State University of New York Dormitory Facilities Revenue Bonds, Series 2020A (Federally Taxable) ______
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ERRATA SHEET DATED JULY 22, 2020 TO OFFICIAL STATEMENT DATED JULY 15, 2020 WITH RESPECT TO $328,450,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK STATE UNIVERSITY OF NEW YORK DORMITORY FACILITIES REVENUE BONDS, SERIES 2020A (FEDERALLY TAXABLE) _________________________ The purpose of this Errata Sheet is to correct certain typographical errors contained in the Table of Refunded Bonds appearing on page G-2 of the Official Statement dated July 15, 2020 (the “Official Statement”) which resulted in two CUSIP numbers for the Series 2013A Bonds being transposed. The correct CUSIP numbers appear below in bold font: TABLE OF REFUNDED BONDS DORMITORY AUTHORITY OF THE STATE OF NEW YORK State University of New York Dormitory Facilities Revenue Bonds Maturity Principal Principal Date Interest Amount Amount Series (July 1) Rate Outstanding to be Refunded CUSIP† 2013A 2021 3.125% $ 2,265,000 $ 2,265,000 649907TV4 2013A 2022 5.000 24,475,000 24,475,000 649907TW2 2013A 2021 5.000 21,200,000 21,200,000 649907UP5 2015A 2021 3.000 330,000 330,000 64990BHM8 2015A 2021 5.000 14,615,000 14,615,000 64990BJH7 2015A 2022 5.000 12,595,000 12,595,000 64990BHN6 2015B 2021 5.000 14,875,000 14,875,000 64990BUH4 2015B 2022 5.000 15,605,000 15,605,000 64990BUJ0 2017A 2021 5.000 8,015,000 8,015,000 64990CUU3 2017A 2022 5.000 17,515,000 17,515,000 64990CUV1 2018A 2021 5.000 3,640,000 3,640,000 64990GHA3 2018A 2022 5.000 3,820,000 3,820,000 64990GHB1 2019A 2021 5.000 4,030,000 4,030,000 64990GVL3 2019A 2022 5.000 4,230,000 4,230,000 64990GVM1 2019B 2021 1.850 4,990,000 4,990,000 64990GWK4 2019B 2022 1.910 5,080,000 5,080,000 64990GWL2 _________________________ Please affix this Errata Sheet to any printed copy of the Official Statement that you have in your possession and forward this Errata Sheet to any party to whom you delivered a copy of the Official Statement. Moody’s: Aa3 Fitch: A+ NEW ISSUE (See “Ratings” herein) $328,450,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK ® STATE UNIVERSITY OF NEW YORK DORMITORY FACILITIES REVENUE BONDS, SERIES 2020A (FEDERALLY TAXABLE) Dated: Date of Delivery Due: July 1, as shown on the inside cover Payment: The State University of New York Dormitory Facilities Revenue Bonds, Series 2020A (Federally Taxable) (the “Series 2020A Bonds”) will be special obligations of the Dormitory Authority of the State of New York (“DASNY”) payable from third-party revenues (the “Dormitory Facilities Revenues”) derived from payments made by students and others for the use and occupancy of certain dormitory facilities (each a “Dormitory Facility” and, collectively, the “Dormitory Facilities”) located on the campuses more particularly described herein (each a “SUNY Campus” and, collectively, the “SUNY Campuses”) that are operated by the State University of New York (“SUNY”). See “PART 8 – THE RESIDENCE HALL PROGRAM” and “PART 9 – THE STATE UNIVERSITY OF NEW YORK.” The Series 2020A Bonds are being issued pursuant to DASNY’s State University of New York Dormitory Facilities Revenue Bond Resolution, adopted on May 15, 2013 (the “Resolution”) and have been authorized to be issued thereunder by a Series 2020A Resolution Authorizing the Issuance of a Series of State University of New York Dormitory Facilities Revenue Bonds, in an amount not to exceed $365,000,000, adopted June 3, 2020 (the “Series 2020A Resolution,” and, together with the Resolution, the “Resolutions”). Pursuant to the Resolution, DASNY has pledged the Dormitory Facilities Revenues to payment of the Bonds (as hereinafter defined) issued under the Resolution. Payment of debt service on the Bonds issued under the Resolution, including the Series 2020A Bonds, is subordinate to payment of the debt service on the bonds issued and outstanding under the Prior Resolution, as hereinafter defined. See “PART 3 – SOURCES OF PAYMENT AND SECURITY – Prior Pledge.” Payment of the Principal and Sinking Fund Installments of and interest on the Series 2020A Bonds is payable solely from the Dormitory Facilities Revenues collected by SUNY, as agent for DASNY, and deposited in the Fund and from the other Pledged Assets described herein. The Series 2020A Bonds are not a debt of SUNY or the State of New York (the “State”), and neither the State nor SUNY will be liable on them. Description: The Series 2020A Bonds will be issued as fixed rate obligations, fully registered in the denominations of $5,000 