NEW ISSUE Fitch: BBB- See “RATING” herein $94,285,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK TOURO COLLEGE AND UNIVERSITY SYSTEM OBLIGATED GROUP REVENUE BONDS ® $55,960,000 $38,325,000 Series 2014A Series 2014B (Federally Taxable) 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 2014A (the “Series 2014A Bonds”) and the Touro College and University System Obligated Group Revenue Bonds, Series 2014B (Federally Taxable) (the “Series 2014B Bonds,” together with the Series 2014A Bonds, the “Series 2014 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”) and New York Medical College (“NYMC,” together with the College, the “Institutions”) under separate Loan Agreements (each, a “Loan Agreement” and collectively, the “Loan Agreements”), each dated as of May 14, 2014, between the applicable Institution and DASNY, and/or payments made under the related Series 2014 Obligation (as hereinafter defined), which Series 2014 Obligation secures each Institution’s obligations under the applicable Loan Agreement(s) with respect to the applicable Series 2014 Bonds, and (ii) all funds and accounts (except the Arbitrage Rebate Fund) established in connection with such Series of Series 2014 Bonds. The Series 2014A 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 2014A Bonds, adopted May 14, 2014 (the “Series 2014A Resolution”). The Series 2014B Bonds are being issued under the General Resolution and the Series Resolution authorizing the Series 2014B Bonds, adopted May 14, 2014 (the “Series 2014B Resolution,” and collectively with the General Resolution and the Series 2014A Resolution, the “Resolutions”). Payment of the principal, Sinking Fund Installments and Redemption Price of and interest on the Series 2014A Bonds, when due, is secured by payments to be made pursuant to Obligation No. 1 (the “Series 2014A 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 Institutions 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”). Payment of the principal, Sinking Fund Installments and Redemption Price of and interest on the Series 2014B Bonds, when due, is secured by payments to be made pursuant to Obligation No. 2 (the “Series 2014B Obligation,” collectively with the Series 2014A Obligation, the “Series 2014 Obligations”) issued by the Obligated Group pursuant to the Master Indenture. The Obligated Group’s obligations under the Master Indenture are general, joint and several obligations of the Members of the Obligated Group, secured by a lien on Gross Revenues and the Mortgages, as further described herein. The obligations of each Institution under its Loan Agreement and each Member of the Obligated Group’s obligations under the Series 2014 Obligations are general obligations of such parties. Each Loan Agreement requires the applicable Institution to pay, in addition to the fees and expenses of DASNY and The Bank of New York Mellon, as Trustee (the “Trustee”), amounts sufficient to pay the principal, Sinking Fund Installments and Redemption Price of and interest on such Institution’s Allocable Portion, if any, of the related Series 2014 Bonds, as such payments shall become due, and to make payments due under each Series 2014 Obligation. See “PART 2 - SOURCES OF PAYMENT AND SECURITY FOR THE SERIES 2014 BONDS.” The Series 2014 Bonds will not be a debt of the State of New York (the “State”) and the State will not be liable on the Series 2014 Bonds. DASNY has no taxing power. Description: The Series 2014 Bonds will be issued as fully registered fixed rate bonds in denominations of $5,000 or any integral multiple thereof and will mature on the dates and bear interest at the rates shown on the inside cover pages hereof. Interest on the Series 2014 Bonds will accrue from the date of delivery and will be payable semiannually on each January 1 and July 1, commencing January 1, 2015. The Series 2014 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 2014 Bonds will be made in book-entry form (without certificates). So long as DTC or its nominee is the registered owner of the Series 2014 Bonds, payments of the principal, Sinking Fund Installments and Redemption Price of and interest on such Series 2014 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 2014 BONDS - Book-Entry Only System” herein. Redemption and Purchase: The Series 2014 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, bond counsel to DASNY (“Bond Counsel”), under existing statutes and court decisions and assuming continuing compliance with certain tax covenants described herein, (i) interest on the Series 2014A 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 2014A Bonds is not treated as a preference item in calculating the alternative minimum tax imposed on individuals and corporations under the Code; such interest, however, is included in the adjusted current earnings of certain corporations for purposes of calculating the alternative minimum tax imposed on such corporations. Bond Counsel also is of the opinion that interest on the Series 2014B Bonds is included in gross income for Federal income tax purposes pursuant to the Code. In addition, Bond Counsel is of the opinion that under existing statutes, interest on the Series 2014 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 12 - TAX MATTERS” herein regarding certain other tax considerations. The Series 2014 Bonds are offered when, as, and if issued and received by the Underwriters. The offer of the Series 2014 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 Hawkins Delafield & Wood LLP, New York, New York, Bond Counsel to DASNY, and to certain other conditions. Certain legal matters will be passed upon for Members of the Obligated Group by the College’s General Counsel, by NYMC’s General Counsel, by Nevada special counsel, Ballard Spahr LLP, Las Vegas, Nevada, by California special counsel, Roscha & Odne LLP, Concord, California, and by special counsel, Orrick, Herrington & Sutcliffe LLP, New York, New York. Certain legal matters will be passed upon for the Underwriters by their counsel, Bryan Cave LLP, Kansas City, Missouri. DASNY expects to deliver the Series 2014 Bonds in definitive form in New York, New York, on or about June 26, 2014. Ramirez & Co., Inc. June 11, 2014 $55,960,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK TOURO COLLEGE AND UNIVERSITY SYSTEM OBLIGATED GROUP REVENUE BONDS, SERIES 2014A Serial Bonds Due Interest CUSIP Due Interest CUSIP January 1 Amount Rate Yield Number+ January 1 Amount Rate Yield Number+ 2018 $400,000 3.000% 1.930% 649907K92 2025 $470,000 4.000% 3.830%† 649907L83 2019 405,000 3.000 2.380 649907L26 2026 485,000 4.000 3.930† 649907L91 2020 415,000 3.000 2.750 649907L34 2027 495,000 4.000 4.030 649907M25 2021 425,000 4.000 3.110 649907L42 2028 510,000 4.000 4.100 649907M33 2022 435,000 4.000 3.420 649907L59 2029 525,000 4.125 4.210 649907M41 2023 445,000 4.000 3.600 649907L67 2030 2,330,000 4.125 4.290 649907M58 2024 460,000 4.000 3.720 649907L75 Term Bonds $10,600,000 5.250% Term Bonds Due January 1, 2034; Yield: 4.300%†; CUSIP Number+: 649907M66 $16,915,000 5.500% Term Bonds Due January 1, 2039; Yield: 4.500%†; CUSIP Number+: 649907M74 $20,645,000 5.500% Term Bonds Due January 1, 2044; Yield: 4.560%†; CUSIP Number+: 649907M82 $38,325,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK TOURO COLLEGE AND UNIVERSITY SYSTEM OBLIGATED GROUP REVENUE BONDS, SERIES 2014B (FEDERALLY TAXABLE) Serial Bonds Due Interest CUSIP Due Interest CUSIP January 1 Amount Rate Yield Number+ January 1 Amount Rate Yield Number+ 2015 $1,950,000 1.100% 1.100% 649907M90 2020 $2,230,000 3.650% 3.650% 649907N65 2016 2,000,000 1.700 1.700 649907N24 2021 2,320,000 4.200 4.200 649907N73 2017 2,040,000 2.200 2.200 649907N32 2022 2,425,000 4.700 4.700 649907N81 2018 2,095,000 2.700 2.700 649907N40 2023 2,545,000 4.900 4.900 649907N99 2019 2,155,000 3.250 3.250 649907N57 2024 2,675,000 5.000 5.140 649907P22 Term Bonds $15,890,000 5.750% Term Bonds Due January 1, 2029; Yield: 5.890%; CUSIP Number+: 649907P30 + 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 2014 Bonds.