(1:45 PM) Bemus Point, Westfield To Receive Bonds For Facility Upgrades

Gov. Andrew Cuomo announced Wednesday that approximately $585.2 million in low-cost, tax-exempt bonds has been issued through the Dormitory Authority of the State of New York on behalf of 56 school districts. This financing is the largest pooled school district issuance in DASNY history.

In Chautauqua County, three schools — Bemus Point, Westfield and Dunkirk — will receive the bonds. Specific projects that will be covered by the bonds weren’t immediately announced.

“New York is committed to providing students of all ages with an education that will help them reach their greatest potential,” Cuomo said. “By modernizing academic facilities and learning environments across the state, we are supporting the next generation of leaders and laying the foundation for a stronger, more competitive Empire State.”

Bemus Point will receive $12.9 million in low-cost financing; Westfield will receive $2.48 million; and Dunkirk will receive $9.8 million.

“Our schools require the resources and services they need to provide students with a quality education in a productive learning environment,” said Lieutenant Governor Kathy Hochul. “The nearly $600 million in bonds for school districts across the state will allow districts to upgrade their facilities and address inefficiencies in the classroom. New York is aggressively working to ensure that all students have equal opportunities and are poised for future success.”

The issuance is part of DASNY’s School Districts Revenue Bond Financing Program, which provides public school districts across New York State with an efficient financing alternative. Since the inception of the program in 2002, DASNY has issued 90 separate series of bonds on behalf of more than 200 school districts statewide, providing more than $5 billion in low-interest financing.