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State University of New York Dormitory Facilities Revenue Bonds, Series 2015A

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State University of New York Dormitory Facilities Revenue Bonds, Series 2015A Moody’s: Aa3 Standard & Poor’s: A+ Fitch: A+ NEW ISSUE (See “Ratings” herein) $268,825,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK STATE UNIVERSITY OF NEW YORK DORMITORY FACILITIES ® REVENUE BONDS, SERIES 2015A Dated: Date of Delivery Due: July 1, as shown below Payment: The State University of New York Dormitory Facilities Revenue Bonds, Series 2015A (the “Series 2015A 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 25 of the 29 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 2015A 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 Resolution Authorizing the Issuance of a Series of State University of New York Dormitory Facilities Revenue Bonds in an amount not to exceed $350,000,000 adopted on March 11, 2015 (the “Series 2015A 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 2015A 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 2015A Bonds is not payable from any money of DASNY other than the Dormitory Facilities Revenues or from any money of SUNY or the State of New York (the “State”). The Series 2015A Bonds are not a debt of SUNY or the State, and neither the State nor SUNY will be liable on them. Description: The Series 2015A Bonds will be issued as fully registered bonds in the denominations of $5,000 or any integral multiple thereof. The Series 2015A 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 (due January 1, 2016 and semiannually on each July 1 and January 1 thereafter) will be payable by check mailed to the registered owners of the Series 2015A Bonds at their addresses as shown on the registration books held by U.S. Bank National Association, as trustee (the “Trustee”), or, at the option of the holder of at least $1,000,000 in principal amount of Series 2015A Bonds, by wire transfer to the holder of such Series 2015A Bonds, each as of the close of business on the fifteenth day of the month next preceding an interest payment date. The principal or Redemption Price of the Series 2015A Bonds will be payable at the principal corporate trust office of the Trustee or, with respect to the Redemption Price, at the option of the holder of at least $1,000,000 in principal amount of Series 2015A Bonds, by wire transfer to the holder of such Series 2015A Bonds as more fully described herein. The Series 2015A 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 (the “DTC”). Individual purchases of beneficial interests in the Series 2015A Bonds will be made in Book– Entry form (without certificates). So long as DTC or its nominee is the registered owner of the Series 2015A Bonds, payments of the principal and Redemption Price of and interest on the Series 2015A Bonds will be made directly to DTC or its nominee. Disbursements of such payments to DTC participants is the responsibility of DTC and disbursements of such payments to the beneficial owners is the responsibility of DTC participants. See “PART 2 – DESCRIPTION OF THE SERIES 2015A BONDS – Book–Entry Only System.” Redemption and Purchase: The Series 2015A Bonds are subject to optional redemption and purchase in lieu of optional redemption prior to maturity as more fully described herein. See “PART 2 – DESCRIPTION OF THE SERIES 2015A BONDS – Optional Redemption and Purchase in Lieu of Optional Redemption.” Tax Matters: In the opinion of Nixon Peabody LLP, Co-Bond Counsel to the DASNY, under existing law and assuming compliance with the tax covenants described herein, and the accuracy of certain representations and certifications made by DASNY and SUNY described herein, interest on the Series 2015A Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”). Nixon Peabody LLP and Drohan Lee LLP, as Co-Bond Counsels, are further of the opinion that interest on the Series 2015A Bonds is, by virtue of the Act, exempt from personal income taxation imposed by the State of New York and its political subdivisions. See “PART 13 – TAX MATTERS” herein regarding certain other tax considerations. The Series 2015A Bonds are offered when, as and if issued and received by the Underwriters. The offer of the Series 2015A 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 Drohan Lee LLP, New York, New York, Co-Bond Counsels to DASNY, and to certain other conditions. Certain legal matters will be passed upon for the Underwriters by their Co–Counsel, McKenna Long & Aldridge LLP., New York, New York, and the Law Offices of Joseph C. Reid P.A, New York, New York. DASNY expects to deliver the Series 2015A Bonds in definitive form in New York, New York, on or about May 12, 2015. Siebert Brandford Shank & Co., L.L.C. BofA Merrill Lynch Cabrera Capital Markets, LLC Fidelity Capital Markets Loop Capital Markets LLC Mesirow Financial, Inc. Morgan Stanley Oppenheimer & Co. Ramirez & Co., Inc. Roosevelt & Cross Incorporated U.S. Bancorp The Williams Capital Group, L.P. May 1, 2015 $268,825,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK STATE UNIVERSITY OF NEW YORK DORMITORY FACILITIES REVENUE BONDS, SERIES 2015A Maturity Schedule Due Interest CUSIP Due Interest CUSIP July 1, Amount Rate Yield Number(1) July 1, Amount Rate Yield Number(1) 2016 $18,295,000 3.00% 0.40% 64990BHG1 2024 $ 8,535,000 5.000% 2.46% 64990BHQ9 2017 6,315,000 3.00 0.83 64990BHH9 2025 10,905,000 5.000 2.58 64990BHR7 2017 13,450,000 5.00 0.83 64990BJD6 2026 11,440,000 5.000 2.76* 64990BHS5 2018 5,000,000 2.50 1.21 64990BHJ5 2027 12,015,000 5.000 2.88* 64990BHT3 2018 1,290,000 3.00 1.21 64990BJJ3 2028 12,630,000 5.000 3.00* 64990BHU0 2018 11,800,000 5.00 1.21 64990BJE4 2029 13,240,000 5.000 3.07* 64990BHV8 2019 805,000 3.00 1.47 64990BHK2 2030 13,910,000 5.000 3.14* 64990BHW6 2019 20,225,000 5.00 1.47 64990BJF1 2031 14,610,000 5.000 3.20* 64990BHX4 2020 3,220,000 4.00 1.67 64990BHL0 2032 15,340,000 5.000 3.26* 64990BHY2 2020 13,895,000 5.00 1.67 64990BJG9 2033 10,610,000 5.000 3.30* 64990BHZ9 2021 330,000 3.00 1.86 64990BHM8 2034 8,110,000 5.000 3.34* 64990BJA2 2021 14,615,000 5.00 1.86 64990BJH7 2035 5,410,000 3.625 3.78 64990BJB0 2022 12,595,000 5.00 2.06 64990BHN6 2036 2,110,000 3.750 3.81 64990BJC8 2023 8,125,000 5.00 2.27 64990BHP1 ____________________________ * Priced at the stated yield to the first optional call date of July 1, 2025 at a redemption price of 100%. (1) CUSIP numbers herein are provided by Standard & Poor’s, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. CUSIP numbers have been assigned by an independent company not affiliated with DASNY and are included solely for the convenience of the holders of the Series 2015A Bonds. DASNY is not responsible for the selection or uses of these CUSIP numbers, and no representation is made as to their correctness on the Series 2015A Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of the Series 2015A 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 2015A 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 2015A Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. Certain information in this Official Statement has been supplied or authorized by SUNY, a source that DASNY believes is reliable.
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