Norwich, Oswego, and Greene Central School Districts Save More than $2.4 Million through DASNY

Districts Among Ten in the Central New York Region Saving $3.8 million through
Bond Refunding

Savings Complements “Central NY Rising” – 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 Norwich, Oswego, and Greene Central School Districts are among ten districts in the Central New York Region that will collectively achieve $3.8 million in net present value savings as a result of DASNY’s refunding more than $70 million of their outstanding bonds.

The City of Norwich School District achieved almost $1.2 million in net present value savings, the City of Oswego School District nearly $650,000 in savings and the Greene Central School District more than $591,000, 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.

“DASNY is delighted to partner with school districts throughout New York State as they prepare students on their journeys to success,” said Gerrard P. Bushell, President and CEO of DASNY. “Providing our students with every opportunity is essential to keeping the Central New York Region’s economy rising.”

“Using every tool at our disposal to support our students is paramount to helping them achieve their goals,” said Gerard M. O’Sullivan, Superintendent of Norwich City 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.”

“We are thrilled that DASNY and New York State continue to put students first,” said Gordon Daniels, Interim Superintendent of Greene Central Schools. “The results of these savings will be reflected in the hard-work of our grateful educators, staff and students.”

Today's announcement complements “Central NY Rising,” the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $4.7 billion in the region since 2012 to lay the groundwork for the plan – capitalizing on global market opportunities, strengthening entrepreneurship and creating an inclusive economy.

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 Syracuse, Oswego and Auburn as a destination to grow and invest in.

Now, the region is accelerating "Central NY Rising" 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 5,900 new jobs. More information is available here.

Net present value savings achieved by districts in the Central NY Region: