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NEW ISSUE – BOOK-ENTRY ONLYMoody’s: Aa1Standard & Poor’s: AA(See “Ratings” herein) 77,840,000DORMITORY AUTHORITY OF THE STATE OF NEW YORKCORNELL UNIVERSITYREVENUE BONDS, SERIES 2020A-2 Dated: Date of DeliveryDue: July 1, as shown on the inside front coverPayment and Security: The Cornell University Revenue Bonds, Series 2020A-2 (the “Series 2020A-2 Bonds”) are speciallimited obligations of the Dormitory Authority of the State of New York (“DASNY”), payable solely from, and secured by a pledge of(i) certain payments to be made under the Loan Agreement dated as of January 26, 2000, as amended and supplemented, includingas supplemented by a Supplemental Loan Agreement dated as of May 12, 2020 (collectively, the “Loan Agreement”) between CornellUniversity (the “University”) and DASNY, and (ii) all funds and accounts (except the Arbitrage Rebate Fund and any fund establishedfor the payment of the Purchase Price of Option Bonds tendered for purchase) established under DASNY’s Cornell UniversityRevenue Bond Resolution, adopted January 26, 2000, as amended and supplemented (the “Resolution”), and the Series 2020A-2Resolution Authorizing Cornell University Revenue Bonds, Series 2020A-2 adopted March 4, 2020 (the “Series 2020A-2 Resolution”).The Loan Agreement is a general, unsecured obligation of the University and requires the University to pay, in addition to theGFFR BNE FWPFNRFR OG 30?;A BNE SIF @QTRSFF% BMOTNSR RTG[DJFNS SO PBX% VIFN ETF% SIF PQJNDJPBL% ?JNKJNH 5TNE 7NRSBLLMFNSR% JG BNX%Purchase Price and Redemption Price of and interest on all Bonds issued under the Resolution, including the Series 2020A-2 Bonds.The Series 2020A-2 Bonds are not a debt of the State of New York (the “State”) nor is the State liable thereon. DASNY has notaxing power.Description: The Series 2020A-2 Bonds will be issued as fully registered bonds in denominations of 5,000 or any integralMTLSJPLF SIFQFOG' 7NSFQFRS #ETF 8TLX )% *(*( BNE FBDI 8BNTBQX ) BNE 8TLX ) SIFQFBGSFQ VJLL CF PBXBCLF CX DIFDK OQ EQBGS MBJLFE SOthe registered owners of the Series 2020A-2 Bonds at their addresses as shown on the registration books held by the Trustee or,at the option of a holder of at least 1,000,000 in principal amount of Series 2020A-2 Bonds, by wire transfer to the holder of such?FQJFR *(*(0&* 1ONER% FBDI BR OG SIF DLORF OG CTRJNFRR ON SIF [GSFFNSI EBX OG SIF MONSI NFWS PQFDFEJNH BN JNSFQFRS PBXMFNS EBSF'The principal, Purchase Price or Redemption Price of the Series 2020A-2 Bonds will be payable at the principal corporate trustOG[DF OG @IF 1BNK OG ;FV AOQK :FLLON% ;FV AOQK% ;FV AOQK% SIF @QTRSFF BNE BXJNH 0HFNS OQ% VJSI QFRPFDS SO TQDIBRF QJDF OQRedemption Price, at the option of a holder of at least 1,000,000 in principal amount of Series 2020A-2 Bonds, by wire transfer tothe holders of such Series 2020A-2 Bonds as more fully described herein.The Series 2020A-2 Bonds will be issued initially under a Book-Entry Only System, registered in the name of Cede & Co., asNOMJNFF GOQ @IF 3FPORJSOQX @QTRS 2OMPBNX #Y3@2Z ' 7NEJUJETBL PTQDIBRFR OG CFNF[DJBL JNSFQFRSR JN SIF ?FQJFR *(*(0&* 1ONER VJLLCF MBEF JN COOK&FNSQX GOQM #VJSIOTS DFQSJ[DBSFR ' ?O LONH BR 3@2 OQ JSR NOMJNFF JR SIF QFHJRSFQFE OVNFQ OG SIF ?FQJFR *(*(0&*Bonds, payments of the principal, Purchase Price and Redemption Price of and interest on the Series 2020A-2 Bonds will be madedirectly to DTC or its nominee. Disbursement of such payments to DTC participants is the responsibility of DTC and disbursementSO CFNF[DJBL OVNFQR JR SIF QFRPONRJCJLJSX OG 3@2 PBQSJDJPBNSR' ?FF Y 0 @ & @64 ?4 74? *(*(0&* 1 ;3? & 1OOK&4NSQX NLXSystem” herein.Redemption or Purchase: The Series 2020A-2 Bonds are subject to redemption and purchase in lieu of optional redemptionprior to maturity as more fully described herein.Tax Exemption/ 7N SIF OPJNJON OG QQJDK% 6FQQJNHSON " ?TSDLJGGF 99 % 1ONE 2OTNRFL% CBRFE TPON BN BNBLXRJR OG FWJRSJNHlaws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations andcompliance with certain covenants, interest on the Series 2020A-2 Bonds is excluded from gross income for federal income taxPTQPORFR TNEFQ ?FDSJON )( OG SIF 7NSFQNBL FUFNTF 2OEF OG ).