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Dormitory Authority of the State of New York

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Dormitory Authority of the State of New York Moody’s: Aa2 S&P: AA Fitch: AA+ NEW ISSUE (See “Ratings” herein) $102,395,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK PLEDGED ASSESSMENT REVENUE BONDS, SERIES 2010A (FEDERALLY TAXABLE) Dated: Date of Delivery Due: December 1, as shown on inside cover Payment: The Dormitory Authority of the State of New York Pledged Assessment Revenue Bonds, Series 2010A (Federally Taxable) (the “Series 2010A Bonds”) will be special revenue obligations of the Dormitory Authority of the State of New York (the “Authority”). Principal and Redemption Price of, and interest on, the Series 2010A Bonds are payable from the Pledged Assessments (as defined herein) to be assessed and collected by the Chair (the “Chair”) of the New York State Workers’ Compensation Board (the “Board”) pursuant to the Enabling Act (as defined herein) and the Pledged Assessment Revenue Bond Financing Agreement and the Supplemental Financing Agreement No. 1, each dated as of October 28, 2009 (collectively, the “2010 Financing Agreement”), among the Authority, the Chair and the Commissioner of Taxation and Finance of the State of New York (the “Commissioner”), and as provided by the Authority’s Pledged Assessment Revenue Bond Resolution, adopted by the Authority on October 28, 2009 (the “Resolution”) and the Authority’s Pledged Assessment Revenue Series Resolution authorizing the issuance of the Series 2010A Bonds, adopted by the Authority on October 28, 2009 (the “Series 2010A Resolution” and, collectively with the Resolution, the “Resolutions”). The Authority has no taxing power. Pursuant to the Enabling Act, the Series 2010A Bonds shall not constitute a debt or moral obligation of the State of New York (the “State”) or a State supported obligation within the meaning of any constitutional or statutory provision and neither the faith and credit of the State nor the taxing power of the State is pledged to the payment of the principal, premium, if any, or interest on the Series 2010A Bonds. The State and the Authority shall not be liable to make any payments thereon nor shall any Series 2010A Bond be payable out of any funds or assets other than Pledged Property (as defined herein), including the Pledged Assessments, and other funds and accounts held by The Bank of New York Mellon, as trustee (the “Trustee”) and pledged therefor pursuant to the Resolutions. Description: The Series 2010A Bonds will be issued as fully registered bonds in denominations of $5,000 or any integral multiple thereof. The Series 2010A Bonds will bear interest at the rates and will pay interest and mature at the times shown on the inside cover hereof. Interest on the Series 2010A Bonds is payable on each December 1 and June 1, commencing June 1, 2011. The Series 2010A Bonds will be issued initially under a Book-Entry Only System, registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”). Individual purchases of beneficial interests in the Series 2010A Bonds will be made in book-entry form (without certificates). So long as DTC or its nominee is the registered owner of the Series 2010A Bonds, payments of the principal, Sinking Fund Installments, if any, and Redemption Price of and interest on the Series 2010A Bonds will be made directly to DTC or its nominee. Disbursement of such payments to DTC participants is the responsibility of DTC and disbursement to beneficial owners is the responsibility of DTC participants. See “PART 2 – DESCRIPTION OF THE SERIES 2010A BONDS – Book-Entry Only System” herein. Redemption: The Series 2010A Bonds are subject to mandatory redemption prior to maturity as more fully described herein. In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the Authority, interest on the Series 2010A Bonds is included in gross income for Federal income tax purposes and, under existing statutes, is exempt from personal income taxes of the State and its political subdivisions, including The City of New York. See “PART 14 - TAX MATTERS” herein. The Series 2010A Bonds are offered when, as and if issued and received by the Underwriters. The offer of the Series 2010A Bonds may be subject to prior sale, or may be withdrawn or modified at any time without notice. The offer is subject to the approval of legality by Hawkins Delafield & Wood LLP, New York, New York, Bond Counsel to the Authority, and to certain other conditions. Certain legal matters will be passed upon for the Underwriters by Hiscock & Barclay, LLP, Albany, New York, counsel to the Underwriters. The Authority expects to deliver the Series 2010A Bonds in definitive form in New York, New York, on or about December 9, 2010. Goldman, Sachs & Co. Siebert Brandford Shank & Co., L.L.C. Citi M.R. Beal & Company December 2, 2010 $102,395,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK PLEDGED ASSESSMENT REVENUE BONDS, SERIES 2010A (FEDERALLY TAXABLE) $56,895,000 SERIES 2010A Due Interest December 1 Amount Rate Yield CUSIP(1) 2012 $16,000,000 1.793% 1.793% 6499056Z4 2013 16,000,000 2.302 2.302 6499057A8 2014 9,985,000 2.931 2.931 6499057B6 2015 14,910,000 3.125 3.431 6499057C4 $45,500,000 5.000% Term Bonds due December 1, 2020, Yield: 5.250% CUSIP(1) 6499057D2 (1) CUSIP numbers have been assigned by an independent company not affiliated with the Authority and are included solely for the convenience of the holders of the Series 2010A Bonds. Neither the Authority nor the Underwriters are responsible for the selection or uses of these CUSIP numbers and no representation is made to their correctness on the Series 2010A Bonds or as indicated above. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Series 2010A Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Series 2010A Bonds. No dealer, broker, salesperson or other person has been authorized by the Authority or the State to give any information or to make any representations with respect to the Series 2010A Bonds other than those contained in this Official Statement. If given or made, such information or representations must not be relied upon as having been authorized by the Authority. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be a sale of the Series 2010A Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The Underwriters have reviewed the information in this Official Statement in accordance with, and as part of, their responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the underwriters do not guarantee the accuracy or completeness of such information. Certain information in this Official Statement has been supplied or authorized by the Chair, the Superintendent, the State Insurance Fund, Milliman, DTC and other sources that the Authority believes are reliable. The Authority does not guarantee the accuracy or completeness of such information, however, and the information provided by such sources is not to be construed as a representation of the Authority. See “PART 21 – SOURCES OF INFORMATION AND CERTIFICATIONS” of the Official Statement for a description of the information provided by the various sources. References in this Official Statement to the Enabling Act, the Resolutions, the Financing Agreement and the Continuing Disclosure Agreement do not purport to be complete. Refer to the Enabling Act, the Resolutions, the Financing Agreement and the Continuing Disclosure Agreement for full and complete details of their provisions. Copies of the Resolutions, the Financing Agreement and the Continuing Disclosure Agreement are on file with the Authority and the Trustee. The order and placement of material in this Official Statement, including its appendices, are not to be deemed any determination of relevance, materiality or importance, and all material in the Official Statement, including its appendices, must be considered in its entirety. Under no circumstances shall the delivery of this Official Statement or any sale made after its delivery create any implication that the affairs of the Authority, the Fund or the State have remained unchanged after the date of this Official Statement. IN CONNECTION WITH THE OFFERING OF THE SERIES 2010A BONDS, THE UNDERWRITERS MAY OVERALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICES OF THE SERIES 2010A BONDS AT LEVELS ABOVE THOSE WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. TABLE OF CONTENTS Page Page SUMMARY STATEMENT ........................................................ i PART 7 – THE FUND ............................................................. 17 PART 1 – INTRODUCTION ..................................................... 1 PART 8 – ASSESSMENTS ..................................................... 18 Purpose of the Official Statement .......................................... 1 General ................................................................................ 18 Purpose of the Issue ............................................................... 1 Allocation of the Assessments Among Classes of Authorization of Issuance ...................................................... 3
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