remained stable from 2008 to
2009. Excess revenues from operating activity were offset by an increase
in expenditures to support various State initiatives.
Restricted net assets decreased by $29 million (6%) from 2009 to 2010, and
by $74 million (13%) from 2008 to 2009, primarily as a result of the utilization
of prior years accumulated investment earnings for debt service. Restricted
net assets remain in the accounts of each of the individual bond and note
issues and accrue to the benet of the clients. At nal maturity, the restricted
net assets of an individual bond or note issue will be $0. In a given year, for
an individual bond or note issue, revenues could be less than or greater than
expenses due to the accumulation and subsequent use of earnings.
Cash, cash equivalents and investments primarily represent monies held
for construction, reserves, or for payment of debt service on outstanding
bonds and notes. Such monies are held in trust by a trustee bank for the
benet of bondholders. The Authority records investments at fair value.
Cash, cash equivalents and investments increased by $318 million (5%)
from 2009 to 2010. The increase primarily resulted from the excess of
proceeds from new money bond issues in 2010 over the amount of
construction and loan disbursements. Cash, cash equivalents and invest-
ments decreased by $1.0 billion (14%) from 2008 to 2009. The decrease
primarily resulted from the amount of construction and loan disbursements
in 2009 in excess of proceeds from new money bond issues and invest-
ment income.
Leases and loans receivable represents accumulated construction
costs for each project, net of principal repayments, client contributions,
and investment earnings on construction accounts. When a project is
completed, the receivable will equal the bonds or notes outstanding net
of any bond proceeds deposited in reserve accounts. Leases and loans
receivable increased by $3.2 billion (9%) from 2009 to 2010. The increase
primarily resulted from the excess of Construction, loan, and other
disbursements over Principal receipts on leases and loans receivable.
Leases and loans receivable increased by $3.2 billion (10%) from 2008
to 2009. The increase primarily resulted from the excess of Construction,
loan, and other disbursements over Principal receipts on leases and loans
receivable offset by project contributions and income on investments in
construction accounts.
Accrued nancing income receivable represents the amount of interest on
bonds and notes due from clients since the last client loan payment date
through year-end. Accrued nancing income receivable decreased by $8
million (2%) from 2009 to 2010 and $48 million (12%) from 2008 to 2009.
2010 2009 2008
Assets:
Cash, cash equivalents,
and investments $ 6,131 14% $ 5,813 14% $ 6,796 18%
Leases and loans receivable 37,159 85 33,964 84 30,774 80
Accrued nancing income receivable 328 1 336 1 384 1
Capital assets, net 13 14 15
Other assets 271 343 1 321 1
Total assets 43,902 100% 40,470 100% 38,290 100%
Liabilities:
Bonds and notes outstanding 41,834 97% 38,239 96% 35,650 95%
Accrued interest payable 533 1 525 1 546 1
Other liabilities 1,003 2 1,126 3 1,439 4
Total liabilities 43,370 100% 39,890 100% 37,635 100%
Net assets:
Invested in capital assets 13 2% 14 2% 15 2%
Restricted 456 86 485 84 559 85
Unrestricted 63 12 81 14 81 13
Total net assets $ 532 100% $ 580 100% $ 655 100%
Financial Analysis of the Authority
Condensed Summary of Net Assets as of March 31
(in millions)
86
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(unaudited)
March 31, 2010 and 2009
The decreases were primarily the result of a net decrease in the balance
of outstanding capital appreciation bonds due to scheduled maturities
offset by accrued interest payable on new bond issues and conversion of
variable rate bonds to xed rate bonds.
Accrued interest payable represents interest due, but not yet paid, to the
holders of outstanding bonds and notes from the last interest payment
date through year-end. The increase of $8 million (2%) from 2009 to 2010
primarily relates to accrued interest payable on new bond issues offset by
a decrease in the balance of capital appreciation bonds outstanding while
the decrease of $21 million (4%) from 2008 to 2009 primarily relates to the
net decrease in the balance of outstanding capital appreciation bonds due
to scheduled maturities.
2010 2009 2008
Operating revenues:
Financing income $ 1,706 86% $ 1,587 83% $ 1,491 80%
Income on investments held for institutions 29 1 66 3 174 9
Fees for services 99 5 96 5 90 5
Other revenues 157 8 162 9 121 6
Total operating revenues 1,991 100% 1,911 100% 1,876 100%
Operating expenses:
Interest on bonds and notes 1,780 88% 1,739 88% 1,642 89%
Amounts returned to institutions 33 2 47 2 42 2
Reduction of leases and loans receivable due to
redemption of bonds 47 2 58 3 17 1
New York State assessments 7 9 6
Personal service and employee benets 75 4 73 4 63 3
Maintenance and operations 19 1 16 1 19 1
Other expenses 52 3 38 2 64 4
Total operating expenses 2,013 100% 1,980 100% 1,853 100%
Operating income (loss) (22) (69) 23
Nonoperating revenues (expenses):
Income on investments held for the Authority 1 2
New York State initiatives (26) (7) (1)
Increase (decrease) in net assets (48) (75) 24
Net assets, beginning of year 580 655 631
Net assets, end of year $ 532 $ 580 $ 655
Condensed Summary of Revenues, Expenses, and Changes in Net Assets for the Fiscal Year Ended March 31
(in millions)
Other liabilities decreased by $123 million (11%) from 2009 to 2010,
primarily as a result of a decrease in accounts payable and accrued
expenses. This decrease largely represents amounts accrued in 2009 for
EXCEL (Expanding our Childrens Education and Learning) grants, HEAL
(Healthcare Efciency & Affordability Law for all New Yorkers) grants, and
NYEDCP (New York Economic Development Capital Program) grants.
Other liabilities decreased by $313 million (22%) from 2008 to 2009,
primarily as a result of a decrease in accounts payable and accrued
expenses. This decrease is primarily related to amounts accrued in 2008
payable to the City of New York for EXCEL (Expanding our Childrens
Education and Learning) grants.
Net assets invested in capital assets primarily relate to the Authoritys
headquarters building and related furniture and equipment.
Revenues, Expenses, and Changes in Net Assets
The majority of the Authoritys revenues and expenses relates to activity
in the restricted accounts of the individual series of bonds and notes,
not operating accounts. The revenues generated in restricted bond and
note accounts accumulate until needed. In some years, revenues exceed
expenses in restricted bond and note accounts, usually as a result of in-
come on investments and contributions of cash and investments. In other
years, expenses exceed revenues in restricted bond and note accounts
as accumulated revenues are utilized, usually for payment of debt service,
redemption of bonds and notes or transfers to escrow in connection with
refundings. Restricted net assets remain in each of the individual bond
and note issues and accrue to the benet of the client institutions. At nal
maturity, the restricted net assets of an individual bond and note issue will
be $0.
The overall decrease in net assets of $48 million from 2009 to 2010
consisted of an increase in net assets in operating accounts of $8 million,
which resulted primarily from fees from those clients that pay xed on-going
annual administrative fees and income on investments, a decrease in net
assets in operating accounts of $26 million, which resulted primarily from
expenditures made to support State initiatives, a decrease in net assets in
restricted bond and note accounts of $29 million, which resulted primarily
from the utilization of prior years accumulated earnings for debt service,
and a decrease in capital assets of $1 million, which resulted from depre-
ciation expense. The overall decrease in net assets of $75 million from
2008 to 2009 consisted of an increase in net assets in operating accounts
of $7 million, which resulted primarily from fees from those clients that
pay xed on-going annual administrative fees and income on investments,
l
87
a decrease in net assets in operating accounts of $7 million, which
resulted primarily from expenditures made to support State initiatives, a
decrease in net assets in restricted bond and note accounts of $74 million,
which resulted primarily from the utilization of prior years accumulated
earnings for debt service, and a decrease in capital assets of $1 million,
which resulted from depreciation expense.
Financing income represents the interest payments received from clients.
Financing income and investment earnings on certain restricted bond and
note accounts are used to pay interest on bonds and notes. Financing
income increased by $119 million (7%) from 2009 to 2010. The increase in
nancing income resulted primarily from interest on new bond issues and
a decrease in the amount of accumulated earnings applied as debt service
credits, offset by a reduction in interest attributable to variable rate bonds
due to lower interest rates and the conversion of variable rate bonds to
xed rate bonds. Financing income increased by $96 million (6%) from
2008 to 2009, comparable to the related increase in interest on bonds and
notes during this period. The increase in nancing income resulted primar-
ily from increased interest rates on variable rate bonds, interest on new
bond issues, and transfers from the State for swap termination payments.
Income on investments (operating and non operating) primarily includes
income on restricted bond and note accounts other than construction
accounts. Income on investments in construction accounts is not included
in the Statements of Revenues, Expenses and Changes in Net Assets as
it is reected in the Statements of Net Assets as a component of Leases
and loans receivable. Total Income on investments decreased by $37 mil-
lion (56%) from 2009 to 2010 primarily as a result of the general decrease
in interest rates from 2009 through 2010. Total Income on investments
decreased by $109 million (62%) from 2008 to 2009 primarily as a result of
the general decrease in interest rates from 2008 through 2009.
Other revenues primarily represent the receipt in restricted bond and
note accounts of income on investments transferred from construction
accounts. Changes reect the relative amounts of investment income in
construction accounts available and transferred to other restricted bond
and note accounts. Other revenues decreased from 2009 to 2010 due
to less transfers of construction fund earnings for debt service. Other
revenues increased from 2008 to 2009 due to large transfers of construc-
tion fund earnings for debt service.
Interest on bonds and notes increased by $41 million (2%) from 2009
to 2010 primarily as a result of interest on new bond issues. Interest on
bonds and notes increased by $97 million (6%) from 2008 to 2009 primar-
ily as a result of increased interest rates on variable rate bonds, interest on
new bond issues, and swap termination payments.
Reduction of leases and loans receivable due to redemption of bonds
decreased by $11 million (19%) from 2009 to 2010 primarily as a result
of a decrease in the application of investment income from construction
accounts being used to redeem outstanding bonds. Reduction of leases
and loans receivable due to redemption of bonds increased by $41 million
(241%) from 2008 to 2009 primarily as a result of an increase in the
application of investment income from construction accounts being used
to redeem outstanding bonds.
Other expenses primarily represent transfers of accumulated investment
earnings to escrow accounts in connection with debt refundings,
arbitrage expense, administrative fees and program expenses paid from
restricted accounts.
Interest Rate Exchange Agreements (Swaps)
Article 5-D of the State Finance Law authorizes the State and various
public authorities that issue State-supported bonds to enter into swaps
up to certain limits and also limits the amount of outstanding variable rate
State-supported bonds. Pursuant to this authorization, as a means to
lower borrowing costs for the State and to cost-effectively support the
States strategy to diversify its debt portfolio with a combination of xed
and variable-rate debt and more closely match its assets and liabilities,
at various times, the Authority enters into interest rate swap agreements.
The Authoritys swaps are undertaken as a part of the States overall debt
management program. The Authority is only obligated to make swap
payments from monies paid to it by the State pursuant to nancing agree-
ments related to the State-supported bonds.
Additionally, Section 2926 of the Public Authorities Law authorizes the
Authority to enter into swaps up to certain limits in connection with
bonds and notes issued on behalf of a municipality for court facilities and
combined occupancy structures and bonds and notes issued on behalf
of a municipality for health facilities. Pursuant to this authorization, as a
means to lower borrowing costs for New York City (the City) and to cost
effectively support the Citys strategy to diversify its debt portfolio with a
combination of xed and variable rate debt and more closely match its
assets and liabilities, the Authority enters into interest rate swap agree-
ments. The Authoritys swaps are undertaken as a part of the Citys overall
debt management program. The Authority is only obligated to make swap
payments from monies paid to it by the City pursuant to a nancing agree-
ment related to the City-supported bonds for court facilities.
As of March 31, 2010, the total notional amount of outstanding swaps
was $1.3 billion. The Authority did not enter into any new swaps during
the scal year ended March 31, 2010. During the scal year ended March
31, 2010, the Authority terminated swaps with a total notional amount of
$541.9 million in connection with State-supported bonds. The terminations
resulted in $30.7 million of swap termination payments to the counterpar-
ties, which were either paid from refunding bond proceeds or from moneys
provided by the State. As of March 31, 2009, the total notional amount of
outstanding swaps was $1.9 billion. During the scal year ended March
31, 2009, the Authority terminated swaps with a total notional amount of
$1.1 billion in connection with State-supported bonds. The terminations
resulted in $64.0 million of swap termination payments to the counterpar-
ties, which were either paid from refunding bond proceeds or from moneys
provided by the State. The Authoritys swap agreements contain sched-
uled reductions to outstanding notional amounts based upon anticipated
reductions in the associated debt.
Authority guidelines require that, for swaps entered into under provisions
of Article 5-D of the State Finance Law, counterparties have credit ratings
from at least one nationally recognized statistical rating agency that is
within the two highest investment grade categories and ratings which are
obtained from any other nationally recognized statistical rating agency for
such counterparty shall also be within the three highest investment grade
categories, or the payment obligations of the counterparty is uncondition-
ally guaranteed by an entity with such credit ratings. Authority guidelines
require that, for swaps entered into under the provisions of Section 2926
of the Public Authorities Law, counterparties have credit ratings from at
least two nationally recognized statistical rating agencies that are within
the three highest investment grade categories, or the payment obligations
of the counterparty is unconditionally guaranteed by an entity with such
credit ratings. In the event that a counterpartys ratings are reduced below
88
l
(unaudited)
March 31, 2010 and 2009
certain ratings thresholds, the counterparty is required to comply with the
collateral requirements discussed below. Certain swap payments made by
the Authority are insured by various municipal bond insurance companies.
The total notional amount of outstanding swaps with such insurance was
$463 million (35% of the total notional amount of outstanding swaps) as of
March 31, 2010.
The swap agreements contain varying collateral requirements with
the counterparties. The swaps require collateralization of 102% of the
swap termination value payable by the counterparty at any time that the
counterparty does not have at least one rating in the second highest rating
category or if any of the ratings assigned to the counterparty are below
the three highest rating categories. As of March 31, 2010 and 2009, the
Authority had agreements with two counterparties with ratings below the
three highest rating categories with a total notional amount of $355.9
million and $372.9 million, respectively. The Authority values the related
swaps on a daily basis to determine if collateral is required to be posted.
As of March 31, 2010, all required collateral has been posted.
Certain swap agreements related to State-supported bonds include set-off
provisions should a swap agreement terminate. These set-off provisions
permit, at the Authoritys option, all swap agreements with the given
counterparty related to the bonds to terminate and to net the transactions
fair values so that a single sum will be owed by, or owed to, the Authority.
The Authority also included set-off provisions in the swap agreements
related to the City-supported bonds should a swap agreement terminate.
These set-off provisions permit, at the option of the non-defaulting or non-
affected party, all swap agreements with the given counterparty related to
the bonds to terminate and to net the transactions fair values so that a
single sum will be owed by, or owed to, the Authority.
The pay-variable, receive-xed interest rate swaps increase the Authoritys
exposure to interest rate risk. The Authority is paying a variable interest
rate to the counterparties based on the Securities Industry and Financial
Markets Association Swap Index (SIFMA), formerly the Bond Market
Association Municipal Swap Index (BMA). As SIFMA increases, the net
payments on the swaps increase.
The Authority is exposed to basis risk on the pay-xed, receive-variable
swaps. The Authority is paying a xed interest rate to the counterparties
and the counterparties are paying a variable interest rate to the Authority
represented by either 65% or 64.3% of the One-Month London Interbank
Offered Rate (LIBOR). The amount of the variable rate swap payments
received from the counterparties does not necessarily equal the actual
variable rate payable to the bondholders. Historically, approximately 65% of
One-Month LIBOR rate has been closely correlated with high-grade issuers
tax exempt variable rate borrowing cost. Should the relationship between
LIBOR and the Authoritys variable rate move to converge, the expected
cost savings may not be realized. For several years, One-Month LIBOR
did not closely correlate with high-grade issuers tax-exempt variable rate
borrowing cost. However, during 2010, the relationship between One-Month
LIBOR and high-grade issuers tax-exempt variable rate borrowing cost
gradually returned to more historical trends. During 2010 the variable interest
rate on the bonds ranged between 0.1% and 3.0%, and the related 65% or
64.3% of the LIBOR rate ranged between 0.15% and 0.35%. During 2009
the variable interest rate on the bonds ranged between 0.3% and 11.0%,
and the related 65% or 64.3% of the LIBOR rate ranged between 0.2%
and 2.9%.
The swap contracts use the International Swap Dealers Association Master
Agreement (Agreement), which includes standard termination events, such
as failure to pay, bankruptcy and ratings downgrades. Under the terms
of the Agreement, the Authority may terminate the swap contracts at any
time, and the counterparty may terminate the swaps if the Authority fails
to perform under the terms of the contract. The Authority will be exposed
to variable rates if the counterparty to a pay-xed, receive-variable interest
rate swap defaults or if the swap is terminated. A termination of the swap
agreement may also result in the Authority making or receiving a termina-
tion payment. The set-off provisions, noted above, and the existence of
both pay-xed, receive-variable interest rate swaps and pay-variable,
receive-xed interest rate swaps reduce the risk of a termination payment.
More detailed information regarding swaps is presented in notes 9 and 10.
Request for Information
The Authoritys corporate headquarters is located at 515 Broadway,
Albany, N.Y. 12207-2964. The main telephone number is 518-257-3000.
The Authority maintains an internet web site which can be accessed from
the following address www.dasny.org.
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89
Statements of Net Assets
March 31, 2010 and 2009
(in thousands)
2010 2009
Assets:
Current assets:
Cash and cash equivalents (note 3) $ 917,947 1,130,299
Investments (note 3) 1,043,057 986,912
Leases and loans receivable, net (note 4) 4,452,595 4,225,060
Project funds receivable 88,833 157,971
Accrued nancing income receivable 327,832 335,674
Accrued interest receivable on investments 11,334 15,764
Other receivables 24,384 32,568
Total current assets 6,865,982 6,884,248
Investments (note 3) 4,169,867 3,695,886
Leases and loans receivable, net (note 4) 32,706,008 29,739,591
Project funds receivable 60,230 46,717
Other receivables 86,991 89,851
Capital assets, net (note 5) 12,998 13,739
Total assets 43,902,076 40,470,032
Liabilities:
Current liabilities:
Accounts payable and accrued expenses 477,959 586,936
Bonds and notes outstanding (note 9) 4,452,595 4,225,060
Accrued interest payable 533,396 525,267
Deferred nancing income 20,373 38,820
Amounts held for institutions (note 6) 58,369 84,003
Due to New York State 100,275 100,937
Current portion of other long-term liabilities (note 8) 323 9,578
Deferred fees for services (note 7) 33,620 43,559
Total current liabilities 5,676,910 5,614,160
Bonds and notes outstanding (note 9) 37,381,017 34,013,561
Amounts held for institutions (note 6) 172,938 147,164
Due to New York State 11,169 11,299
Other long-term liabilities (note 8) 127,930 104,002
Total liabilities 43,369,964 39,890,186
Commitments and contingencies (note 12)
Net assets:
Invested in capital assets 12,998 13,739
Restricted 455,612 484,557
Unrestricted (note 15) 63,502 81,550
Total net assets $ 532,112 579,846
See accompanying notes to basic nancial statements.
Statements of Revenues, Expenses,
and Changes in Net Assets
Years ended March 31, 2010 and 2009
(in thousands)
2010 2009
Operating revenues:
Financing income $ 1,705,867 1,586,832
Income on investments held for institutions 29,091 66,346
Fees for services 99,241 96,087
Contributions of cash and investments 55,804 43,304
Other 101,102 118,744
Total operating revenues 1,991,105 1,911,313
Operating expenses:
Interest on bonds and notes 1,780,154 1,738,951
Amounts returned to institutions 33,466 46,688
Reduction of leases and loans receivable due to redemption of bonds 47,165 58,459
Personal service and employee benets 74,739 73,096
Maintenance and operations 19,367 16,249
New York State assessments 6,914 9,200
Other 51,597 38,459
Total operating expenses 2,013,402 1,981,102
Operating loss (22,297) (69,789)
Nonoperating revenues (expenses):
Income on investments held for the Authority 563 1,330
New York State initiatives (note 16) (26,000) (6,800)
Decrease in net assets (47,734) (75,259)
Net assets, beginning of year 579,846 655,105
Net assets, end of year $ 532,112 579,846
90
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91
2010 2009
Cash ows from operating activities:
Fees for services $ 89,968 90,320
Amounts received from institutions 40,528 25,317
Project funds received 467,214 304,103
Permit and patient income receipts 3,952,001 3,375,398
Other receipts 14,681 54,656
Personal service and employee benets (68,477) (64,663)
Maintenance and operations (20,881) (13,313)
New York State assessments (6,914) (9,200)
Permit and patient income transferred to New York State (3,885,244) (3,383,365)
Project funds disbursed (436,755) (329,036)
Amounts returned to institutions (46,226) (44,904)
Special purpose healthcare loans (11,001) (26,021)
Other disbursements (45,019) (58,566)
Net cash provided by (used in) operating activities 43,875 (79,274)
Cash ows from noncapital nancing activities:
Proceeds from the issuance of bonds and notes 7,377,359 7,404,655
Amounts transferred to escrow to defease debt (1,374,268) (2,923,385)
Principal repayments of bonds and notes (2,119,582) (1,777,570)
Interest paid on bonds and notes (1,867,483) (1,850,455)
New York State initiatives (26,000) (6,800)
Net cash provided by noncapital nancing activities 1,990,026 846,445
Cash ows from investing activities:
Purchases of investments (16,248,562) (18,211,558)
Proceeds from sales and maturities of investments 15,697,488 19,897,386
Income on investments 80,901 217,588
Construction, loan, and other disbursements (5,078,871) (5,017,364)
Principal receipts on leases and loans receivable 1,608,610 1,524,400
Financing income 1,694,181 1,594,849
Net cash (used in) provided by investing activities (2,246,253) 5,301
Net (decrease) increase in cash and cash equivalents (212,352) 772,472
Cash and cash equivalents, beginning of year 1,130,299 357,827
Cash and cash equivalents, end of year $ 917,947 1,130,299
Operating loss $ (22,297) (69,789)
Adjustments to reconcile operating loss to net cash provided by (used in) operating activities:
Depreciation expense 741 833
Interest on bonds and notes 1,780,154 1,738,951
Income on investments held for institutions (29,091) (66,346)
Financing income (1,705,867) (1,586,832)
Reduction of leases and loans receivable due to redemption of bonds 47,165 58,459
Investments received from institutions (19,014) (18,093)
Amounts transferred to escrow to defease debt 22,111 15,006
Assets received from escrow (1,733) (3,523)
Other expenses 223 (1,510)
Change in assets and liabilities:
Increase in leases and loans receivable (59,026) (162,908)
Decrease (increase) in project funds receivable 55,625 (36,495)
Decrease in other receivables 11,044 734
(Decrease) increase in accounts payable and accrued expenses and other
long-term liabilities, net of construction funds (25,569) 104,379
Decrease in due to New York State (792) (19,206)
Increase (decrease) in amounts held for institutions 140 (25,012)
Decrease in deferred fees for services (9,939) (7,922)
Total adjustments 66,172 (9,485)
Net cash provided by (used in) operating activities $ 43,875 (79,274)
Statements of Cash Flows
Years ended March 31, 2010 and 2009
(in thousands)
Notes to Basic Financial Statements
March 31, 2010 and 2009
(in thousands)
(1) The Authority
The Dormitory Authority of the State of New York (the Authority) is a public
benet corporation established in 1944 and is governed by Title 4 and
4B, Article 8 of the Public Authorities Law of the State of New York. The
Authority is an independent corporate agency with governmental functions
delegated to it by the State of New York (the State). It is not a municipal
corporation. Employees of the Authority are not employees of the State or
of a civil service division thereof.
The Authority was established by the State as a public benet corporation
for the purpose of nancing, designing, constructing, purchasing, recon-
structing, and/or rehabilitating buildings (projects), including the acquisition
of equipment, for a variety of public and private institutions. The private
institutions for which the Authority is authorized to provide these services
consist of colleges and universities, hospitals, nursing homes and various
other entities that are specically enumerated in the Authoritys enabling
legislation. The public institutions for which the Authority is authorized to
provide either construction or nancing services or both include various
agencies of the State, the City University of the City of New York (the City),
the State University of the State of New York, local school districts, cities
and counties with respect to certain court and municipal health facilities
and for various other purposes as authorized by law. The Authority has
also established lease nancing programs that are used to nance the
acquisition of equipment for various clients. The Authority is also autho-
rized by statute to nance directly or indirectly certain student loans and
on behalf of the State, to fund and administer grants to various public and
private entities. To accomplish its purpose, the Authority has the power
to borrow money and to issue negotiable bonds or notes, in conformity
with the applicable provisions of the Uniform Commercial Code, and to
provide for the rights of the holders of such debt instruments. Obligations
of the Authority are not a debt of the State. All bond and note issues of
the Authority are subject to the approval of the Public Authorities Control
Board of the State.
In accordance with the Governmental Accounting Standards Board (GASB)
Statement No. 14, The Financial Reporting Entity, the Authority is included
in the basic nancial statements of the State as a component unit.
(2) Summary of Signicant Accounting Policies
(a) Basis of Reporting
The basic nancial statements of the Authority have been prepared
in conformity with U.S. generally accepted accounting principles
for governments as prescribed by the GASB, which is the primary
standard-setting body for establishing governmental accounting and
nancial reporting principles. The Authority has adopted GASB Statement
No. 20, Accounting and Financial Reporting for Proprietary Funds and
Other Governmental Entities that use Proprietary Fund Accounting. Under
GASB Statement No. 20, the Authority has elected the option not to
apply all FASB Statements and Interpretations issued after November
30, 1989. The Authority applies all applicable GASB pronouncements
as well as the following pronouncements issued on or before November
30, 1989, unless those pronouncements conict with or contradict
GASB pronouncements: Statements and Interpretations of the Financial
Accounting Standards Board (FASB), Accounting Principles Board (APB)
Opinions, and Accounting Research Bulletins (ARBs) of the Committee on
Accounting Procedure. The Authority has elected the option under GASB
Interpretation No. 2, Disclosure of Conduit Debt Obligations to report
conduit debt in its basic nancial statements. The more signicant of the
Authoritys accounting policies are described below.
In accordance with the provisions of GASB Technical Bulletin 2003-1,
Disclosure Requirements for Derivatives Not Reported at Fair Value on the
Statement of Net Assets, the Authority provides disclosure regarding the
estimated fair value of its interest rate exchange agreements (swaps) and
does not record the estimated fair value in the Statement of Net Assets.
The Authority uses an independent third party to determine the estimated
fair value of its swaps and the estimated fair value is determined using
the zero-coupon method. Payments received and paid, including any
termination payments, in connection with the Authoritys swaps including
any termination payments are recorded in the caption Interest on bonds
and notes in the Statements of Revenues, Expenses and Changes in Net
Assets (see notes 9 and 10).
(b) Basis of Accounting
The Authority follows the economic resources measurement focus and
the accrual basis of accounting for revenues and expenses whereby
revenues are recognized when earned and expenses are recognized when
obligations are incurred.
The basic nancial statements are a compilation of approximately two
thousand separate self-balancing restricted debt accounts, each related
to an individual series of outstanding bonds and notes, and over one
hundred individual program operating accounts.
The primary operating revenue of the Authority is nancing income,
representing interest on indebtedness, received from institutions. The
Authority also recognizes as operating revenue the income on investments
held for institutions, except interest earned on construction account invest-
ments. Income on investments in construction accounts is recorded as a
reduction to leases and loans receivable since the earnings are generally
used for project costs. However, income on investments in bond proceeds
accounts, whose purpose is similar to construction accounts, is included
in operating revenue since these earnings are generally transferred for the
payment of debt service. Fees charged to institutions for services and
certain remaining bond proceeds transferred from refunded issues are also
recognized as operating revenue. Operating expenses for the Authority
include the interest expense on bonds and notes, reduction of leases
and loans receivable, which represents bonds redeemed with earnings,
administrative expenses and amounts returned to institutions.
The majority of the Authoritys revenues and expenses relates to activity
in the restricted debt accounts of the individual series of bonds and
notes, not operating accounts. The revenues generated in restricted debt
accounts accumulate until needed. In some years, revenues exceed
expenses in restricted debt accounts, usually as a result of income on
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93
investments and contributions of cash and investments. In other years,
expenses exceed revenues in restricted debt accounts as accumulated
revenues are utilized, usually for payment of debt service, redemption of
bonds and notes, transfers to escrow in connection with refundings or
amounts returned to institutions. Restricted net assets remain in each of
the individual bond or note issues and accrue to the benet of the client
institutions. At nal maturity, the restricted net assets of an individual bond
or note issue will be $0.
Any revenues and expenses that do not support the primary business func-
tions of the Authority are reported as nonoperating revenues and expenses.
(c) Changes in Accounting Principles
GASB Statement No. 53, Accounting and Financial Reporting for Derivative
Instruments, was issued in June 2008. The Statement addresses the rec-
ognition, measurement, and disclosure of information regarding derivative
instruments entered into by state and local governments. A key provision
in the Statement is that derivative instruments covered in its scope are
reported at fair value. Derivative instruments associated with hedgeable
items that are determined to be effective in reducing exposures to identied
nancial risks are considered hedging derivative instruments. Under hedge
accounting, the changes in fair values of the hedging derivative instrument
are reported as either deferred inows or deferred outows in a govern-
ments statement of net assets. The requirements of this Statement are
effective for nancial statements for periods beginning after June 15, 2009.
Accordingly, the Authority adopted the provisions of GASB Statement
No. 53, effective April 1, 2010, and will report all derivative instruments,
including the Authoritys interest rate exchange agreements, at fair value in
the basic nancial statements for the year ending March 31, 2011.
(d) Cash and Cash Equivalents
Cash and cash equivalents includes cash on hand and money market
accounts.
(e) Investments
Investments other than investment agreements are recorded at fair value.
Investment agreements are recorded at contract value. The Authority uses
an independent pricing source to determine the fair value of investments
at quoted market prices. Changes in fair value are included in the captions
Income on investments held for institutions and nonoperating Income on
investments held for the Authority in the Statements of Revenues, Expenses,
and Changes in Net Assets, except for changes in fair value related to invest-
ments in the construction accounts, as described in note 2(f).
(f) Leases and Loans Receivable
Projects are nanced primarily under either a lease (where the lease
payments are pledged to the trustee for the benet of the bondholders),
a loan (where the loan payments are pledged to the trustee for the benet
of the bondholders), or other agreements, including service contracts and
nancing agreements with the State and municipalities, which provide
for the payment of debt service dependent upon annual appropriation.
Additionally, in certain instances, revenues of the institutions have been
pledged under the terms of the respective bond resolutions and certain
restricted amounts are required to be maintained with the trustee in
accordance with such resolutions.
Leases and loans receivable represents accumulated construction costs
for projects nanced through bond and note issues, net of principal
repayments received from institutions, institution contributions, and
income on investments on construction accounts. Income on investments
on construction accounts is recorded as a reduction to leases and loans
receivable since the earnings are generally used for project costs. The
disbursement of project costs is recorded as an increase to Leases and
loans receivable. The principal portion of debt service received from institu-
tions is recorded as a reduction to Leases and loans receivable.
Interest paid from bond proceeds during the construction period, capital-
ized interest, is recorded as an increase to the receivables. Capitalized
interest was approximately $90 million and $83 million for the scal years
ended March 31, 2010 and 2009, respectively. Income earned on con-
struction fund investments during the construction period is recorded as
a reduction of the receivables. Construction fund investment income was
approximately $16 million and $64 million for the scal years ended March
31, 2010 and 2009, respectively. Discount or premium on debt issued and
associated bond issuance costs are capitalized and amortized over the life
of the bonds as principal repayments are received from institutions.
Leases and loans receivable, together with amounts held in construction
accounts and amounts deposited in certain other restricted accounts,
are generally equal to the face value of the associated bonds or notes
outstanding. The effective interest rate on the receivables is generally
imputed based on the effective rate on the bond or note, and the related
income is included in the caption Financing income in the Statements of
Revenues, Expenses, and Changes in Net Assets.
The Authority maintains various asset management monitoring systems to
evaluate the ability of institutions to meet their debt service payments and
establishes loan loss reserves as necessary. All bond and note issues are
special obligations of the Authority and many include credit enhancements
to ensure payment of debt service to the bondholders (see note 9).
(g) Project Funds Receivable
Project funds receivable includes amounts due from institutions for
projects funded from other than available bond or note proceeds. The
amounts reported in this asset category also include construction costs
for certain mental health projects and grants paid by the State in the rst
instance which will subsequently be funded from bond or note proceeds
or other State appropriations and reimbursed to the State. The related
liability for these costs is reported in the Statement of Net Assets caption
Due to New York State. Additionally, the cost of retainage on construc-
tion contracts that will be funded in the future by institution contributions
or additional bond or note proceeds is included in Project funds receivable.
(h) Other Receivables
Other receivables consist of amounts due from institutions for healthcare
restructuring loans, Authority administrative fees, OPEB obligations and
accrued leave credits allocable to public clients, and bond issuance costs
and project costs advanced from Authority operating funds. Prepaid
expenses are also reported in other receivables. At March 31, 2010
and 2009, the Authority has recorded $180 million and $151 million,
respectively, as an allowance for uncollectible accounts primarily related to
advances made to assist health care institutions which, for the most part,
does not impact the Statements of Revenues, Expenses, and Changes in
Net Assets.
(i) Due to New York State
The State pays construction costs in the rst instance from its short-term
investment pool (STIP) for certain mental health projects managed by
other State agencies and for which project costs are ultimately payable
from Authority bond or note proceeds or other funds appropriated to
the Authority. The State also advances STIP funds for certain grant
programs which are subsequently reimbursed by the Authority from bond
or note proceeds. The unreimbursed balance of such State advances for
construction costs and grant programs is included in the caption Due
to New York State. Patient income receipts related to the State mental
health program and rent receipts from tenants leasing State-owned mental
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March 31, 2010
(in thousands)
health facilities which have not yet been remitted to the State are also
included in this liability. In addition, proceeds from the sale of State-owned
mental health properties are also reported in Due to New York State. In
addition, the Authority is holding the remaining portion of the liability in a
reserve established by the Board.
(j) Compensated Absences
Employees accrue vacation at varying rates ranging from 13 days per year
to a maximum of 25 days per year. Overtime-eligible employees accrue
compensatory leave when they work between 37.5 hours and 40 hours
in a workweek. A maximum of 225 hours of accrued vacation leave and a
maximum of 240 hours of accrued compensatory leave is payable upon
separation. At March 31, 2010 and 2009 accrued expenses of $4.6 million
and $4.5 million, respectively, were recorded for the estimated obligation
for vacation and compensatory leave and included in the caption Other
Long-Term Liabilities in the Statements of Net Assets. Related receivables
of $4.1 million and $3.9 million, representing the portion of the liability
allocable to public clients, are included in the caption Other Receivables
in the Statements of Net Assets at March 31, 2010 and 2009, respectively.
In addition, the Authority is holding the remaining portion of the liability in a
reserve established by the Board.
(k) Capital Assets
Capital assets, which include buildings and equipment, are stated at
cost, less accumulated depreciation, and are being depreciated over their
estimated useful lives ranging from 5 to 25 years using the straight-line
method. It is the Authoritys policy to capitalize buildings and equip-
ment which have a cost in excess of $50,000 at the date of acquisition.
Authority buildings have an estimated useful life of 25 years. Building
improvements and renovations are capitalized over the remaining life of
the building or lease. Furniture and equipment is depreciated based on
an estimated useful life of seven to ten years. The Authoritys nancial
management system equipment, software and related costs are being
depreciated over 10 years. Other computer equipment and software with a
cost in excess of $50,000 is depreciated over ve years. Land is reported
at its original acquisition cost.
(l) Restricted Net Assets
The amounts reported in this net asset category are restricted in accordance
with the bond and note resolutions for the payment of outstanding bonds and
notes and may be used for the payment of project costs, arbitrage payments
to the Internal Revenue Service and costs of issuance. Restricted net assets
are held for the benet of the institutions and bondholders. Monies remaining
upon retirement of the bonds and notes are returned to the institutions.
(m) Revenue Recognition
The Authority recognizes revenue when earned. Financing income is
recognized as the related interest on bonds and notes is incurred. Fees for
services are recognized, and deferred fees for services are amortized, as
the related personal service expense of the Authority is incurred.
(n) Cash Flows
The Statements of Cash Flows are presented using the direct method of
reporting.
(o) Income Taxes
The Authority is a component unit of the State of New York and is exempt
from Federal, state, and local income taxes.
(p) Use of Estimates
The preparation of the basic nancial statements in conformity with U.S.
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of the
nancial statements. Estimates also affect the reported amounts of revenues
and expenses during the reporting periods.
Signicant items subject to such estimates and assumptions include the fair
value of investments, the carrying value of capital assets, accrued expenses
and other long-term liabilities. Actual results could differ from those estimates.
(q) Reclassications
Certain prior year amounts have been reclassied to conform to the current
year presentation.
(3) Cash, Cash Equivalents and Investments
The Authority has a written investment policy that applies to all its invest-
ments. This policy allows for the following investments:
Obligations issued, or fully insured or guaranteed as to the payment of
principal and interest, by the United States of America;
Obligations issued, or fully insured or guaranteed as to the payment of
principal and interest, by any agency or instrumentality of the United
States of America that is rated in at least the second highest rating cat-
egory by at least two nationally recognized statistical rating organizations;
Certicates or other instruments which evidence ownership of or the
right to receive the payment of the principal of or interest on obliga-
tions and shares or interest in a mutual fund, partnership or other fund
registered under the Securities Act of 1933, as amended, and oper-
ated in accordance with Rule 2a-7 of the Investment Company Act of
1940, as amended, wholly comprised of such obligations listed above
and whose objective is to maintain a constant share value of $1.00;
Collateralized Investment Agreements;
Collateralized or insured Certicates of Deposit;
Obligations of any state or territory of the United States of America,
any political subdivision of any state or territory of the United States
of America, or any agency, authority, public benet corporation or
instrumentality of such state, territory or political subdivision, the
interest on which is excludable from gross income under Section 103
of the Internal Revenue Code, which is not a specied private activity
bond within the meaning of Section 57(a)(5) of the Internal Revenue
Code (Exempt Obligations), including shares or interest in a mutual
fund, partnership or other fund registered under the Securities Act of
1933, as amended, and operated in accordance with Rule 2a-7 of the
Investment Company Act of 1940, as amended, wholly comprised
of Exempt Obligations and whose objective is to maintain a constant
share value of $1.00; provided however, that all Exempt Obligations
shall be rated in at least the second highest rating category by at least
two nationally recognized statistical rating organizations;
Commercial paper issued by a domestic corporation rated in the
highest short term rating category by at least one nationally recognized
rating organization and having maturities of not longer than 270 days
from the date they are purchased;
Bankers acceptances issued by a bank rated in the highest short term
rating category by at least one nationally recognized rating organiza-
tion and having maturities of not longer than 365 days from the date
they are purchased;
Shares or interest in a mutual fund, partnership or other fund regis-
tered under the Securities Act of 1933, as amended, and operated in
accordance with Rule 2a-7 of the Investment Company Act of 1940,
as amended, whose objective is to maintain a constant share value
of $1.00 per share and that is rated in the highest short term rating
category by at least one nationally recognized rating organization.
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95
In addition, the Board of the Authority may also specically authorize, as it
deems appropriate, other investments that are consistent with the Authoritys
investment objectives, and in the case of investments held in the restricted
debt accounts of the individual series of bonds and notes, allowed under the
provisions of the related bond or note resolution.
Investments reported as current on the Statements of Net Assets at March
31, 2010 and 2009 include $623 million and $655 million, respectively, for
debt service payments to be made in the scal years ending March 31,
2010 and 2009, respectively, which are restricted by the underlying bond
and note resolutions.
Also included in investments reported as current at March 31, 2010 and
2009 are investments held for Authority operations nonbond related capital
projects and rehabilitation and renovation of projects totaling $420 million
and $331 million, respectively. Investments reported as current on the
Statements of Net Assets generally have maturities of one year or less.
Further, the investments reported, other than current on the Statements
of Net Assets, are restricted by the underlying bond and note resolutions
and are either reinvested upon maturity or the proceeds at maturity are
generally used to support construction activities.
The Authority does not have a formal investment policy that limits
investment maturities as a means of managing its exposure to fair value
losses arising from increasing interest rates. Investment securities maturing
beyond ve years generally relate to restricted reserves that are typically
invested with maturity dates that coincide with those of the underlying
bonds and notes and are held under guaranteed investment contracts
and/or oor-ceiling agreements. All other investments are either monies
held for construction in expectation of when they will be used, or held on
behalf of the various institutions to fund specic reserves or payment of
debt service, or held for general operating purposes which generally do
not exceed maturities of more than one year. The amount of investments
by type and maturity, at March 31, 2010 and 2009, are presented below.
March 31, 2010 (in thousands)
Maturities (in years)
Investment type Amount % of total Less than 1 1-5 More than 5
Recorded at fair value:
Obligations of the United States Government:
U.S. Treasury notes/bonds $ 887,322 17.0 $ 609,359 265,064 12,899
U.S. Treasury bills 1,971,975 37.8 1,971,975
U.S. Treasury strips 490,612 9.4 489,237 953 422
Certicates of indebtedness 52 52
3,349,961 64.2 3,070,623 266,017 13,321
Federal agencies:
Federal National Mortgage Association 751,504 14.4 747,586 3,918
Federal Home Loan Bank 357,541 6.9 356,292 1,249
Federal Home Loan Mortgage Corp. 170,284 3.3 169,261 1,023
Financing Corp. 1,478 1,478
1,280,807 24.6 1,274,617 4,941 1,249
Recorded at cost:
Investment agreements 504,775 9.7 132,272 4,880 367,623
Repurchase agreements 68,700 1.3 68,700
Certicates of deposit 8,681 0.2 8,681
Total $ 5,212,924 100.00% $ 4,554,893 275,838 382,193
March 31, 2009 (in thousands)
Maturities (in years)
Investment type Amount % of total Less than 1 1-5 More than 5
Recorded at fair value:
Obligations of the United States Government:
U.S. Treasury notes/bonds $ 714,381 15.26 $ 641,682 62,565 10,134
U.S. Treasury bills 1,103,939 23.57 1,103,939
U.S. Treasury strips 402,582 8.60 381,215 20,633 734
Certicates of indebtedness 58 5 53
2,220,960 47.43 2,126,841 83,251 10,868
Federal agencies:
Federal National Mortgage Association 630,898 13.47 624,587 6,311
Federal Home Loan Bank 997,465 21.30 994,839 2,626
Federal Home Loan Mortgage Corp. 120,144 2.57 40,644 77,612 1,888
Financing Corp. 1,678 0.04 228 1,450
1,750,185 37.38 1,660,298 87,999 1,888
Recorded at cost:
Investment agreements 699,607 14.94 755 286,886 411,966
Repurchase agreements 2,000 0.04 2,000
Certicates of deposit 10,046 0.21 10,046
Total $ 4,682,798 100.00% $ 3,799,940 458,136 424,722
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March 31, 2010
(in thousands)
At March 31, 2010 and 2009, approximately $8.9 million and $10.9 mil-
lion, respectively, of the obligations of the United States Government were
under oor/ceiling agreements.
For an investment security, credit risk is the risk that an issuer or other
counterparty will not fulll its obligations.
Under investment agreements, the Authority has invested monies
with nancial institutions at a xed contract rate of interest. Because
the security is essentially a written contract there is no rating available
for such an instrument; however, at the time the agreements are
entered into, the underlying providers are generally rated in at least
the second highest rating category by at least one of the nationally
recognized rating organizations, in accordance with established
investment policy and guidelines. All agreements are collateralized
by investment securities held by the Authoritys trustee banks in the
Authoritys name at values ranging from 103% to 105% on required
evaluation dates and no less than 100% at any given time.
Under certain circumstances, if the credit ratings of the investment
agreement provider falls below a certain level, the provisions of the
specic agreement requires additional collateral to be posted, a
substitute provider to be obtained, or gives the Authority the right to
terminate the agreement. As of March 31, 2010, the credit ratings
of three investment agreement providers had fallen below the level
allowing one or more of such actions. As of March 31, 2010 and
2009, there were 28 and 30 investment agreements totaling $225
million and $282 million, respectively, invested with the three provid-
ers. The Authority has requested the providers to post additional
collateral securities necessary to satisfy the guidelines published by
nationally recognized credit rating agencies for investment grade
collateralized transactions in accordance with the terms of the related
investment agreements or as otherwise required pursuant to the
particular agreement. As of March 31, 2010 and 2009, one provider
with one investment agreement in the amount of $12 million, for both
periods, posted additional collateral securities in accordance with
the terms of that particular investment agreement. The Authority has
not terminated the remaining agreements, but has reserved all of its
rights and remedies under the agreements, in part because of an
increase in exposure to reinvestment risk. Interest rates equivalent to
the interest rates paid on deposits held under the agreements cannot
be obtained in the current market.
The credit ratings of two additional investment agreement providers
have fallen below required levels. However, all but one of the invest-
ment agreements with such providers has the benet of a guaranty
and the agreements are not affected by the downgrades. As of
March 31, 2010 and 2009, there were $25 million and $79 million,
respectively, invested in the one agreement affected by the providers
downgrade. The Authority has the right to terminate the agreement
but it has not taken any such action.
Under repurchase agreements, the Authority has invested monies
with nancial institutions at a xed contract rate of interest, of which
the underlying securities are full faith and credit obligations of the
United States Government.
Under oor-ceiling agreements, the Authority has invested monies
of its restricted bond issues in certain securities, which are full faith
and credit obligations of the United States Government for which a
nancial institution has guaranteed the accreted value thereof.
Federal Agency Securities are issued by Government Sponsored
Enterprises (GSEs), which carry the implicit guarantee of the United
States Federal Government. At March 31, 2010 and 2009, the
Authority held approximately $1.3 billion and $1.8 billion, respectively,
in agency securities issued by several GSEs, all of which are rated in
the highest rating category by at least two of the nationally recog-
nized rating organizations.
Custodial credit risk for deposits is the risk that in the event of a bank
failure, the Authoritys deposits may not be returned. The Authoritys
deposit policy for custodial credit risk includes minimum equity and rating
requirements of, and diversication among, trustee and custodian banks.
Certain deposits held in Authority bank accounts are collateralized with
securities held by custodian banks and certain are insured by federal
depository insurance. As of March 31, 2010 and 2009, the Authority had
bank deposits of $101 million and $44 million, respectively, of which $22
million and $0, respectively, were uninsured and uncollateralized. The
uninsured cash balances were primarily the result of amounts temporarily
held pending debt repayment, disbursement, or investment.
(4) Leases and Loans Receivable
Leases and loans receivable consist primarily of amounts due in accordance
with various nancing agreements relating to the construction of projects.
Leases and loans receivable at March 31, 2010 consisted of the following
(in thousands):
Leases and loans receivable nanced by bonds and notes are collectible
through semi-annual or monthly payments. The collection of leases and
loans receivable from institutions is dependent on the ability of each
institution to generate sufcient resources to service its bonds and notes.
For hospitals and nursing homes, this is predicated in part on their ability
to obtain Medicare, Medicaid, or other third party reimbursement rates
sufcient to offset operating costs. For higher education institutions, this is
predicated in part on their ability to maintain enrollment and tuition at levels
adequate to offset operating costs. For certain public institutions, payment
is dependent upon annual appropriation. Various credit structures are in
place to ensure payment to bondholders should an institution be unable to
pay its debt service (see note 9).
