Institutional Federal Compliance Report 2021

Business-Type Activities— Collateralized Borrowings The outstanding obligations under these bonds are reported as a collateralized borrowing, since these bonds are not payable from any money of SUNY or the State and neither SUNY nor the State has any obligation to make any payments with respect to the debt service on the bonds. The pledged revenues rec- ognized during SUNY’s fiscal year ended June 30, 2017 amounted to $554.3 million. There were prin- cipal payments of $29.6 million and interest payments of $47.7 million during the fiscal year ending June 30, 2017. At June 30, 2017, total principal and interest outstanding on the bonds were $955.8 million and $487 million, respectively. Annual principal and inter- est payments will continue through July 1, 2047 (amounts in millions): ______________________________________________________________________________________________ STATE OF NEW YORK • 93 In March 2013, the State enacted legislation that authorized SUNY to assign all its rights, title and inter- est in revenues of certain dormitory facilities to DASNY, and authorized DASNY to issue SUNY Dor- mitory Facilities Revenue Bonds payable from and secured by the dormitory facility revenues assigned to it by SUNY. The legislation also created a special fund to be held by the State’s Commissioner of Tax- ation and Finance on behalf of DASNY. All dormitory facility revenues collected by SUNY are required to be deposited in this special fund.

Fiscal Year

Principal

Interest

Total

2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2023-2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2028-2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2033-2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2038-2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2043-2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

38 $

46 $

84 88 90 92 90

44 48 53 53

44 42 39 37

263 243 121 57 36

145 80 35 16

408 323 156 73 39

3

956 $

487 $

1,443

During April 2017, bonds with a par amount of $344.7 million at a premium of $64 million were issued for financing capital construction as well as to refinance $211.7 million of SUNY’s existing residential facility obligations. The result will produce an estimated

savings of $19.7 million in future cash flow, with an estimated present value gain of $19.4 million. These bonds are special obligations of DASNY payable solely from the dormitory facilities revenues collected by SUNY as agent for DASNY.