Districts Among 11 in the Mohawk Valley Region Saving $2.4 million through Bond Refunding
ALBANY, N.Y. -- Gerrard P. Bushell, President and CEO of The Dormitory Authority of the State of New York (DASNY), announced today that the Amsterdam, Rome, and Fort Plain Central School Districts are among 11 districts in the Mohawk Valley Region that will collectively achieve $2.4 million in net present value savings as a result of DASNY’s refunding more than $46 million of their outstanding bonds.
The Greater Amsterdam School District achieved nearly $536,000 in gross savings, the City of Rome School District more than $585,000 and the Fort Plain Central School District more than $476,000, each by reducing annual debt service through the refunding.
The districts are among 54 statewide that are achieving approximately $17 million in gross savings as part of an almost $300 million bond refunding delivered by DASNY. The refundings are part of DASNY’s School Districts Revenue Bond Financing Program, which provides public school districts across New York State with an efficient financing alternative. Since the inception of the program in 2002, DASNY has issued 85 separate series of bonds on behalf of more than 200 school districts statewide.
“New York State’s schools are the foundation of our economy and DASNY is proud to provide financing support to these districts,” said Gerrard P. Bushell, President and CEO of DASNY. “These savings help broaden opportunity for the rising generation of New Yorkers.”
“Using every tool at our disposal to support our students is paramount to helping them achieve their goals,” said Dr. Vicky Ramos, Superintendent of Greater Amsterdam Schools. “The financial flexibility provided through our partnership with DASNY will go a long way in making sure they have what they need to succeed.”
“Quality education for our students is our number one priority,” said Peter C. Blake, Superintendent of Rome City Schools. “The savings achieved in partnership with DASNY helps us prepare them for the next step on their journey to success.”
“We are thrilled that DASNY and New York State continue to put students first,” said Dr. David Ziskin, Superintendent of Fort Plain Central Schools. “The results of these savings will be reflected in the hard-work of our grateful educators, staff and students.”
Gross savings achieved by districts in the Mohawk Valley Region:
| Adirondack Central School District | $73,049 |
| Central Valley Central School District | $162,064 |
| City School District of the City of Amsterdam | $535,983 |
| City School District of the City of Rome (Series 2010A) | $465,380 |
| City School District of the City of Rome (Series 2011A) | $120,067 |
| City School District of the City of Sherrill | $68,948 |
| Dolgeville Central School District | $148,829 |
| Fort Plain Central School District | $476,378 |
| Gilbertsville-Mt. Upton Central School District | $102,225 |
| Herkimer Central School District | $145,910 |
| Oppenheim-Ephratah-St. Johnsville Central School District | $53,892 |
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Founded in 1944, DASNY – the Dormitory Authority of the State of New York – is New York State’s
capital project development authority. It finances and constructs sustainable and resilient science, health and education institutions that help New York thrive. It is one of the largest issuers of tax-exempt bonds in the nation with an outstanding bond portfolio of approximately $48.5 billion as of September 30, 2017. DASNY is also a major public builder with a construction pipeline of 935 projects valued at more than $6.3 billion as of September 30, 2017.