Minimum payments to be received
during the scal years ending March 31:
2011 $ 3,710,173
2012 3,756,727
2013 3,664,865
2014 3,722,741
2015 3,595,446
Thereafter 47,772,227
Total minimum payments receivable 66,222,179
Less unearned nancing income, unexpended
bond proceeds, and other credits (29,063,576)
Net receivable $ 37,158,603
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During scal years ended March 31, 2010 and 2009, the Authority
recorded depreciation expense of $741 thousand and $833 thousand,
respectively, which is recorded in Maintenance and operations expense
in the Statements of Revenues, Expenses, and Changes in Net Assets.
(6) Amounts Held for Institutions
Certain public institutions provide monies directly to the Authority to be
used for capital projects. Monies are also released from trustee accounts
to the Authority for rehabilitation and renovation of projects. These monies
and related earnings are included in the caption Amounts held for institu-
tions in the Statements of Net Assets and are restricted for the purpose
of making future improvements to projects. In addition, monies received
from the State for purposes of helping hospitals in need and improving
the health care delivery system are also included in Amounts held for
institutions.
(7) Deferred Fees for Services
As provided for in the various nancing documents on all programs other
than nonprot health care institutions, independent colleges, universities
and other nonprot institutions, and certain New York State agencies,
excess fees collected over expenses relating to the Authority are obliga-
tions of the Authority to the institutions. Such amounts are included in the
Statements of Net Assets in the caption Deferred fees for services.
Conversely, any excess of expenses over fees collected are claims of
the Authority against the institutions. Such amounts are included in the
Statements of Net Assets in the caption Other receivables.
Also included in Deferred fees for services is the estimated unearned
portion of fees collected from institutions for Authority staff time and
related overhead in connection with the issuance of the bonds and notes
and for supervision and coordination during the period of construction.
2010 2009
Capital assets, not being depreciated:
Land $ 1,083 $ 1,083
Capital assets, being depreciated:
Buildings $ 23,389 $ 23,389
Equipment 7,914 7,914
Total capital assets being depreciated 31,303 31,303
Less accumulated depreciation (19,388) (18,647)
Net value of capital assets, being depreciated 11,915 12,656
Net value of all capital assets $ 12,998 $ 13,739
2010
Beginning
balance Additions Deletions
Ending
balance
Due within
one year
Bonds and notes payable
$ 38,238,621 7,157,144 (3,562,153) 41,833,612 4,452,595
Other long-term liabilities:
Accrued retainage $ 59,415 49,027 (34,949) 73,493
Accrued arbitrage 8,741 246 (1,753) 7,234 323
Mandatory redemption escrow 9,578 (9,578)
Compensated absences 4,467 110 4,577
OPEB liability 21,284 10,418 (2,077) 29,625
Other 10,095 4,744 (1,515) 13,324
Total other long-term liabilities $ 113,580 64,545 (49,872) 128,253 323
Due to New York State $ 112,236 4,037,558 (4,038,350) 111,444 100,275
Amounts held for institutions $ 231,167 513,924 (513,784) 231,307 58,369
(5) Capital Assets
Capital assets at March 31, 2010 and 2009 consisted of the following (in thousands):
(8) Long-Term Liabilities
The Authoritys long-term liabilities as of March 31, 2010 and 2009 are comprised of the following (in thousands):
98
l
March 31, 2010
(in thousands)
(9) Bonds and Notes Outstanding
(a) Description of Bonds and Notes
Bonds and notes are special obligations of the Authority payable solely
from payments required to be made by or for the account of the institution
for which the particular special obligations were issued. Such payments
are pledged or assigned to the trustees for the holders of the respective
special obligations. The Authority has no obligation to pay its special
obligations other than from such payments. In certain instances, the
Authority has a lien on certain land and buildings and revenues to secure
the payment of principal and interest on the outstanding bonds and notes.
In addition, certain bond and note issues include credit enhancements.
The following summarizes bonds and notes outstanding at March 31,
2010 and 2009 by primary security feature (in thousands):
Fixed rate and variable rate bonds and notes are due in various install-
ments through the scal year ending March 31, 2049 and bear interest
at variable rates ranging from 0.05% per annum to 7.0% per annum, and
xed interest rates ranging from 0.43% per annum to 9.375% per annum.
As of March 31, 2010, the Authority had a total of $3.4 billion outstanding
variable rate demand bonds, of which $2.2 billion was secured by direct
pay bank letters of credit, $664 million was secured by appropriations or
by pledged assets and revenues or by payments of the respective clients
and with liquidity provided by standby purchase agreements, $169 million
was secured by agencies of the federal government, and $318 million was
secured by pledged assets and revenues or by payments of the respec-
tive clients acting as their own liquidity provider. As of March 31, 2009,
the Authority had a total of $3.4 billion outstanding variable rate demand
bonds, of which $1.9 billion was secured by direct pay bank letters of
credit, $168 million was secured by municipal bond insurance and liquidity
provided by standby purchase agreements, $812 million was secured by
appropriations or by pledged assets and revenues or by payments of the
respective clients and with liquidity provided by standby purchase agree-
ments, $171 million was secured by agencies of the federal government,
and $322 million was secured by pledged assets and revenues or by
payments of the respective clients acting as their own liquidity provider.
The variable rate demand bonds are subject to purchase on the demand
of the holder at a price equal to principal plus accrued interest upon
notice and delivery (tender) of the bonds to the remarketing agent being
provided within a period of time as specied under the respective bond
documents. The remarketing agent is required to use its best efforts to sell
the repurchased bonds at a price equal to 100% of the principal amount
by adjusting the interest rate. For those bonds secured by a direct pay
letter of credit, the trustee is required to draw an amount sufcient to pay
the purchase price of bonds delivered to it and to reimburse the letter of
credit provider from monies available from remarketing and from monies
held under the bond resolution. The direct pay letters of credits expire at
various times through February 26, 2019. For those bonds with liquidity
Amounts of debt outstanding
2010 2009
Backed by letters of credit $ 1,592,825 1,487,334
Insured by municipal bond
insurance 6,513,848 6,446,703
Backed by mortgages insured
by the State of New York
Mortgage Agency 224,710 261,690
Backed by mortgages insured by
agencies of the federal government 3,949,125 4,124,700
Payable from State and local
government appropriations 20,143,677 18,983,904
Backed by State service contracts
and moral obligations 1,354,903 797,251
Backed by pledged assets and
revenues or payments 8,054,524 6,137,039
Total $ 41,833,612 38,238,621
2009
Beginning
balance Additions Deletions
Ending
balance
Due within
one year
Bonds and notes payable
$ 35,649,712 7,245,154 (4,656,245) 38,238,621 4,225,060
Other long-term liabilities:
Accrued retainage $ 62,679 37,919 (41,183) 59,415
Accrued arbitrage 15,023 4,803 (11,085) 8,741
Mandatory redemption escrow 9,578 9,578 9,578
Compensated absences 4,139 328 4,467
OPEB liability 12,930 10,807 (2,453) 21,284
Other 1,530 8,578 (13) 10,095
Total other long-term liabilities $ 105,879 62,435 (54,734) 113,580 9,578
Due to New York State $ 131,442 3,539,538 (3,558,744) 112,236 100,937
Amounts held for institutions $ 255,557 352,613 (377,003) 231,167 84,003
(8) Long-Term Liabilities (continued)
l
99
provided by a standby purchase agreement, secured by an agency of the
federal government, or where the conduit borrower is acting as its own
liquidity provider, the trustee is required to draw from monies held under
the bond resolution or from the liquidity provider an amount sufcient to
pay the purchase price of bonds delivered to it and that are unable to be
remarketed. The standby purchase agreements expire at various times
through November 16, 2012.
The Authority issues debt on behalf of both public, primarily the State,
and private institutions. The Authority has elected the option under
GASB Interpretation No. 2, Disclosure of Conduit Debt Obligations, to
report conduit debt, primarily issued on behalf of private institutions, in
its basic nancial statements. In accordance with GASB Statement No.
14, The Financial Reporting Entity, the Authority is included in the basic
nancial statements of the State as a component unit. As such, bonds
issued on behalf of the State are not considered conduit debt. Under
GASB Interpretation No. 1, Demand Bonds Issued by State and Local
Government Entities, variable rate demand bonds should be reported
as long-term debt if certain conditions are met, otherwise they should
be reported as a current liability. In the case of its conduit variable rate
demand bonds, the Authority is not a party to the liquidity or take-out
agreement with the provider, all liquidity provider fees are paid directly by
the conduit borrower and are not an obligation of the Authority, and, in
some cases, the conduit borrower acts as its own liquidity provider. Such
debt, and the related leases and loans receivable, is classied as current
on the Statement of Net Assets. With respect to variable rate demand
bonds issued on behalf of its public clients, those bonds secured by liquid-
ity or take-out agreements that expire within one year are classied as
current on the Statement of Net Assets. All variable rate demand bonds,
and the related leases and loans receivable, are disclosed in note 4 Leases
and Loans Receivable, note 9(b) Maturities of Bonds and Notes, and note
9(c) Swap Payments and Associated Bonds and Notes Outstanding in
accordance with the their scheduled amortization.
As of March 31, 2010 and 2009, approximately $2.7 billion and $2.6
billion of variable rate demand bonds were classied as current on the
Statements of Net Assets.
The Authority, on behalf of the State, has purchased letters of credit
and standby purchase agreements from various providers to ensure the
liquidity needs of variable rate demand bonds can be met. As of March
31, 2010, these agreements covered $687 million of variable rate demand
bonds outstanding with costs ranging from 0.18% per annum to 0.8%
per annum of the amount of credit provided with expiration dates ranging
from July 12, 2010 to December 11, 2011. In addition, remarketing agents
receive annual fees of between 0.05% per annum and 0.1% per annum of
the outstanding principal amount of the bonds.
If the remarketing agent is unable to resell any bonds that are tendered
by the bondholders within six months of the tender date, each agreement
with the applicable liquidity provider requires the bonds to accelerate and
be payable in 6 to 10 equal semi-annual principal repayments bearing an
adjustable interest rate equal to the higher of the banks prime lending rate
or an index tied to the Federal Funds rate. If all the take out agreements
were to be exercised because all outstanding $687 million demand bonds
were put and not resold, the Authority would be required to pay between
$98 million and $164 million a year in principal repayments plus interest
for ve years under the installment loan agreements. The Authority is only
obligated to make such payments from monies paid to it by the State
pursuant to nancing agreements related to the bonds.
The Authority, on behalf of the City, has purchased a letter of credit from a
provider to ensure the liquidity needs of variable rate demand bonds can
be met. As of March 31, 2010, this agreement covered $126 million of
variable rate demand bonds outstanding at a cost of 0.20% per annum
of the amount of credit provided which expires on November 15, 2015. In
addition, the remarketing agent receives annual fees of 0.08% per annum
of the outstanding principal amount of the bonds.
If the remarketing agent is unable to resell any bonds that are tendered
by the bondholders within three months of the tender date, the agree-
ment with the liquidity provider requires the bonds to accelerate and be
payable in 20 equal quarterly principal repayments bearing an adjustable
interest rate equal to the higher of the banks prime lending rate or an
index tied to the Federal Funds rate. If the take out agreement was to be
exercised because all outstanding $126 million demand bonds were put
and not resold, the Authority would be required to pay $25 million a year in
principal repayments plus interest for ve years under the installment loan
agreement. The Authority is only obligated to make such payments from
monies paid to it by the City pursuant to nancing agreements related to
the bonds.
Certain bonds and notes have the respective institutions cash and invest-
ments, surety bonds, or letters of credit pledged to collateralize certain
reserve requirements. As of March 31, 2010 and 2009, the amounts
pledged are as follows (in thousands):
Under certain circumstances, if the credit ratings of the surety bond
provider fall below a certain level, the related reserve funds are required to
be funded with cash and investments, deposits of which are to be made
by the ultimate obligor on the bonds in ten equal semi-annual installments
beginning on the rst day of the bond year following such downgrade.
As of March 31, 2010, the credit ratings of ve surety bond providers
providing a total of $129 million in surety bonds have fallen below the level
requiring such actions. Funding of the related reserve funds commences
on varying dates based on the provisions of the respective bond resolu-
tions. There are no similar provisions under the terms of letters of credit. If
the rating of the letter of credit provider is downgraded, the ratings on the
related bonds may be downgraded.
2010 2009
Cash and investments (at fair value) $ 40,514 55,181
Surety bonds 330,602 363,691
Letters of credit 29,471 29,870
100
l
March 31, 2010
(in thousands)
(c) Swap Payments and Associated Bonds and Notes Outstanding
Bonds and notes outstanding include certain variable rate bonds associated with pay-xed, receive-variable interest rate exchange agreements (swaps)
and certain xed rate bonds associated with pay-variable, receive-xed rate swaps. The tables below present the debt service requirements and
related net swap payments for these bonds. As rates vary, variable rate interest payments and net swap payments will vary. These swaps are more fully
described in note 10.
Pay-Fixed, Receive-Variable Swaps
Using rates as of March 31, 2010 debt service requirements of the variable rate bonds and net swap payments, assuming current interest rates remain
constant, were as follows (in thousands):
Future Pay-Variable, Receive-Fixed Swaps
Using rates as of March 31, 2010, debt service requirements of the xed rate bonds and net swap payments, for which swap payments commence at a
future date assuming current interest rates remain constant, were as follows (in thousands):
Fixed-rate
Interest rate
swaps, net Total Fiscal year ending March 31: Principal Interest
2011 $ 28,502 28,502
2012 28,502 28,502
2013 28,502 28,502
2014 28,502 (4,881) 23,621
2015 28,502 (4,881) 23,621
2016-2020 106,020 136,669 (70,974) 171,715
2021-2025 220,915 85,150 (61,968) 244,097
2026-2030 160,605 33,990 (24,542) 170,053
2031-2034 30,670 2,060 (1,457) 31,273
Total $ 518,210 400,379 (168,703) 749,886
Fiscal year ending March 31: Principal Interest Total
2011 $ 1,716,450 1,993,723 3,710,173
2012 1,896,015 1,860,712 3,756,727
2013 1,887,968 1,776,897 3,664,865
2014 2,037,113 1,685,628 3,722,741
2015 2,007,858 1,587,588 3,595,446
2016-2020 9,218,914 6,577,390 15,796,304
2021-2025 8,360,014 4,514,361 12,874,375
2026-2030 6,613,804 2,628,976 9,242,780
2031-2035 4,663,273 1,310,985 5,974,258
2036-2040 2,914,813 379,969 3,294,782
2041-2045 385,505 59,518 445,023
2046-2050 131,885 12,820 144,705
Total $ 41,833,612 24,388,567 66,222,179
(b) Maturities of Bonds and Notes
Maturities of bonds and notes are as follows (in thousands):
Variable-rate
Interest rate
swaps, net Total Fiscal year ending March 31: Principal Interest
2011 $ 4,700 2,289 24,170 31,159
2012 4,800 2,276 24,035 31,111
2013 5,100 2,263 23,897 31,260
2014 7,082 2,249 23,750 33,081
2015 6,900 2,230 23,542 32,672
2016-2020 141,777 10,380 109,537 261,694
2021-2025 287,569 7,096 74,760 369,425
2026-2030 189,058 3,534 36,023 228,615
2031-2035 55,737 1,771 16,942 74,450
2036-2040 85,630 661 6,301 92,592
Total $ 788,353 34,749 362,957 1,186,059
l
101
(d) Tax Exempt Leasing Program
The Authority offers a tax exempt leasing program (TELP) that utilizes the
Authoritys tax exempt nancing authority. In a TELP lease, the Authority,
as the lessee, subleases the equipment to the borrower and thereafter
has no security interest in the equipment. The repayments made to the
Authority are assigned to and made directly to the lessor. The repayments
are nontaxable income to the lessor. The leases do not constitute debt
of the Authority or the State and, accordingly, are not included in the
Statements of Net Assets. The total amount of TELP leases outstanding
as of March 31, 2010 and 2009 were approximately $531 million and
$562 million, respectively.
(10) Interest Rate Exchange Agreements (Swaps)
Objectives of the swapsArticle 5-D of the State Finance Law authorizes
the State and various public authorities that issue State-supported
bonds to enter into swaps up to certain limits and also limits the amount
of outstanding variable rate State-supported bonds. Pursuant to this
authorization, as a means to lower borrowing costs for the State and to
cost-effectively support the States strategy to diversify its debt portfolio
with a combination of xed and variable rate debt and more closely match
its assets and liabilities, at various times, the Authority enters into interest
rate swap agreements. The Authoritys swaps are undertaken as a part
of the States overall debt management program. The Authority is only
obligated to make swap payments from monies paid to it by the State
pursuant to nancing agreements related to the State-supported bonds.
Additionally, Section 2926 of the Public Authorities Law authorizes the
Authority to enter into swaps up to certain limits in connection with
bonds and notes issued on behalf of a municipality for court facilities and
combined occupancy structures and bonds and notes issued on behalf
of a municipality for health facilities. Pursuant to this authorization, as a
means to lower borrowing costs for New York City (the City) and to cost
effectively support the Citys strategy to diversify its debt portfolio with a
combination of xed and variable rate debt and more closely match its
assets and liabilities, the Authority enters into interest rate swap agree-
ments. The Authoritys swaps are undertaken as a part of the Citys overall
debt management program. The Authority is only obligated to make swap
payments from monies paid to it by the City pursuant to a nancing agree-
ment related to the City-supported bonds for court facilities.
At March 31, 2010, the Authority had a total of 25 pay-xed, receive-
variable swaps and six pay-variable, receive-xed swaps outstanding with
a total notional amount of $1.3 billion. The Authority did not enter into any
new swaps during the scal year ended March 31, 2010. During the scal
year ended March 31, 2010, the Authority terminated swaps with a total
notional amount of $541.9 million in connection with State-supported
bonds. The terminations resulted in $30.7 million of swap termination pay-
ments to the counterparties, which were either paid from refunding bond
proceeds or from moneys provided by the State. The related bonds were
called for redemption soon thereafter. At March 31, 2009, the Authority
had a total of 28 pay-xed, receive-variable swaps and seven pay-variable,
receive-xed swaps outstanding with a total notional amount of $1.9
billion. The Authority did not enter into any new swaps during the scal
year ended March 31, 2009. During the scal year ended March 31, 2009,
the Authority terminated swaps with a total notional amount of $1.1 billion
in connection with State-supported bonds. The terminations resulted in
$64.0 million of swap termination payments to the counterparties, which
were either paid from refunding bond proceeds or from moneys provided
by the State.
Terms, fair values, and credit riskThe terms, including the fair values of
the outstanding swaps and credit ratings of the related swap counterpar-
ties and swap insurers, where applicable, as of March 31, 2010, are
presented below. The notional amounts of the swaps match the principal
amounts of the associated bonds. The Authoritys swap agreements
contain scheduled reductions to outstanding notional amounts based
upon anticipated reductions in the associated debt.
Fair valueBecause interest rates have changed since the swaps were
entered into, all of the pay-xed, receive-variable swaps and two of the
pay-variable, receive-xed swaps had a negative fair value (the xed swap
payment rate is higher than current comparable xed rates), and four of
the pay-variable, receive-xed swaps had a positive fair value (the xed
swap receive rate is higher than current comparable xed rates) as of
March 31, 2010. The fair values of pay-xed, receive-variable rate swaps
generally move in the opposite direction from the fair values of pay-vari-
able, receive-xed rate swaps, mitigating exposure in the swap portfolio
resulting from changes in interest rates. The fair values were estimated
using the zero-coupon method. This method calculates the future net
settlement payments required by the swap, assuming that the current
forward rates implied by the yield curve correctly anticipate future spot
interest rates. These payments are then discounted using the spot rates
implied by the current yield curve for hypothetical zero-coupon bonds due
on the date of each future net settlement on the swaps.
Credit riskAs of March 31, 2010, the Authority was not exposed to
credit risk on those swaps with negative fair values because the swaps
had negative fair values. However, should interest rates change and
the fair values of those swaps become positive, the Authority would be
exposed to credit risk in the amount of the swaps fair value.
For those swaps with a positive fair value, the swaps fair value repre-
sented the Authoritys credit exposure to the counterparties as of March
31, 2010. Certain swap agreements related to State-supported bonds
include set-off provisions should a swap agreement terminate. These
set-off provisions permit, at the Authoritys option, all swap agreements
with the given counterparty related to the bonds to terminate and to
net the transactions fair values so that a single sum will be owed by, or
owed to, the Authority. The Authority also included set-off provisions in
the swap agreements related to the City-supported bonds should a swap
agreement terminate. These set-off provisions permit, at the option of the
non-defaulting or non-affected party, all swap agreements with the given
counterparty related to the bonds to terminate and to net the transactions
fair values so that a single sum will be owed by, or owed to, the Authority.
Should the counterparties fail to perform according to the terms of the
swap contracts, as of March 31, 2010, the Authority faces a maximum
possible loss equivalent to the related swaps net positive fair value,
assuming set-off, of $0.
Authority guidelines require that, for swaps entered into under provisions
of Article 5-D of the State Finance Law, counterparties have credit ratings
from at least one nationally recognized statistical rating agency that is
within the two highest investment grade categories and ratings which are
obtained from any other nationally recognized statistical rating agency for
such counterparty shall also be within the three highest investment grade
categories, or the payment obligations of the counterparty is uncondition-
ally guaranteed by an entity with such credit ratings. Authority guidelines
require that, for swaps entered into under the provisions of Section 2926
of the Public Authorities Law, counterparties have credit ratings from at
least two nationally recognized statistical rating agencies that are within
the three highest investment grade categories, or the payment obligations
102
l
March 31, 2010
(in thousands)
of the counterparty is unconditionally guaranteed by an entity with such
credit ratings. In the event that a counterpartys ratings are reduced below
certain ratings thresholds the counterparty is required to comply with the
collateral requirements discussed below. Certain swap payments made by
the Authority are insured by various municipal bond insurance companies
as indicated in the following table.
To further mitigate credit risk, all swap agreements contain collateral
provisions whereby the counterparty will be required to post collateral in
an amount equal to 102% of the swap termination value under certain
conditions. Collateral is required to be posted at any time that the
counterparty does not have at least one rating in the second highest rating
category or any of the ratings assigned to the counterparty are below
the three highest rating categories. As of March 31, 2010 and 2009, the
Authority had agreements with two counterparties with ratings below the
three highest rating categories with a total notional amount of $356 million
and $373 million, respectively. The Authority values the related swaps on a
daily basis to determine if collateral is required to be posted. As of March
31, 2010 and 2009, all required collateral had been posted. Collateral on
all swaps related to State-supported bonds is to be held by a third-party
custodian. Collateral on all swaps related to City-supported bonds may be
held by either a third-party custodian or the Authority. All collateral may be
in the form of direct obligations of, or obligations the principal of and inter-
est on which are guaranteed by, the United States of America, or other
securities permitted by law and agreed upon in writing by the Authority
and the counterparty. The swaps have been entered into with six separate
counterparties with a range of exposure of between 3% and 27% of the
total notional amount of outstanding swaps and between 4% and 31% of
the net notional amount of outstanding swaps as of March 31, 2010.
Interest rate riskThe pay-variable, receive-xed interest rate swaps
increase the Authoritys exposure to interest rate risk. The Authority is pay-
ing a variable interest rate to the counterparties based on the Securities
Industry and Financial Markets Association Municipal Swap Index (SIFMA).
As SIFMA increases, the net payments on the swaps increase. As of
March 31, 2010, SIFMA is indicated in the following table.
Basis riskThe Authority is exposed to basis risk on the pay-xed,
receive-variable swaps. The Authority is paying a xed interest rate to the
counterparties and the counterparties are paying a variable interest rate
to the Authority represented by 65%, in the case of the swaps related to
State-supported bonds, or 64.3%, in the case of the swaps related to
City-supported bonds, of the One-Month London Interbank Offered Rate
(LIBOR). The amount of the variable rate swap payments received from
the counterparties does not necessarily equal the actual variable rate
payable to the bondholders. Historically, approximately 65% of the
One-Month LIBOR rate has been closely correlated with high-grade
issuers tax-exempt variable rate borrowing cost. Should the relationship
between LIBOR and the Authoritys variable rate move to converge, the
expected cost savings may not be realized. For several years, One-Month
LIBOR did not closely correlate with high-grade issuers tax-exempt vari-
able rate borrowing cost. However, during 2010, the relationship between
One-Month LIBOR and high-grade issuers tax-exempt variable rate
borrowing cost gradually returned to more historical trends. During 2010
the variable interest rate on the bonds ranged between 0.1% and 3.0%,
and the related 65% or 64.3% of the LIBOR rate ranged between 0.15%
and 0.35%. During 2009 the variable interest rate on the bonds ranged
between 0.3% and 11% and the related 65% or 64.3% of the LIBOR rate
ranged between 0.2% and 2.9%. The table above indicates the respective
rates at March 31, 2010.
