Touro College 2017
NEW ISSUE Fitch: BBB- See “RATING” herein $64,015,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK TOURO COLLEGE AND UNIVERSITY SYSTEM ® OBLIGATED GROUP REVENUE BONDS SERIES 2017 Dated: Date of Delivery Due: January 1, as shown on the inside cover pages Payment and Security: The Touro College and University System Obligated Group Revenue Bonds, Series 2017 (the “Series 2017 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 by Touro College (the “College” or the “Institution”) under a Loan Agreement (the “Loan Agreement”), dated as of December 6, 2017, between the Institution and DASNY, and/or payments made under the related Series 2017 Obligation (as hereinafter defined), which Series 2017 Obligation secures the Institution’s obligations under the Loan Agreement with respect to the Series 2017 Bonds, and (ii) all funds and accounts (except the Arbitrage Rebate Fund) established in connection with the Series 2017 Bonds. The Series 2017 Bonds are to be issued under DASNY’s Touro College and University System Obligated Group Revenue Bond Resolution, adopted May 14, 2014 (the “General Resolution”) and the Series Resolution authorizing the Series 2017 Bonds, adopted December 6, 2017 (the “Series 2017 Resolution,” and collectively with the General Resolution, the “Resolutions”). Payment of the principal, Sinking Fund Installments and Redemption Price of and interest on the Series 2017 Bonds, when due, is secured by payments to be made pursuant to Obligation No. 6 (the “Series 2017 Obligation”) issued by the Obligated Group (as defined herein) pursuant to a Master Trust Indenture, dated as of May 1, 2014 (as supplemented, the “Master Indenture”), among the Institution and the other Members of the Obligated Group (collectively, the “Obligated Group”) and The Bank of New York Mellon, as Master Trustee (the “Master Trustee”).
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