The Dormitory Authority of the State of New York ("DASNY") is expected to come to market with $114 million1 in Series 2019A Cornell University Revenue Bonds (The Bonds).
The proceeds of the $114 million1 Cornell University Revenue Bonds will be used to i) refund a portion of the outstanding principal amount of DASNY's Series 2009A Cornell University Revenue Bonds, ii) refund a portion of the outstanding principal amount of DASNY's 1998 Tax-Exempt Commercial Paper Notes, and iii) pay certain Costs of Issuance of the Series 2019A Bonds. See the Preliminary Official Statement for further details.
The Bonds are special limited obligations of DASNY, payable solely from, and secured by a Loan Agreement pledge between Cornell University and DASNY, and all funds and accounts established under DASNY's Cornell University Revenue Bond Resolution as described in the Preliminary Official Statement. The Bonds are an unsecured obligation of the University and are not a debt of the State of New York. DASNY also has no taxing power.
The bonds are subject to special and mandatory sinking fund redemption prior to maturity as described in the Preliminary Official Statement. The Bonds are rated "Aa1" by Moody's and "AA" by S&P.2
The bond sale offers attractive benefits to individual investors, including: prices and yields that match those available to institutional investors; the potential for stable income through the call dates; and, for New York residents, federal and state tax exemption on the bond coupon payments.
How to place an order
The offering is expected to price the week of April 8, although market conditions and/or the discretion of the issuer may alter the anticipated timeline. Individual investors can place orders online or by calling a Fidelity representative at 800-544-5372. To stay up-to-date on pricing, credit rating changes, and more, please sign up for Fidelity Alerts or visit our New Issue Municipal Bond offerings page.