The Office of the Governor of the State of New York

08/23/2019 | News release | Distributed by Public on 08/23/2019 12:46

$482M in Low-Cost Financing for School District Capital Projects

Governor Andrew M. Cuomo today announced that the Dormitory Authority of the State of New York has issued approximately $482.4 million in low-cost, tax-exempt bonds on behalf of 54 school districts across the state as school districts prepare to welcome students back to school. The issuance is part of DASNY's School Districts Revenue Bond Financing Program, which provides public school districts across the state with an efficient financing alternative. Projects benefitting from the issuance include but are not limited to: fire, security, and air quality systems upgrades; interior and exterior renovations at numerous facilities including several classroom additions; athletic field improvements; and technology updates to promote innovation and collaboration.

'The classrooms, technology and recreational facilities our students use every day are integral to their educational experience,' Governor Cuomo said. 'By modernizing critical educational infrastructure and hardware, we are building strong foundations for the next generation of leaders to learn and innovate and set them on the path to success.'

Since the inception of the program in 2002, DASNY has issued 100 separate series of bonds on behalf of more than 200 school districts statewide in an aggregate par amount of more than $6.1 billion.

'We are committed to investing in our schools to ensure high-quality learning environments,' said Lieutenant Governor Kathy Hochul. 'This funding for capital projects for schools statewide will support improvements and help students thrive in the classroom. We want to make sure that all students in districts across the state have access to the programs and resources they need to succeed now and in the future.'

Gerrard P. Bushell, Ph.D., DASNY President & CEO, said, 'DASNY is pleased to be able to offer low-cost financing support to school districts across the state. New York State's schools are the foundation of our economy. The financial flexibility provided to districts today can be used to further help our children learn and grow and broaden opportunities for this rising generation of New Yorkers.'

Senator Shelley B. Mayer, Chair of the Senate Education Committee, said, 'New York's school buildings require investment and improvement in order to meet the needs of the 21st Century. This financing will help districts throughout the state finance improvements and new construction to provide New York students with the quality facilities they deserve. I applaud Governor Cuomo and DASNY for their dedication to putting the educational needs of our children first.'

Assembly Member Michael R. Benedetto, Chair of the Assembly Education Committee, said, 'Providing equal opportunity throughout our districts is putting New York's students on a path to greater achievement. It is a privilege to support this administration's efforts to ensure our teachers have the facilities and equipment they need to succeed.'

Mayfield Central School District Superintendent Christopher Harpersaid, 'Mayfield's capital project, 'Building the Future, Restoring the Past', will propel the school district well into the 21st century. The project addressed health and safety issues, deteriorating roofs and infrastructure, and made technological and athletic field improvements at each building. This efficient financing from DASNY, coupled with the district's careful and thoughtful fiscal planning, made this project a reality for our community and will benefit our students for generations to come.'

Marcellus Central School District Business Administrator Anthony Sonnacchiosaid, 'Funds were used to modernize facilities originally constructed in the 1960s, upgrade HVAC systems, construct a choral music room, and enhance the security of our Senior High School building. These improvements were identified as a priority for our school district and we are pleased with the outcome.'

Lyons Central School District Superintendent Donald Putnam said, 'The health, safety, and security of students, faculty, and staff remain our top priorities throughout the Lyons Central School District. That is why, with the help of this low-cost financing support, we added security cameras and made upgrades to our entryways and fire-alarm systems in our middle and high schools. We also installed high-efficiency heating, ventilation, and air conditioning (HVAC) system to provide healthy and comfortable building conditions in our elementary school. With our state partners, we have been able to make athletic field and bus loop improvements, roof repairs, install new lockers, increase seating and add a new auditorium sound booth - showing our community that our children come first, and we will always provide them the best environment possible to thrive.'

Central Valley School District Superintendent Jeremy Rich said, 'These upgrades are going a long way to ensuring students in the Central Valley district are learning in some of the best facilities in the state. With financing assistance from DASNY, we were able to ensure our schools are 21st-century ready, giving our students what they need to succeed.'

Enlarged City School District of Middletown Superintendent Richard Del Moro said, 'The Enlarged City School District of Middletown has always prided itself on providing its scholars and staff with the most up-to-date facilities and resources available. With this financial assistance, we are able to go above and beyond our expectations. The third-floor addition to our high school is providing additional space for learning and collaboration with its 11 new classrooms and an innovation laboratory. We are encouraging team-building and sportsmanship with our athletes on our upgraded softball and baseball fields, in addition to new tennis courts. Our buildings themselves have undergone interior renovations to improve air quality and alarm system upgrades to keep scholars, faculty and staff safe at all times. We could not have done all this without the help of this administration and community, which has always supported us, and we are grateful.

Bath Central School District Superintendent Joe Rumsey said, 'As a result of this borrowing, coupled with careful financial planning, the students and community of the Bath Central School District will benefit from new STEAM (Science, Technology, Engineering, Arts, and Mathematics) Suites at both the Dana Lyon Middle School and the Haverling High School. These STEAM Suites will emphasize collaborative learning opportunities to prepare students for the future needs of our community. Additionally, students and community will benefit from much needed classroom and cafeteria upgrades. Our school is the hub of our community and a major player in economic development. We can't thank New York State enough for facilitating this revenue program.'

Springville-Griffith Institute Central School District Superintendent Kimberly Moritz said, 'After 11 years as a school superintendent and the leadership of four capital projects, this was the first time I've been advised to finance through DASNY. The financing was so favorable for our P-TECH Academy project, which is a district owned and financed building leased to Erie 2 BOCES and benefitting students in all 27 component districts, that the local share was essentially cut in half. For this project, all 27 districts contribute to the local share through our BOCES capital costs. This amount was reduced by about $200,000 annually due to the favorable DASNY financing. We also borrowed for our current district project, reducing our local share payments on that too.'

Financing issued to districts in by region:

Capital Region:

Albany City School District

$9,585,000

Burnt Hills-Ballston Lake Central School District

$23,460,000

Coxsackie-Athens Central School District

$12,305,000

Mayfield Central School District

$13,000,000

Schenectady City School District

$2,220,000

Wynantskill Union Free School District

$2,405,000

Total: $62,975,000

Central NY:

Homer Central School District

$650,000

Madison Central School District

$8,075,000

Marcellus Central School District

$14,640,000

Onondaga Central School District

$3,525,000

Port Byron Central School District

$9,910,000

Stockbridge Central School District

$3,545,000

Weedsport Central School District

$12,470,000

Total: $52,815,000

Finger Lakes:

East Irondequoit Central School District

$10,805,000

Gananda Central School District

$12,490,000

Letchworth Central School District

$7,090,000

Lyons Central School District

$8,245,000

Newark Central School District

$17,395,00

Perry Central School District

$3,690,000

Total: $59,715,000

Mohawk Valley:

Central Valley School District

$34,125,000

Cooperstown Central School District

$4,600,000

Gilbertsville-Mount Upton Central School District

$2,280,000

Herkimer Central School District

$1,685,000

Holland Patent Central School District

$1,940,000

Laurens Central School District

$1,595,000

Morris Central School District

$1,860,000

Remsen Central School District

$5,840,000

Rome City School District

$21,245,000

Sauquoit Valley Central School District

$16,425,000

Schenevus Central School District

$5,565,000

Utica City School District

$9,010,000

Total: $106,170,000

Mid-Hudson:

Enlarged City School District of Middletown

$25,805,000

Port Jervis City School District

$3,820,000

Total: $29,625,000

North Country:

Harrisville Central School District

$5,670,000

Lisbon Central School District

$3,925,000

Enlarged Ogdensburg City School District

$16,695,000

Thousand Islands Central School District

$2,425,000

Total: $28,715,000

Southern Tier:

Arkport Central School District

$5,710,000

Bath Central School District

$17,465,000

Chenango Forks Central School District

$14,470,000

Hornell City School District

$5,390,000

Maine-Endwell Central School District

$12,765,000

Norwich City School District

$7,430,000

Sidney Central School District

$9,820,000

South Kortright Central School District

$7,095,000

Unadilla Valley Central School District

$6,890,000

Waverly Central School District

$1,660,000

Total: $88,695,000

Western NY:

Andover Central School District

$5,245,000

Cleveland Hill Union Free School District

$7,350,000

Newfane Central School District

$2,735,000

Olean City School District

$9,820,000

Ripley Central School District

$1,605,000

Springville-Griffith Institute Central School District

$19,310,000

Yorkshire-Pioneer Central School District

$7,590,000

Total: $53,655,000