-, #SIF Y2OEFZ ' 7N SIF GTQSIFQ OPJNJON OG 1ONE 2OTNRFL% JNSFQFRSON SIF ?FQJFR *(*(0&* 1ONER JR NOS B RPFDJ[D PQFGFQFNDF JSFM GOQ PTQPORFR OG SIF GFEFQBL BLSFQNBSJUF MJNJMTM SBW' 1ONE 2OTNRFLis also of the opinion that interest on the Series 2020A-2 Bonds is exempt from personal income taxes imposed by the State ofNew York and any political subdivision thereof (including the City of New York). Bond Counsel expresses no opinion regardingany other tax consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the Series2020A-2 Bonds. See “PART 10 - TAX MATTERS” herein regarding certain other tax considerations.The Series 2020A-2 Bonds are offered when, as, and if issued and received by the Underwriters. The offer of the Series'%'%(#' ) ;2? :/E 03 ?A0731@ @ 6 ?/93 C6@52 /C; : 26F32 /@ /;E @6:3 C6@5 A@ ; @613 -53 443 6? ?A0731@ @ @53approval of legality by Orrick, Herrington & Sutcliffe LLP, New York, New York, Bond Counsel to DASNY, and to certain otherconditions. Certain legal matters will be passed upon for the University by Ropes & Gray LLP, Boston, Massachusetts. Certainlegal matters will be passed upon for the Underwriters by their counsel, Ballard Spahr LLP, Philadelphia, Pennsylvania. DASNY3D 31@? @ 2396B3 @53 ,3 63? '%'%(#' ) ;2? 6; 23F;6@6B3 4 : 6; 3C . 8" 3C . 8" ; /0 A@ */E &'" '%'% Goldman Sachs & Co. LLCCitigroupUS BancorpDated: May 1, 2020Drexel Hamilton LLCBofA SecuritiesRamirez & Co., Inc.Wells Fargo Securities
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No dealer, broker, salesperson or other person has been authorized by DASNY, the University or the Underwriters to give anyinformation or to make any representations with respect to the Series 2020A-2 Bonds, other than the information andrepresentations contained in this Official Statement. If given or made, any such information or representations must not be reliedupon as having been authorized by DASNY, the University or the Underwriters.This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor may there be a sale of theSeries 2020A-2 Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation orsale.The information set forth herein relating to DASNY under the heading “DASNY” has been obtained from DASNY. All otherinformation herein has been obtained by the Underwriters from the University and other sources deemed to be reliable by theUnderwriters, and is not to be construed as a representation by DASNY or the Underwriters. DASNY does not warrant theaccuracy of the statements contained herein relating to the University, nor does DASNY directly or indirectly guarantee, endorseor warrant (1) the creditworthiness or credit standing of the University, (2) the sufficiency of the security for the Series 2020A-2Bonds or (3) the value or the investment quality of the Series 2020A-2 Bonds.The University has reviewed the parts of this Official Statement describing the University, the Refunding Plan, the EstimatedSources and Uses of Funds and Appendix B. It is a condition to the sale of and the delivery of the Series 2020A-2 Bonds that theUniversity certify to the Underwriters and DASNY that, as of the date of this Official Statement and of delivery of the Series2020A-2 Bonds, such parts do not contain any untrue statements of a material fact and do not omit to state a material factnecessary in order to make the statements made therein, in the light of the circumstances under which the statements are made,not misleading. The University makes no representation as to the accuracy or completeness of any other information included inthis Official Statement.The Underwriters have provided the following sentence for inclusion in this Official Statement. The Underwriters have reviewedthe information in this Official Statement in accordance with, and as part of, their responsibilities to investors under the federalsecurities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracyor