OLEAN, NY – The Dormitory Authority of the State of New York has issued approximately $482.4 million in low-cost, tax-exempt bonds on behalf of 54 school districts across the state, including Olean, as school districts prepare to welcome students back to school.
The bonds include $9,820,000 for the Olean City School District.
The funding is part of DASNY's School Districts Revenue Bond Financing Program, which provides public school districts across the state with an efficient financing alternative. Projects benefitting from the issuance include but are not limited to: fire, security, and air quality systems upgrades; interior and exterior renovations at numerous facilities including several classroom additions; athletic field improvements; and technology updates to promote innovation and collaboration.
"The classrooms, technology and recreational facilities our students use every day are integral to their educational experience,” Gov. Andrew M. Cuomo said. "By modernizing critical educational infrastructure and hardware, we are building strong foundations for the next generation of leaders to learn and innovate and set them on the path to success."
Since the inception of the program in 2002, DASNY has issued 100 separate series of bonds on behalf of more than 200 school districts statewide in an aggregate par amount of more than $6.1 billion.
"We are committed to investing in our schools to ensure high-quality learning environments," Lt. Gov. Kathy Hochul said. "This funding for capital projects for schools statewide will support improvements and help students thrive in the classroom. We want to make sure that all students in districts across the state have access to the programs and resources they need to succeed now and in the future."
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