City School District of Albany Saves More Than $850,000 through DASNY

District Among Five in the Capital Region Saving Nearly $1.5 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 City School District of Albany is among five districts in the Capital Region that will collectively achieve nearly $1.5 million in net present value savings as a result of DASNY’s refunding nearly $30 million of their outstanding bonds.

The City School District of Albany achieved nearly $851,000 in net present value savings by reducing annual debt service through the refunding. The district is 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.

“DASNY is delighted to partner with school districts throughout New York State as they prepare students on their journeys to success,” said Dr. Bushell. “Providing our students with every opportunity is essential to keeping the Capital Region’s economy thriving.” 

“Using every tool at our disposal to support all of our students is paramount to helping them achieve their goals,” said City School District of Albany Superintendent Kaweeda G. Adams. “The financial flexibility provided through our partnership with DASNY will go a long way in making sure they have what they need to succeed.”

Net present value savings achieved by districts in the Capital Region: