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56 NYS School Districts raise $585,230,000.00 through DASNY bond financing.

On June 7, 2018, and July 2, 2018, MAROUS LAW closed on a two-parts public finance transaction (Series 2018A-E) for the total amount of $585,230,000.00. The Firm served as co-bond counsel to the Dormitory Authority of the State of New York (“DASNY”) in connection with DASNY’s issuance of its municipal bonds under its School Districts Revenue Bond Financing Program. The program allows school districts throughout New York State to use DASNY as conduit borrower in order to raised needed funds. For many of those school districts, this program presents the best opportunity to secure capital affordably. In this latest round of the well-established program, the bonds were issued and used to finance the costs of the school districts’ facilities and equipment.

Among other duties, MAROUS LAW was responsible for drafting and/or reviewing the Bond Series Certificates, Financing Agreements, Arbitrage and Use of Proceeds Certificates of the school districts, the bonds of the school districts delivered to DASNY to evidence their respective obligations, the opinions of bond counsels to the School Districts, the certificates by DASNY, the Trustee, the school districts and others. The Firm also provided the necessary opinions for the transaction.

As a small New York firm, it’s a special privilege for us to see our work have a direct impact on the next generation of New Yorkers. We are grateful for that opportunity.

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