NEW ISSUE (See “Ratings” herein) $216,665,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK SCHOOL DISTRICTS REVENUE BOND FINANCING PROGRAM REVENUE BONDS $190,555,000 $14,880,000 $7,615,000 $3,615,000 SERIES 2016A SERIES 2016B SERIES 2016C SERIES 2016D Dated: Date of Delivery Due: As shown on the inside cover Payment and Security: The School Districts Revenue Bond Financing Program Revenue Bonds, Series 2016A (the “Series 2016A Bonds”), the School Districts Revenue Bond Financing Program Revenue Bonds, Series 2016B (the “Series 2016B Bonds”), the School Districts Revenue Bond Financing Program Revenue Bonds, Series 2016C (the “Series 2016C Bonds”), and the School Districts Revenue Bond Financing Program Revenue Bonds, Series 2016D (the “Series 2016D Bonds” and, together with the Series 2016A Bonds, the Series 2016B Bonds and the Series 2016C Bonds, the “Series 2016 Bonds”), will be special obligations of the Dormitory Authority of the State of New York (“DASNY”), payable solely from and secured by a pledge of payments to be made by the applicable School Districts described in Appendix B hereto (collectively, the “School Districts”) in the State of New York (the “State”) pursuant to the applicable Financing Agreements (collectively the “Agreements”), dated as of April 1, 2016, between DASNY and such School Districts, and all funds and accounts (except the Arbitrage Rebate Fund) authorized under DASNY’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 DASNY’s Series Resolutions, adopted April 15, 2015 authorizing such Series (individually, the “Series 2016A Resolution,” the “Series 2016B Resolution,” the “Series 2016C Resolution” and the “Series 2016D Resolution” and, together, the “Series 2016 Resolutions”). The Master Resolution and the Series 2016 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 2016 Bonds and no real property of any School District secures the Series 2016 Bonds. Each School District is required under its respective Agreement to deliver its general obligation bonds (the “School District Bonds”) to DASNY to evidence its obligation to repay the loan (the “Loan”) to be made by DASNY to the School District from proceeds of the Series 2016 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 respective Agreement to pay such amounts as are required to be paid under such Agreement, including the fees and expenses of DASNY 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 DASNY 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 DASNY as provided in the Act (as defined herein) and the Memorandum of Understanding among DASNY, the Comptroller of the State and the Commissioner of Education of the State upon the occurrence of certain events of default under its respective Agreement. Each Series of the Series 2016 Bonds will be separately secured by the pledge and assignment to the Trustee of the payments to be made by each School District to DASNY under its respective Agreement and on the School District Bonds and DASNY’s interest in the Pledged Revenues pledged and assigned to DASNY 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 DASNY 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 2016 Bonds. See “PART 2 – SOURCES OF PAYMENT AND SECURITY FOR THE SERIES 2016 BONDS.” The Series 2016 Bonds will not be a debt of the State nor will the State be liable thereon. DASNY has no taxing power. Bond Insurance: The scheduled payment of principal of and interest on certain maturities of the Series 2016 Bonds as set forth on the inside cover page of this Official Statement (collectively, the “Insured Bonds”) when due will be guaranteed under the municipal bond insurance policies (collectively, the “Policy”) to be issued concurrently with the delivery of the Insured Bonds by Build America Mutual Assurance Company (“BAM” or the “Insurer”). Description: The Series 2016 Bonds will be issued as fully registered bonds in denominations of $5,000 or any integral multiple thereof. Interest (due each April 1 and October 1, commencing October 1, 2016) on the Series 2016 Bonds will be payable by check or draft mailed to the registered owners of the Series 2016 Bonds at their addresses as shown on the registration books held by the Trustee or, at the option of a registered owner of at least $1,000,000 in principal amount of the Series 2016 Bonds, by wire transfer to the wire transfer address within the continental United States to which the registered owner has instructed the Trustee to make such payment at least five (5) days prior to the fifteenth (15th) day of the month next preceding an interest payment date. The principal and Redemption Price of the Series 2016 Bonds will be payable at the principal corporate trust office of U.S. Bank National Association, New York, New York, the Trustee and Paying Agent or, with respect to Redemption Price, at the option of a registered owner of at least $1,000,000 in principal amount of the Series 2016 Bonds, by wire transfer to the owner of such Series of Series 2016 Bonds as more fully described herein. The Series 2016 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 2016 Bonds will be made in Book-Entry form without certificates. So long as DTC or its nominee is the registered owner of the Series 2016 Bonds, payments of the principal of and interest on such Series of Series 2016 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 2016 BONDS – Book-Entry Only System” herein. Redemption: The Series 2016 Bonds are subject to redemption prior to maturity as more fully described herein. Tax Exemption: In the opinion of Orrick, Herrington & Sutcliffe LLP and Bryant Rabbino LLP, Co- Bond Counsel, based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Series 2016 Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 (the “Code”). In the further opinion of Co-Bond Counsel, interest on the Series 2016 Bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes, although Co-Bond Counsel observe that such interest is included in adjusted current earnings when calculating corporate alternative minimum taxable income. Co-Bond Counsel are also of the opinion that interest on the Series 2016 Bonds is exempt from personal income taxes imposed by the State of New York and any political subdivision thereof (including The City of New York). Co-Bond Counsel express no opinion regarding any other tax consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the Series 2016 Bonds. See “PART 10 – TAX MATTERS” herein. The Series 2016 Bonds are offered when, as and if issued and received by the Underwriters. The offer of the Series 2016 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 by Orrick, Herrington & Sutcliffe LLP, New York, New York, and Bryant Rabbino LLP, 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, Winston & Strawn LLP, New York, New York, and the Law Offices of Joseph C. Reid, P.A., New York, New York, and for each School District by its respective bond counsel as listed in Appendix B hereto. DASNY expects to deliver the Series 2016 Bonds in New York, New York, on or about May 27, 2016. RBC Capital Markets Roosevelt & Cross Incorporated Fidelity Capital Markets Jefferies Loop Capital Markets Piper Jaffray & Co. Ramirez & Co., Inc. Raymond James May 4, 2016 $216,665,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK SCHOOL DISTRICTS REVENUE BOND FINANCING PROGRAM REVENUE BONDS $190,555,000 SERIES 2016A Due Interest Due Interest Oct.