Rochester Institute of Technology Revenue Bonds, Series 2012
NEW ISSUE Moody’s: A1 (See “Ratings” herein) $146,030,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK ROCHESTER INSTITUTE OF TECHNOLOGY REVENUE BONDS, SERIES 2012 ® Dated: Date of Delivery Due: July 1, as shown below Payment and Security: The Series 2012 Bonds (the “Series 2012 Bonds”) are special obligations of the Dormitory Authority of the State of New York (“DASNY”) payable solely from and secured by a pledge of (i) certain payments to be made under the Loan Agreement (the “Loan Agreement”), dated as of November 13, 2012, between Rochester Institute of Technology (the “Institution”) and DASNY, and (ii) all funds and accounts (except the Arbitrage Rebate Fund) established under DASNY’s Rochester Institute of Technology Revenue Bond Resolution, adopted September 22, 2010 (the “Resolution”) and the Series Resolution, adopted on November 13, 2012, authorizing such Series (the “Series 2012 Resolution” and, together with the Resolution, the “Resolutions”). The Loan Agreement is a general obligation of the Institution and requires the Institution to pay, in addition to the fees and expenses of DASNY and the Trustee, amounts sufficient to pay, when due, the principal, Sinking Fund Installments, if any, and Redemption Price of and interest on the Series 2012 Bonds. The obligations of the Institution under the Loan Agreement to make such payments are secured by a pledge of tuition and fee revenue of the Institution in an amount equal to maximum annual debt service on the Series 2012 Bonds. Such pledge is subordinate to the Prior Pledges. The Series 2012 Bonds will not be a debt of the State of New York (the “State”) and the State will not be liable on the Series 2012 Bonds.
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