East Irondequoit and Brockport Central School Districts Save More than $1.5 Million through DASNY

Districts Among Six in the Finger Lakes Region Saving $2.3 million through Bond Refunding

Savings Complements “Finger Lakes Forward” – The Region’s Comprehensive Strategy to Revitalize Communities and Grow the Economy

ALBANY, N.Y. -- Gerrard P. Bushell, President and CEO of The Dormitory Authority of the State of New York (DASNY), announced today that the East Irondequoit and Brockport Central School Districts are among six districts in the Finger Lakes Region that will collectively achieve $2.3 million in net present value savings as a result of DASNY’s refunding more than $28 million of their outstanding bonds.

East Irondequoit Central School District achieved almost $1.2 million in net present value savings and Brockport Central School Districts more than $500,000, each by reducing annual debt service through the refunding.

The districts are among 54 statewide that are achieving approximately $17 million in net present value 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 and keep the Finger Lakes Region moving forward,” 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 Susan Allen, Superintendent of East Irondequoit Central 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 Dr. Lesli C. Myers, Superintendent of Brockport Central Schools. “The savings achieved in partnership with DASNY helps us prepare them for the next step on their journey to success.”

Today’s announcement complements “Finger Lakes Forward,” the region’s comprehensive blueprint to generate robust economic growth and community development by supporting education.

The State has already invested more than $5.2 billion in the region since 2012 to lay the groundwork for the plan – investing in key industries including photonics, agriculture‎ and food production, and advanced manufacturing. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Rochester, Batavia and Canandaigua as a destination to grow and invest in.

Now, the region is accelerating "Finger Lakes Forward" with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 8,200 new jobs. More information is available here.

Net present value savings achieved by districts in the Finger Lakes Region: