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Cuomo: Record $585M in low-cost financing for school districts across New York

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Wed, Sep 12th 2018 05:55 pm
Lew-Port to receive $20,725,000
Bond proceeds support facility upgrades to help students achieve success
Gov. Andrew M. Cuomo on Wednesday announced approximately $585.2 million in low-cost, tax-exempt bonds has been issued through the Dormitory Authority of the State of New York on behalf of 56 school districts. This financing is the largest pooled school district issuance in DASNY history.
"New York is committed to providing students of all ages with an education that will help them reach their greatest potential," Cuomo said. "By modernizing academic facilities and learning environments across the state, we are supporting the next generation of leaders and laying the foundation for a stronger, more competitive Empire State."
"Our schools require the resources and services they need to provide students with a quality education in a productive learning environment," said Lt. Gov. Kathy Hochul. "The nearly $600 million in bonds for school districts across the state will allow districts to upgrade their facilities and address inefficiencies in the classroom. New York is aggressively working to ensure that all students have equal opportunities and are poised for future success."
The issuance is part of DASNY's School Districts Revenue Bond Financing Program, which provides public school districts across New York with an efficient financing alternative. Since the inception of the program in 2002, DASNY has issued 90 separate series of bonds on behalf of more than 200 school districts statewide, providing more than $5 billion in low-interest financing.
DASNY President and CEO Gerrard P. Bushell, Ph.D., said, "DASNY is proud to provide low-cost financing support to these local school districts and help keep New York's economy moving forward. The projects funded by these issuances will ensure students can continue to learn and grow in modern facilities designed for them to achieve success."
New York State Sen. Carl Marcellino, chairman of the Senate Education Committee, said, "Investing in our students is paramount to their success. These financings will go a long way to helping enhance New York's education system and will allow districts to make needed improvements. Thank you DASNY and Gov. Cuomo for supporting students across the state."
Clarence Central School District Superintendent Geoffrey M. Hicks, Ed.D., said, "From security to athletic field upgrades, we are thrilled to be able to provide safe and enjoyable environments for our students to learn and play. We thank DASNY for its financing assistance role in making this possible, helping Clarence Central Schools exemplify the best of Western New York."

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