or any integral multiple thereof. The Series 2020A Bonds will bear interest at the rates and mature at the times and in the respective principal amounts shown on the inside cover hereof. Interest on the Series 2020A Bonds is payable on each January 1 and July 1 commencing January 1, 2021. The Series 2020A Bonds will be initially issued under a book-entry only system and will be registered in the name of Cede & Co., as Bondholder and nominee of The Depository Trust Company (“DTC”), New York, New York. See “PART 2 – DESCRIPTION OF THE SERIES 2020A BONDS – Book–Entry Only System” herein. So long as Cede & Co., as nominee for DTC, is the registered owner of the Series 2020A Bonds, payments of principal or Redemption Price of and interest on the Series 2020A Bonds will be made by U.S. Bank National Association, as Trustee and Paying Agent, to Cede & Co. Redemption and Purchase: The Series 2020A Bonds are subject to optional and mandatory redemption and purchase in lieu of optional redemption prior to maturity as more fully described herein. See “PART 2 – DESCRIPTION OF THE SERIES 2020A BONDS –Redemption and Purchase in Lieu of Optional Redemption.” Tax Matters: Interest on the 2020A Bonds is not excluded from gross income for federal income tax purposes. In the opinion of Nixon Peabody LLP and D. Seaton and Associates, P.A., P.C., Co-Bond Counsel to DASNY, interest on the Series 2020A Bonds is, by virtue of the Act, exempt from personal income taxation imposed by the State of New York and its political subdivisions, including The City of New York and the City of Yonkers. See “PART 13 – TAX MATTERS” herein regarding certain other tax considerations. The Series 2020A Bonds are offered when, as and if issued and received by the Underwriters. The offer of the Series 2020A 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 of Nixon Peabody LLP, New York, New York, and D. Seaton and Associates, P.A., P.C., New York, New York, Co-Bond Counsel to DASNY, and to certain other conditions. Certain legal matters will be passed upon for the Underwriters by their Co–Counsel, Cozen O’Connor, New York, New York, and Law Offices of Joseph C. Reid P.A., New York, New York. DASNY expects to deliver the Series 2020A Bonds in definitive form in New York, New York, on or about July 22, 2020. Siebert Williams Shank & Co., LLC BofA Securities Loop Capital Markets Academy Securities, Inc. Bancroft Capital, LLC Barclays Cabrera Capital Markets LLC Drexel Hamilton LLC Mischler Financial Group, Inc. Raymond James RBC Capital Markets Rice Financial Products Company Stern Brothers & Co. UBS Financial Services Inc. Wells Fargo Securities July 15, 2020 $328,450,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK STATE UNIVERSITY OF NEW YORK DORMITORY FACILITIES REVENUE BONDS, SERIES 2020A (FEDERALLY TAXABLE) MATURITY SCHEDULE SERIES 2020A BONDS $185,500,000 Serial Bonds Due Interest CUSIP July 1, Amount Rate Price Number† 2026 $ 5,000,000 1.761% 100% 64990GX56 2027 5,000,000 1.861 100 64990GX64 2028 5,000,000 2.012 100 64990GX72 2029 22,685,000 2.162 100 64990GX80 2030 23,185,000 2.262 100 64990GX98 2031 23,715,000 2.412 100 64990GY22 2032 24,295,000 2.462 100 64990GY30 2033 24,900,000 2.512 100 64990GY48 2034 25,530,000 2.562 100 64990GY55 2035 26,190,000 2.592 100 64990GY63 $142,950,000 Term Bonds $142,950,000 2.985% Term Bond Due July 1, 2040, Price 100%, CUSIP Number 64990GY71 † † Copyright, American Bankers Association (“ABA”). CUSIP data herein are provided by CUSIP Global Services LLC, managed on behalf of the American Bankers Association by S&P Capital IQ, a part of McGraw-Hill Financial, Inc. The CUSIP numbers listed above are included solely for the convenience of the holders of the Series 2020A Bonds. None of DASNY, SUNY or the Underwriters is responsible for the selection or uses of the CUSIP numbers and no representation is made as to their correctness on the Series 2020A Bonds or as indicated above. CUSIP numbers are subject to change after the issuance of the Series 2020A Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such Series 2020A Bonds 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 the Series 2020A Bonds. No dealer, broker, salesperson or other person has been authorized by DASNY or SUNY to give any information or to make any representations with respect to the Series 2020A 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 DASNY or SUNY. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor may there be a sale of the Series 2020A Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale.