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New York University Revenue Bonds, Series 2019A,B1 and B2

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Moody’s: “Aa2” S&P: “AA-” NEW ISSUE – BOOK–ENTRY ONLY (See “Ratings” herein) $862,755,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK NEW YORK UNIVERSITY REVENUE BONDS ® $603,460,000 $176,125,000 $83,170,000 Series 2019A Subseries 2019B-1 Subseries 2019B-2 (Tax-Exempt) (Taxable) (Taxable) (Green Bonds) Dated: Date of Delivery Due: July 1, as shown on the inside cover Payment and Security: The New York University Revenue Bonds, Series 2019A (Tax-Exempt) (the “Series 2019A Bonds”), the New York University Revenue Bonds, Subseries 2019B-1 (Taxable) (the “Subseries 2019B-1 Bonds”) and the New York University Revenue Bonds, Subseries 2019B-2 (Taxable) (Green Bonds) (the “Subseries 2019B-2 Bonds” and, together with the Subseries 2019B-1 Bonds, the “Series 2019B Bonds”, and the Series 2019B Bonds together with the Series 2019A Bonds, the “Series 2019 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 May 28, 2008, between New York University (the “University”) and DASNY, and (ii) all funds and accounts (except the Arbitrage Rebate Fund or any fund or account established for the payment of the Purchase Price or Redemption Price of Bonds tendered for purchase or redemption) established under DASNY’s New York University Revenue Bond Resolution, adopted May 28, 2008 (the “Resolution”), a Series Resolution authorizing the issuance of the Series 2019A Bonds adopted on February 6, 2019 (the “Series 2019A Resolution”) and a Series Resolution authorizing the issuance of the Series 2019B Bonds adopted on February 6, 2019 (the “Series 2019B Resolution” and, together with the Series 2019A Resolution, the “Series 2019 Resolutions”). The Loan Agreement is a general, unsecured obligation of the University and requires the University to pay, in addition to the fees and expenses of DASNY and the Trustee (as defined below), amounts sufficient to pay, when due, the principal, Sinking Fund Installments, if any, Purchase Price and Redemption Price of and interest on all Bonds issued under the Resolution, including the Series 2019 Bonds. The Series 2019 Bonds will not be a debt of the State of New York (the “State”) nor will the State be liable thereon. DASNY has no taxing power. Description: The Series 2019 Bonds will be issued as fully registered bonds in denominations of $5,000 or any integral multiple thereof and will bear interest at the rates and will pay interest and mature at the times and in the respective principal amounts shown on the inside cover hereof. The Series 2019 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 2019 Bonds will be made in Book- Entry form (without certificates). So long as DTC or its nominee is the registered owner of the Series 2019 Bonds, payments of the principal and Redemption Price of and interest on such Series 2019 Bonds will be made directly to DTC or its nominee. Disbursement of such payments to DTC participants is the responsibility of DTC and disbursement of such payments to the beneficial owners is the responsibility of DTC participants. See “PART 3 - THE SERIES 2019 BONDS - Book-Entry Only System and Global Clearance Procedures” herein. The Bank of New York Mellon, New York, New York is the Trustee (the “Trustee”) and Paying Agent for the Series 2019 Bonds. Redemption: The Series 2019 Bonds are subject to redemption and purchase in lieu of optional redemption prior to maturity as more fully described herein. Tax Matters: In the opinion of Hawkins Delafield & Wood LLP, Co-Bond Counsel to DASNY, under existing statutes and court decisions and assuming continuing compliance with certain tax covenants described herein, (i) interest on the Series 2019A Bonds is excluded from gross income for Federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) interest on the Series 2019A Bonds is not treated as a preference item in calculating the alternative minimum tax under the Code. Interest on the Series 2019B Bonds is included in gross income for Federal income tax purposes pursuant to the Code. In addition, in the opinion of Hawkins Delafield & Wood LLP, under existing statutes, interest on the Series 2019 Bonds is exempt from personal income taxes imposed by the State