Termination riskThe swap contracts use the International Swap Dealers
Association Master Agreement, which includes standard termination
events, such as failure to pay, default on any other specied transactions
or on debt in an aggregate amount greater than agreed upon thresholds,
and bankruptcy. In addition to events of default, other termination events
are specied, including the downgrade of the ratings on debt of the coun-
terparty, the rating on the applicable State-supported bonds, or the ratings
on the Citys unenhanced general obligation bonds, below certain levels.
In addition, the agreements on swaps related to State-supported bonds
include provisions whereby in the event of the decrease in the ratings on
the applicable State-supported bonds below certain levels, the Authority
must either (a) provide a guarantee, letter of credit, surety bond, insurance
policy or other credit support document; (b) transfer the swap to some
other State party; or (c) enter into a credit support annex and post col-
lateral, in which event the swap cannot be terminated by the counterparty.
In addition, the agreements on swaps related to City-supported bonds
include provisions whereby in the event of the decrease in the ratings on
the Citys unenhanced general obligation bonds below certain levels, an
amended support agreement may be entered into that allows two-way
posting of collateral, in which event the swap cannot be terminated by the
counterparty. The Authority or the counterparty may terminate any of the
swaps if the other party fails to perform under the terms of the contract. In
addition, the Authority may terminate the swaps at any time. The Authority
will be exposed to variable rates if the counterparty to a pay-xed,
receive-variable interest rate swap defaults or if the swap is terminated. A
termination of a swap agreement may also result in the Authority making
or receiving a termination payment. The set-off provisions, noted above,
and the existence of both types of swaps reduce the risk of a termination
payment. As previously noted herein, at various times during the scal year
the Authority fully terminated three swaps and partially terminated one
swap resulting in termination payments being made to the counterparties.
Rollover riskSince the terms of the individual swaps correlate to match
the nal maturity of the associated debt, the Authority is not exposed to
rollover risk.
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103
Associated bond issue
Counter-
party
(9)
Notional
amounts (in
thousands)
Effective
Date
Swap xed
rate received
Basis of
swap
Variable
rate paid
Swap
variable
rate paid as
of 3/31/10
SIFMA
(7)
Fixed debt
interest rate
Swap fair
value (in
thou-
sands)
Termination
Date
Swap
insurer
(9)
Future Pay-Variable, Receive-Fixed Swaps
SIFMA
Swap Index CUNY 5th Res Series 2005A Citibank $ 108,260 7/1/16 4.4420
(8)
5.5000 $ 725 7/1/24 None
Total CUNY 108,260 725
SIFMA
Swap Index PIT
(6)
Education 2005B JP Morgan 130,387 3/15/17 4.3380
(8)
5.5000 (62) 3/15/30 None
SIFMA
Swap Index PIT Education 2005B UBS 130,388 3/15/17 4.3380
(8)
5.5000 (62) 3/15/30 None
Total PIT 260,775 (124)
Upstate
Community Colleges 2005B
SIFMA
Swap Index Goldman 23,675 7/1/16 4.5380
(8)
5.5000 242 7/1/23 None
Total Upstate 23,675 242
SIFMA
Swap Index
Court Facilities (The City of
New York Issue), Series 2005A JP Morgan 44,820 5/15/13 4.1790
(8)
5.5000 387 5/15/32 None
SIFMA
Swap Index
Court Facilities (The City of
New York Issue), Series 2005A Goldman 80,680 5/15/13 4.1790
(8)
5.5000 696 5/15/32 None
Total Court Facilities 125,500 1,083
Total $ 518,210 $ 1,926
Grand Total $ 1,306,563 $ (51,188)
Associated bond issue
Counter-
party
(9)
Notional
amounts (in
thousands)
Effective
date
Swap
xed
rate paid
Basis of
variable rate
received
Variable
swap
rate as of
3/31/09 %
of LIBOR
(4)
Variable
debt
interest
rate as of
3/31/10
Swap fair
value (in
thousands)
Termination
date
Swap
insurer
(9)
Pay-Fixed, Receive-Variable Swaps
CUNY
(1)
5th Res Series 2008C Citibank $ 36,475 4/10/03 3.3600% 65% of LIBOR 0.16161% 0.3100% $ (2,926) 1/1/25 FGIC
CUNY 5th Res Series 2008C Merrill 21,175 4/10/03 3.3600 65% of LIBOR 0.16161 0.3100 (1,699) 1/1/25 FGIC
CUNY 5th Res Series 2008C UBS 13,813 4/10/03 3.3600 65% of LIBOR 0.16161 0.3100 (1,108) 1/1/25 FGIC
CUNY 5th Res Series 2008D UBS 7,362 4/10/03 3.3600 65% of LIBOR 0.16161 0.2600 (591) 1/1/25 FGIC
CUNY 5th Res Series 2008C Citibank 30,619 4/10/03 3.3600 65% of LIBOR 0.16112 0.3100 (2,494) 1/1/31 AMBAC
CUNY 5th Res Series 2008C Merrill 17,777 4/10/03 3.3600 65% of LIBOR 0.16112 0.3100 (1,448) 1/1/31 AMBAC
CUNY 5th Res Series 2008C UBS 17,777 4/10/03 3.3600 65% of LIBOR 0.16112 0.3100 (1,448) 1/1/31 AMBAC
CUNY 5th Res Series 2008D Citibank 36,519 4/10/03 3.3600 65% of LIBOR 0.16051 0.2600 (3,025) 1/1/25 FGIC
CUNY 5th Res Series 2008D Merrill 21,202 4/10/03 3.3600 65% of LIBOR 0.16051 0.2600 (1,746) 1/1/25 FGIC
CUNY 5th Res Series 2008D UBS 21,202 4/10/03 3.3600 65% of LIBOR 0.16051 0.2600 (1,746) 1/1/25 FGIC
CUNY 5th Res Series 2008D Citibank 18,229 4/10/03 3.3600 65% of LIBOR 0.16002 0.2600 (1,406) 1/1/31 CIFGNA
CUNY 5th Res Series 2008D Merrill 10,582 4/10/03 3.3600 65% of LIBOR 0.16002 0.2600 (816) 1/1/31 CIFGNA
CUNY 5th Res Series 2008D UBS 10,582 4/10/03 3.3600 65% of LIBOR 0.16002 0.2600 (816) 1/1/31 CIFGNA
Total CUNY
(2)
463,153 (37,584)
MH
(3)
2003D-2 Goldman 166,400 7/15/03 3.0440 65% of LIBOR 0.16002 0.2700
(5)
(8,582) 2/15/31 None
MH 2003D-2 Morgan Stanley 33,300 7/15/03 3.0440 65% of LIBOR 0.16002 0.2700
(5)
(1,717) 2/15/31 None
Total Mental Health 199,700 (10,299)
Court Facilities (The City of New
York Issue), Series 2005B JP Morgan 44,820 6/15/05 3.0170 64.3% of LIBOR 0.15987 0.3000 (1,868) 5/15/39 None
Court Facilities (The City of New
York Issue), Series 2005B Goldman 80,680 6/15/05 3.0170 64.3% of LIBOR 0.15987 0.3000 (3,363) 5/15/39 None
Total Court Facilities 125,500 (5,231)
Total $ 788,353 $ (53,114)
104
l
March 31, 2010
(in thousands)
(11) Debt Refundings
The Authority has issued bonds on behalf of various institutions to
defease existing revenue bonds. Under the terms of the resolutions for the
defeased bonds, investments have been deposited in irrevocable trusts
with trustee banks to provide sufcient amounts to be used solely for
the payment of scheduled debt service on these bonds. As a result, the
refunded bonds, certain of which are still held by investors, are considered
to be defeased pursuant to the applicable bond resolutions and the
liabilities for those bonds and related investments have been removed
from the Statements of Net Assets. As of March 31, 2010 and 2009, there
are outstanding revenue bonds totaling approximately $3.7 billion and
$4.6 billion, respectively, which were considered defeased under existing
accounting standards; accordingly, such bonds and the related invest-
ments placed in trust are not included in the basic nancial statements.
The refundings during the scal year ended March 31, 2010 involved the is-
suance of xed and variable rate bonds to refund previously issued xed and
variable rate bonds. The refundings totaled $1.5 billion par value of bonds
(new bonds) to refund $1.6 billion par value of outstanding bonds (refunded
bonds). The proceeds of $1.6 billion from the sale of new bonds, including
net original issue premium, plus $35 million of refunded bond monies and
deposits from institutions, were deposited in irrevocable trusts (escrow
accounts) and used to purchase United States Government securities as
described above. The new bonds also funded reserve requirements and
provided for costs of issuance. These refundings included the issuance of
$892 million par value of new xed rate bonds with an average interest rate of
4.53% to refund $949 million par value of outstanding xed rate bonds with
an average interest rate of 5.15%. The proceeds of $940 million from the sale
of new xed rate bonds, including net original issue premium, plus an ad-
ditional $30 million of refunded xed rate bond monies, were used to fund the
related escrow accounts. These xed rate refundings resulted in a decrease
of $77 million in aggregate future debt service payments and a net present
value economic gain of $69 million for the scal year ended March 31, 2010.
The remaining refundings involved either the issuance and/or the refunding of
variable rate bonds and included a total of $655 million par value of new bonds
to refund $667 million par value of outstanding bonds. The proceeds of $648
million from the sale of these bonds, including net original issue premium, plus
an additional $5 million of refunded bond monies, were used to fund the related
escrow accounts. Since these refundings involved variable rate bonds, neither
the difference between the cash ows required to service the new bonds and
those required to service the refunded bonds, nor the present value gain or
loss can be reasonably determined as of March 31, 2010.
The refundings during the scal year ended March 31, 2009 involved the
issuance of xed and variable rate bonds to refund previously issued xed
and variable rate bonds. The refundings totaled $2.9 billion par value of
bonds (new bonds) to refund $2.9 billion of outstanding bonds (refunded
bonds). The proceeds of $2.9 billion from the sale of new bonds, including
net original issue premium, plus $68 million of refunded bond monies and
deposits from institutions, were deposited in irrevocable trusts (escrow
accounts) and used to purchase United States Government securities as
described above. The new bonds also funded reserve requirements and
provided for costs of issuance. These refundings included the issuance
of $422 million par value of new xed rate bonds with an average interest
rate of 4.66% to refund $421 million par value of outstanding xed rate
bonds with an average interest rate of 5.08%. The proceeds of $436
million from the sale of new xed rate bonds, including net original issue
premium, plus an additional $2 million of refunded xed rate bond monies,
were used to fund the related escrow accounts. These xed rate refund-
ings resulted in a decrease of $20 million in aggregate future debt service
payments and a net present value economic gain of $16 million for the s-
cal year ended March 31, 2009. The remaining refundings involved either
the issuance and/or the refunding of variable rate bonds and included a
total of $2.5 billion par value of new bonds to refund $2.5 billion par value
of outstanding bonds. The proceeds of $2.4 billion from the sale of these
new bonds, including net original issue premium, plus an additional $67
million of refunded bond monies, were used to fund the related escrow
accounts. Since these refundings involved variable rate bonds, neither the
difference between the cash ows required to service the new bonds and
those required to service the refunded bonds, nor the present value gain
or loss can be reasonably determined as of March 31, 2009.
(12) Commitments and Contingencies
(a) Litigation
The Authority has been named as a defendant in various pending actions
which seek to recover damages for alleged wrongful death, personal
injuries, loss of service or medical expenses and violation of civil rights.
There are other pending or threatened actions or matters with regard
to breach of contract, retained percentages, damages, work at certain
projects, liens led with the Authority, and other claims involving contracts
of the Authority. It is managements opinion, based upon the advice of
General Counsel, that these pending or threatened matters are covered
either by the Authoritys insurance program, surety bonds led with the
Authority, indemnication from the State or its agencies and municipalities
under applicable statutes or other agreements (subject to the availability
of funds), are recoverable from institutions, or the Authority has sufcient
Credit Ratings
As of March 31, 2010
Moody's S&P Fitch
Counterparties:
Citibank A1 A+ A+
Goldman Aa1 AAA NA
JP Morgan Aa1 AA- AA-
Merrill Aa3 AAA AAA
Morgan Stanley A2 A A
UBS Aa3 A+ A+
Swap Insurers:
AMBAC Caa2 R NA
CIFGNA NA NA NA
FGIC NA NA NA
Legend:
(1) City University of New York
(2) The original bonds associated with the CUNY interest rate swaps were
refunded on December 11, 2008. These interest rate swaps are now
linked to the refunding bonds, Series 2008C and Series 2008D.
(3) Mental Health
(4) London Interbank Offered Rate Municipal Swap Index
(5) Variable debt interest rate varies by sub-series. The rate reected
above represents the weighted average rate for all sub-series within
the bond series.
(6) State Personal Income Tax
(7) The Securities Industry and Financial Markets Association (SIFMA)
Municipal Swap Index
(8) Rate will be established on the effective date.
(9) Counterparty and Swap Insurer
l
105
resources to meet any potential liability associated with such pending or
threatened actions or matters, and therefore could not be deemed to have
a material adverse effect on the Authority.
(b) Construction Commitments
In the normal course of business, the Authority enters into various com-
mitments for construction costs. Such commitments, when added to the
costs already incurred, are not expected to exceed the total amount of
indebtedness issued and other available funding.
(c) Risk Management
The Authority is exposed to various risks of loss, including torts; theft of,
damage to, and destruction of assets; errors and omissions; injuries to
employees; accidents; and natural disasters. The Authority maintains com-
mercial insurance coverage, subject to certain limits and deductible/retention
provisions, for each of these risks of loss through the purchase of general
liability, excess liability, property, builders risk, directors and ofcers, blanket
crime, business travel accident, audit liability, and workers compensation.
(13) Pension Plan
The Authority participates in the New York State and Local Employees
Retirement System (ERS) and the Public Employees Group Term Life
Insurance Plan (the Systems). These are cost-sharing multiple-employer
retirement systems. The Systems provide retirement benets as well as
death and disability benets. Obligations of employers and employees
to contribute and benets to employees are governed by the New York
State Retirement and Social Security Law (NYSRSSL). As set forth in the
NYSRSSL, the Comptroller of the State of New York (Comptroller) serves
as sole trustee and administrative head of the Systems. The Comptroller
promulgates rules and regulations for the administration and transaction of
the business of the Systems and for the custody and control of their mon-
ies. The Systems issue a publicly available nancial report that includes
nancial statements and supplementary information. That report may be
obtained by writing to the New York State and Local Retirement Systems,
110 State Street, Albany, NY 12236.
Funding Policy
The Systems are contributory at the rate of 3% of salary for employees
with less than ten years of membership. Under Chapter 49 of the Laws
of 2003, the annual contribution rates are based on the value of the State
Common Retirement Funds as of the preceding April, with a minimum
contribution of 4.5%. The Authoritys required contributions for the scal
years ended March 31 were:
The Authoritys contributions made to the Systems were equal to 100%
of the contributions required for each year, plus the current cost of early
retirement incentives, if any. There were no costs for early retirement
incentives during the scal years ended March 31, 2010, 2009 and 2008.
(14) Postemployment Benets
Plan Description
The Authority is a participating employer in the New York State Health
Insurance Program (NYSHIP), which is administered by the State of
New York as an agent multiple employer dened benet plan. Under the
plan, the Authority provides certain health care benets for eligible retired
employees and their dependents under a single employer noncontributory
health care plan. Article XI of the New York State Civil Service Law assigns
the authority to NYSHIP to establish and amend the benet provisions
of the plans and to establish maximum obligations of the plan members
to contribute to the plan. Subject to collective bargaining agreements,
the Authoritys Board is authorized to establish the contribution rates of
Authority employees and retirees below those set by Civil Service Law.
Eligibility for the Authoritys Plan requires employees to: be enrolled as a
NYSHIP enrollee or a dependent of a NYSHIP enrollee at the time of retire-
ment, be eligible to receive a pension from the NYS Retirement System
and to have ten years of State service. In calculating the ten year service
requirement, all of the employees service need not be with the Authority,
but may be a composite of New York State service elsewhere, with a
minimum of one year with the Authority immediately preceding retirement.
Employees with no prior State service must work a minimum of ten years
with the Authority before they and their dependents are eligible for the
retirement medical benets.
The Authority pays 100% of the cost of single coverage and 75% of the
cost of dependent coverage for employees who retired before January 1,
1983. The Authority pays 90% of the cost of single coverage and 75% of
dependent coverage for employees who retire on or after January 1, 1983.
A vestee is an Authority employee vested as a member of the retirement
system administered by the State, has withdrawn from State service after
meeting the Authoritys minimum service requirement but has not met the
age requirement for continuing health insurance. During the scal year
ended March 31, 2010, the Authority had an average of 199 retirees, 21
survivors and one vestee. At March 31, 2010 the Authority employed
131 employees eligible for retiree benets. NYSHIP does not issue a
stand-alone nancial report and NYSHIPs agent activities are included
within the nancial statements of the State of New York.
The Authority accounts for its OPEB obligations in accordance with the
provisions of GASB Statement No. 45, Accounting and Financial Reporting
for Postemployment Benets Other Than Pensions, issued in June 2004.
Through the scal year ended March 31, 2007, OPEB provisions were
nanced on a pay-as-you-go basis. The rst actuarial valuation date
was April 1, 2006 and the most recent actuarial valuation date was April
1, 2008. Actuarial valuations involve estimates of the value of reported
amounts and assumptions about the probability of events in the future.
Examples include assumptions about employment mortality and the
healthcare cost trend rate. Amounts determined regarding the funded
status of the plan and the annual required contributions of the employer
are subject to continual revision as actual results are compared to past
expectations and new estimates are made about the future. The schedule
of funding progress, presented as required supplementary information
following the notes to the nancial statements, presents multiyear trend
information about the plan.
The Authoritys annual OPEB cost for the plan is calculated based on the
annual required contribution (ARC), an amount actuarially determined in
accordance with the parameters of GASB Statement No. 45. The ARC
represents a level of funding that, if paid on an ongoing basis, is projected
to cover normal cost each year and to amortize any unfunded actuarial
liabilities (or funding excess) over a period not to exceed thirty years.
Funding
The Authority has not funded a qualied trust or its equivalent required
by GASB Statement No. 45. The Authoritys operating expenses are
paid from fees collected from clients. As of March 31, 2010, the portion
of the OPEB liability allocable to certain public clients was 89% and will
be paid from future fees to be collected. A receivable in the amount of
2010 $ 3,847,547
2009 3,218,798
2008 3,907,545
106
l
March 31, 2010
(in thousands)
$26.3 million is included in the caption Other Receivables noncurrent
in the Statement of Net Assets at March 31, 2010. On March 26, 2008,
the Board authorized the establishment of a reserve for the portion of the
OPEB liability allocable to nonprot health care institutions, independent
colleges, universities, and other nonprot institutions, and certain New
York State agencies, which was funded as of March 31, 2008. As of
March 31, 2010, amounts due to the reserve from client program operat-
ing funds for the change in the OPEB liability totaled $3.8 million.
Actuarial Methods and Assumptions
Projections of benets for nancial reporting purposes are based on
the substantive plan (the plan as understood by the employer and plan
members) and include the types of benets provided at the time of
each valuation. The actuarial methods and assumptions used include
techniques that are designed to reduce short-term volatility in actuarial
accrued liabilities and the actuarial value of assets, consistent with the
long-term perspective of the calculations.
In the April 1, 2008 actuarial valuation, the frozen entry age actuarial
cost method was used. The actuarial assumptions included a 4.155%
investment rate of return (net of administrative expenses) and an annual
healthcare cost trend rate of 10% (net of administrative expenses) includ-
ing ination, declining each year to an ultimate trend rate of 5%. Both
rates include a 3% ination assumption. The Authoritys unfunded actuarial
accrued liability is being amortized as a level percentage of projected
payroll on a closed basis. The Authority elected to use an amortization
period of thirty years.
2010 2009 2008
Annual Required Contribution:
Normal cost
$ 4,391 4,653 6,745
Amortization of unfunded AAL
5,951 5,617 7,812
Interest on Net OPEB obligation
884 537 324
Adjustment to annual required contribution
(808) (491)
Annual OPEB cost
10,418 10,316 14,881
Contributions made
(2,077) (1,962) (1,951)
Increase in net OPEB obligation
8,341 8,354 12,930
Net OPEB obligation, beginning of year
21,284 12,930
Net OPEB obligation, end of year
$ 29,625 21,284 12,930
Percentage of Annual OPEB Cost contributed
19.94% 19.02% 13.11%
Actuarial Accrued Liability (AAL) $ 147,854
Funded OPEB plan assets
Unfunded Actuarial Accrued Liability (UAAL) $ 147,854
Funded Ratio %
Covered payroll $ 42,502
UAAL as percentage of covered payroll 347.88%
Annual OPEB Cost and Net OPEB Obligation
The Authoritys annual OPEB cost and net OPEB obligation of the plan as of March 31, 2010, 2009 and 2008 are as follows (in thousands):
Funded Status and Funding Progress
The funded status of the plan as of April 1, 2008 was as follows:
l
107
2010 2009
Designated:
Health care institution assistance
$ 25,374 28,741
Advance funding new projects
5,000 5,000
Coverage for nancial risks associated with directors and ofcers liability insurance policies
2,000 2,000
Women/Minority Business Enterprises capital access, training and development
3,343 515
Reserve for replacement of corporate facilities
4,638 6,631
Total designated 40,355 42,887
Undesignated 23,147 38,663
Total net assets unrestricted $ 63,502 81,550
(15) Unrestricted Net Assets
Unrestricted net assets include amounts that are not appropriable for operating expenses and are Board designated for a specic future use.
Designations at March 31, 2010 and 2009 are as follows (in thousands):
(16) Nonoperating Expenses
During the scal year ended March 31, 2010, the State Legislature passed budget bills authorizing and directing the Authority to pay, from assets not
pledged to holders of any bonds or other obligations of the Authority, $26 million to the State general fund.
During the scal year ended March 31, 2009, the State Legislature passed budget bills authorizing and directing the Authority to pay, from assets not
pledged to holders of any bonds or other obligations of the Authority, $6.8 million to the State general fund.
These payments are reected as New York State Initiatives in the Statement of Revenues, Expenses and Changes in Net Assets.
108
l
Required Supplementary Information
Schedule of Funding Progress for the Retiree Health Plan (unaudited)
(in millions)
Actuarial
valuation date
Actuarial value
of assets
(a)
Actuarial accrued
liability (AAL)
frozen entry age
cost method
(b)
Unfunded
AAL (UAAL)
(b-a)
Funded
ratio
(a/b)
Covered
payroll
(c)
UAAL as a
percentage of
covered payroll
((b-a)/c)
April 1, 2008 $ $ 148 $ 148 % $ 43 348%
April 1, 2006 128 128 44 291
D
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In line with DASNYs commitment to sustainability, this years Annual Report was printed in-house
and on demand in limited quantities, saving DASNY thousands of dollars in outside printing costs.
We have also worked to improve your access to this report by providing an electronic version at:
www.dasny.org/2010AnnualReport.
515 Broadway
Albany, NY 12207-2964
P | 518.257.3000
F | 518.257.3100
One Penn Plaza, 52nd Floor
New York, NY 10119-0098
P | 212.273.5000
F | 212.273.5121
539 Franklin Street
Buffalo, NY 14202-1109
P | 716.884.9780
F | 716.884.9787
www.dasny.org

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