Dormitory Authority of the State of New York

SUPPLEMENT DATED DECEMBER 2, 2011 TO THE OFFICIAL STATEMENT DATED NOVEMBER 17, 2011 $134,400,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK SCHOOL DISTRICTS REVENUE BOND FINANCING PROGRAM REVENUE BONDS $13,495,000 $12,300,000 $32,685,000 $75,920,000 SERIES 2011E SERIES 2011F SERIES 2011G SERIES 2011H This Supplement, dated December 2, 2011 (the “Supplement”), makes certain modifications to the Official Statement, dated November 17, 2011 (the “Official Statement”), relating to the above referenced Bonds (the “Series 2011E Bonds,” the “Series 2011F Bonds,” the “Series 2011G Bonds,” the “Series 2011H Bonds,” and collectively, the “Series 2011 Bonds”). This Supplement constitutes an integral part of the Official Statement and must be delivered to investors as part of the Official Statement relating to the Series 2011 Bonds. The scheduled payment of certain maturities of the Series 2011 Bonds as set forth on the inside cover page of the Official Statement (collectively, the “Insured Bonds”) when due will be guaranteed under a municipal bond insurance policy to be issued concurrently with the delivery of the Insured Bonds by Assured Guaranty Municipal Corp. (“AGM”). On November 30, 2011, Standard & Poor’s Rating Services downgraded the financial strength rating of AGM from “AA+” (CreditWatch negative) to “AA-” (stable outlook). Accordingly, the Official Statement is hereby amended as follows: The second and third paragraphs under the caption “PART 2 – SOURCES OF PAYMENT AND SECURITY FOR THE SERIES 2011 BONDS – Bond Insurance – Assured Guaranty Municipal Corp.” beginning on page 8 are hereby deleted in their entirety and replaced with the following: AGM’s financial strength is rated “AA-” (stable outlook) by Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. (“S&P”) and “Aa3” (negative outlook) by Moody’s Investors Service, Inc. (“Moody’s”). An explanation of the significance of the above ratings may be obtained from the applicable rating agency. The above ratings are not recommendations to buy, sell or hold any security, and such ratings are subject to revision or withdrawal at any time by the rating agencies, including withdrawal initiated at the request of AGM in its sole discretion. In addition, the rating agencies may at any time change AGM’s long-term rating outlooks or place such ratings on a watch list for possible downgrade in the near term. Any downward revision or withdrawal of any of the above ratings, the assignment of a negative outlook to such ratings or the placement of such ratings on a negative watch list may have an adverse effect on the market price of any security guaranteed by AGM. AGM only guarantees scheduled principal and scheduled interest payments payable by the issuer of bonds insured by AGM on the date(s) when such amounts were initially scheduled to become due and payable (subject to and in accordance with the terms of the relevant insurance policy), and does not guarantee the market price or liquidity of the securities it insures, nor does it guarantee that the ratings on such securities will not be revised or withdrawn. Current Financial Strength Ratings On November 30, 2011, S&P published a Research Update in which it downgraded AGM’s financial strength rating from “AA+” to “AA-”. At the same time, S&P removed the financial strength rating from CreditWatch negative and changed the outlook to stable. AGM can give no assurance as to any further ratings action that S&P may take. Reference is made to the Research Update, a copy of which is available at www.standardandpoors.com, for the complete text of S&P’s comments. The first paragraph under the caption “PART 16 – RATINGS” on page 37 is hereby deleted in its entirety and replaced with the following: Moody’s Investors Service Inc. (“Moody’s”) and Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. (“Standard & Poor’s”) are each expected to assign a rating of “Aa3” and “AA-”, respectively, to the Insured Bonds, based on the understanding that the municipal insurance policy of AGM insuring the scheduled repayment of principal and interest due with respect to the Insured Bonds will be issued by AGM upon the issuance of the Insured Bonds. Standard & Poor’s and Fitch Ratings (“Fitch”) have each assigned underlying ratings of “A+” to the Series 2011 Bonds. Moody’s has assigned underlying ratings of “Aa2”, “A3” and “A1” to the Series 2011F Bonds, the Series 2011G Bonds and the Series 2011H Bonds, respectively. DORMITORY AUTHORITY OF THE STATE OF NEW YORK By: /s/ Paul T. Williams, Jr. Authorized Officer NEW ISSUE (See “Ratings” herein) $134,400,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK SCHOOL DISTRICTS REVENUE BOND FINANCING PROGRAM REVENUE BONDS $13,495,000 $12,300,000 $32,685,000 $75,920,000 SERIES 2011E SERIES 2011F SERIES 2011G SERIES 2011H Dated: Date of Delivery Due: As shown on the inside cover Payment and Security: The School Districts Revenue Bond Financing Program Revenue Bonds, Series 2011E (the “Series 2011E Bonds”), the School Districts Revenue Bond Financing Program Revenue Bonds, Series 2011F (the “Series 2011F Bonds”), the School Districts Revenue Bond Financing Program Revenue Bonds, Series 2011G (the “Series 2011G Bonds”), and the School Districts Revenue Bond Financing Program Revenue Bonds, Series 2011H (the “Series 2011H Bonds” and, together with the Series 2011E Bonds, the Series 2011F Bonds and the Series 2011G Bonds, the “Series 2011 Bonds”), will be special obligations of the Dormitory Authority of the State of New York (the “Authority”), payable solely from and secured by a pledge of payments to be made by certain School Districts (collectively, the “School Districts”) in the State of New York (the “State”) pursuant to the Financing Agreements (collectively the “Agreements”), dated as of October 1, 2011, between the Authority and such School Districts, and all funds and accounts (except the Arbitrage Rebate Fund) authorized under the Authority’s Master School Districts Revenue Bond Financing Program Revenue Bond Resolution adopted May 29, 2002, as amended and supplemented (the “Master Resolution”), and established by the Authority’s Series Resolutions, adopted September 21, 2011, authorizing such Series (individually, the “Series 2011E Resolution,” the “Series 2011F Resolution,” the “Series 2011G Resolution” and the “Series 2011H Resolution,” and, together, the “Series 2011 Resolutions”). The Master Resolution and the Series 2011 Resolutions are herein collectively referred to as the “Resolutions.” None of the funds and accounts established under a Series Resolution to secure a Series of Bonds shall secure any other Series of Bonds. There is no debt service reserve fund securing the Series 2011 Bonds and no real property of any School District secures the Series 2011 Bonds. Each School District is required under its Agreement to deliver its general obligation bonds (the “School District Bonds”) to the Authority to evidence its obligation to repay the loan (the “Loan”) to be made by the Authority to the School District from proceeds of the Series of the Series 2011 Bonds relating to such Agreement. The principal and redemption price of and interest on the School District Bonds (“Loan Repayments”) are scheduled to be sufficient to repay, when due, the principal and redemption price of and interest on the Loan. Each School District is also required under its Agreement to pay such amounts as are required to be paid under the Agreement, including the fees and expenses of the Authority and the Trustee. To secure its payment of all amounts due under its Agreement, each School District under its Agreement has assigned and pledged to the Authority a sufficient portion of public funds apportioned or otherwise made payable by the State to such School District (the “Pledged Revenues”). Each School District has directed and acknowledged that the Pledged Revenues are to be paid directly to the Trustee pursuant to an assignment by the Authority as provided in the Act (as defined herein) and the Memorandum of Understanding among the Authority, the Comptroller of the State and the Commissioner of Education of the State upon the occurrence of certain events of default under its Agreement. Each Series of the Series 2011 Bonds will be separately secured by the pledge and assignment to the Trustee of the payments to be made by each School District to the Authority under its Agreement and on the School District Bonds and the Authority’s interest in the Pledged Revenues pledged and assigned to the Authority under the Agreements. Each School District will pledge its full faith and credit to the payment of the principal of and interest on the School District Bonds it delivers to the Authority and has the power and is required under State statutes to levy and collect ad valorem taxes on all taxable property within the School District for such payment. No School District is obligated to make payments on behalf of any other School District nor are the Pledged Revenues of any School District pledged to secure the obligation of any other School District. A default by any School District could cause a default on the applicable Series of the Series 2011 Bonds. See “PART 2 – SOURCES OF PAYMENT AND SECURITY FOR THE SERIES 2011 BONDS.” The Series 2011 Bonds will not be a debt of the State nor will the State be liable thereon. The Authority has no taxing power. Bond Insurance: The scheduled payment of principal of and interest on certain maturities of Series 2011 Bonds as set forth on the inside cover page of this Official Statement (collectively, the “Insured Bonds”) when due will be guaranteed under a municipal bond insurance policy to be issued concurrently with the delivery of the Insured Bonds by Assured Guaranty Municipal Corp.

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