Holley & Pearson-Farrer LLP served as co-bond counsel to the Dormitory Authority of the State of New York (DASNY) on two issuances of tax-exempt general purpose subordinate revenue anticipation notes aggregating $4.4 billion.

The proceeds of the notes were used to temporarily finance fiscal year 2020-2021 budgetary needs of the State of New York in anticipation of the collection of taxes and revenues following the federal government deferral of the federal income tax payment deadline from April to July 2020 due to the outbreak of COVID-19.

The Series 2020A notes were sold on a negotiated basis to an underwriting syndicate, and the Series 2020B notes were sold via a public offering. The notes were secured by a subordinate lien on a pledge of payments made pursuant to a financing agreement between DASNY and the State of New York, backed by a dedication of 50% of New York State personal income taxes and proceeds from the New York employer compensation expense program.

H|PF Role
  • Revenue anticipation notes issued to bridge New York State budgetary gap between receipts and disbursements due to COVID-19 pandemic-related deferral in personal income tax payment deadlines from April to July 2020
$4.4 billion
Dormitory Authority of the State of New York
Closing Date
May/June 2020
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