Summary: New York State Dormitory Authority; School State Program

S&P Global Ratings assigned its 'A+' long-term rating and stable outlook to New York State Dormitory Authority's (DASNY) series 2017A and 2017E school districts revenue bond financing program revenue bonds and affirmed its 'A+' long-term rating and underlying rating (SPUR), with a stable outlook, on the authority's previously issued bonds for Utica City School District. A faith-and-credit general obligation (GO) pledge of the participant school districts secures all bonds. No district is responsible for another district's payments. Section 99-b of state finance law, which authorizes the withholding of state aid by the state comptroller to pay debt service for a school district, applies to all bonds issued by the participating districts to DASNY under the DASNY program. State aid to

...S&P Global Ratings assigned its 'A+' long-term rating and stable outlook to New York State Dormitory Authority's (DASNY) series 2017A and 2017E school districts revenue bond financing program revenue bonds and affirmed its 'A+' long-term rating and underlying rating (SPUR), with a stable outlook, on the authority's previously issued bonds for Utica City School District. A faith-and-credit general obligation (GO) pledge of the participant school districts secures all bonds. No district is responsible for another district's payments. Section 99-b of state finance law, which authorizes the withholding of state aid by the state comptroller to pay debt service for a school district, applies to all bonds issued by the participating districts to DASNY under the DASNY program. State aid to each district is determined based on a statutory formula, which could be amended or changed; however, New York State has a long history of making such appropriations. We understand district officials plan to...

Summary