of New York or any political subdivision thereof (including The City of New York). See “PART 10 – TAX MATTERS” herein regarding certain other considerations. The Series 2019 Bonds are offered when, as, and if issued and received by the Underwriters. The offer of the Series 2019 Bonds may be subject to prior sale, or withdrawn or modified at any time without notice. The offer is subject to the approval of legality by DASNY’s Co-Bond Counsel, Hawkins Delafield & Wood LLP, New York, New York, and McGlashan Law Firm, P.C., New York, New York, and to certain other conditions. Certain legal matters will be passed upon for the University by its General Counsel, Terrance Nolan, Esq., and by its special counsel, Ropes & Gray LLP, New York, New York. Certain legal matters will be passed upon for the Underwriters by their counsel, Katten Muchin Rosenman LLP, New York, New York. DASNY expects to deliver the Series 2019 Bonds in definitive form in New York, New York, on or about February 21, 2019. Goldman Sachs & Co. LLC BofA Merrill Lynch J.P. Morgan Ramirez & Co., Inc. Wells Fargo Securities February 13, 2019 $862,755,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK NEW YORK UNIVERSITY REVENUE BONDS SERIES 2019 $603,460,000 SERIES 2019A (TAX-EXEMPT) Interest Payment Dates: Each January 1 and July 1, commencing July 1, 2019 $338,525,000 Serial Bonds Due Interest CUSIP Due Interest CUSIP July 1 Amount Rate Yield Number1 July 1 Amount Rate Yield Number1 2021 $8,550,000 5.000% 1.590% 64990GHW5 2031 $22,990,000 5.000% 2.490%2 64990GJG8 2022 8,980,000 5.000 1.630 64990GHX3 2032 24,140,000 5.000 2.5802 64990GJH6 2023 9,430,000 5.000 1.680 64990GHY1 2033 25,345,000 5.000 2.6602 64990GJJ2 2024 9,905,000 5.000 1.740 64990GHZ8 2034 26,615,000 5.000 2.7102 64990GJK9 2025 17,155,000 5.000 1.820 64990GJA1 2035 15,540,000 5.000 2.7702 64990GJL7 2026 18,015,000 5.000 1.910 64990GJB9 2036 16,320,000 5.000 2.8402 64990GJM5 2027 18,915,000 5.000 2.020 64990GJC7 2037 17,140,000 5.000 2.9002 64990GJN3 2028 19,860,000 5.000 2.130 64990GJD5 2038 17,985,000 5.000 2.9602 64990GJP8 2029 20,855,000 5.000 2.250 64990GJE3 2039 18,890,000 5.000 3.0102 64990GJQ6 2030 21,895,000 5.000 2.3602 64990GJF0 $62,530,000 5.000% Term Bond Due July 1, 2042, Yield 3.110%2 CUSIP Number1 64990GJR4 $75,225,000 4.000% Term Bond Due July 1, 2045, Yield 3.540%2 CUSIP Number1 64990GJS2 $127,180,000 5.000% Term Bond Due July 1, 2049, Yield 3.240%2 CUSIP Number1 64990GJT0 $176,125,000 SUBSERIES 2019B-1 (TAXABLE) Interest Payment Dates: Each January 1 and July 1, commencing July 1, 2019 $25,185,000 Serial Bonds Due Interest CUSIP Due Interest CUSIP July 1 Amount Rate Price Number1 July 1 Amount Rate Price Number1 2021 $6,040,000 2.756% 100% 64990GJU7 2023 $6,380,000 2.893% 100% 64990GJW3 2022 6,205,000 2.839 100 64990GJV5 2024 6,560,000 2.993 100 64990GJX1 $150,940,000 4.294% Term Bond Due July 1, 2044, Price 100% CUSIP Number1 64990GJY9 $83,170,000 SUBSERIES 2019B-2 (TAXABLE) (GREEN BONDS) Interest Payment Dates: Each January 1 and July 1, commencing July 1, 2019 $83,170,000 4.014% Term Bond Due July 1, 2049, Price 100% CUSIP Number1 64990GJZ6 1 CUSIP is a registered trademark of the American Bankers Association (“ABA”). CUSIP data herein are provided by CUSIP Global Services, which is managed on behalf of the ABA by S&P Global Market Intelligence, a division of S&P Global 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 2019 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 2019 Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of the Series 2019 Bonds. 2 Priced at stated yield to the July 1, 2029 optional redemption date at a redemption price of 100%. No dealer, broker, salesperson or other person has been authorized by DASNY, the University or the Underwriters to give any information or to make any representations with respect to the Series 2019 Bonds, other than the information and representations contained in this Official Statement. If given or made, any such information or representations must not be relied upon as having been authorized by DASNY, the University or the Underwriters. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor will there be a sale of the Series 2019 Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation, or sale.
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