completeness of such information.The Trustee has no responsibility for the form and content of this Official Statement and has not independently verified, makes norepresentation regarding and does not accept any responsibility for the accuracy or completeness of this Official Statement orany information or disclosure contained herein or omitted herefrom.References in this Official Statement to the Act, the Resolution, the Series 2020A-2 Resolution and the Loan Agreement do notpurport to be complete. Refer to the Act, the Resolution, the Series 2020A-2 Resolution and the Loan Agreement for full andcomplete details of their provisions. Copies of the Act, the Resolution, the Series 2020A-2 Resolution and the Loan Agreementare on file with DASNY and the Trustee.The order and placement of material in this Official Statement, including its appendices, are not to be deemed a determination ofrelevance, materiality or importance, and all material in this Official Statement, including its appendices, must be considered inits entirety.Under no circumstances will the delivery of this Official Statement or any sale made after its delivery create any implication thatthe affairs of DASNY and the University have remained unchanged after the date of this Official Statement.CH G;ECHA ;H CHP?MNG?HN ? CMCIH CHP?MNILM GOMN L?FS IH NB?CL IQH ?R;GCH;NCIH I@ NB?N?LGM I@ NB? I@@?LCHA CH FO CHA NB? G?LCNM ;H LCMEM CHPIFP? - NB?M? M? OLCNC?M B;P? HIN ?H L? IGG?H ? S ;HS @? ?L;F IL MN;N? M? OLCNC?M IGGCMMCIH IL L?AOF;NILS;ONBILCNS- @OLNB?LGIL? NB? @IL?AICHA ;ONBILCNC?M B;P? HIN IH@CLG? NB? ; OL; S IL ?N?LGCH? NB? ; ?KO; S I@ NBCM I OG?HN- ;HS L?JL?M?HN;NCIH NI NB? IHNL;LS CM ; LCGCH;F I@@?HM?NBCM I@@C C;F MN;N?G?HN IHN;CHM MN;N?G?HNM QBC B NI NB? ?RN?HN NB?S ;L? HIN L? CN;NCIHMI@ BCMNILC ;F @; N IHMNCNON? u@ILQ;L ,FIIECHA MN;N?G?HNM-v CH NBCM L?MJ? N NB? QIL Mu?MNCG;N? v uJLID? N v u;HNC CJ;N? v u?RJ? N v uCHN?H v u ?FC?P?v ;H MCGCF;L ?RJL?MMCIHM ;L?CHN?H ? NI C ?HNC@S @ILQ;L ,FIIECHA MN;N?G?HNM; HOG ?L I@ CGJILN;HN @; NILM;@@? NCHA NB? OHCP?LMCNSwM @CH;H C;F L?MOFNM IOF ;OM? ; NO;F L?MOFNM NI C@@?LG;N?LC;FFS @LIG NBIM? MN;N? CH @ILQ;L ,FIIECHA MN;N?G?HNM-
J78B; E 9EDJ;DJIFQbdFQWUF7HJ , ( CHNLI O NCIH ---------------------------------------0Jligfj\ f] k \ I]] Z Xc MkXk\d\ek -----------------------------0Jligfj\ f] k \ Cjjl\ 0;lk fi qXk fe f] CjjlXeZ\ -----------------------------------------0 -----------------------0N \ Oe m\ij kp --------0M\i \j 1/1/;,1 fe[j d\ek f] k \ M\i \j 1/1/;,1 fe[j ---------------------1M\Zli kp ]fi k \ M\i \j 1/1/;,1 fe[j---------------------1F7HJ - ( MIOL ? I@ J;SG?HN ;H M? OLCNS@IL NB? M?LC?M 1/1/;,1 IH M --------------------------2JXpd\ek f] k \ M\i \j 1/1/;,1 fe[j ---------------------2M\Zli kp ]fi k \ M\i \j 1/1/;,1 fe[j---------------------2Jifgfj\[ ;d\e[d\ekj kf k \ FfXe ; i\\d\ek Xe[L\jfclk fe ---------------3?m\ekj f] \]Xlck Xe[ ;ZZ\c\iXk fe --------------------------3CjjlXeZ\ f] ;[[ k feXc fe[j -----------------------------------4F7HJ . ( NB? M?LC?M 1/1/;,1 IH -----------------------------------------------4 \jZi gk fe f] k \ M\i \j 1/1/;,1 fe[j-----------------5L\[\dgk fe Jifm j fej ---------------------------------------------5 ffb,?ekip Iecp Mpjk\d ------------------------------------------6Ji eZ gXc Xe[ Cek\i\jk L\hl i\d\ekj -----------------------0/F7HJ / ( NB? L?@OH CHA JF;H ------------------------00F7HJ 0 ( ?MNCG;N? MIOL ?M ;H OM?M I@@OH M ---------------------00F7HJ 1 ( NB? ----------------------01Ck XZX ------------01H\n Sfib kp Zi\[ kXk -----------02Afm\ieXeZ\ -----------02;[d e jkiXk fe ------04@ eXeZ Xc GXeX \d\ek \ek Ce]fidXk fe ;ggc ZXk fe ;[d jj fej Xe[ ?eifccd\ek ---------------06Nl k fe Xe[ Ik \i Mkl[\ek Xi \j-------------------------06@ eXeZ Xc ; ----------07@XZlckp ------------------07?dgcfp\\ L\cXk fej Ii Xe q\[ L\j\XiZ MljkX eXY c -----------08;eelXc @ eXeZ Xc Ce]fidXk fe ---------------------------------08Cem\jkd\ekj -----------10FQbdFQWUF hl [ kp --------------- 10A ]kj Xe[ ------- 10 Xg kXc JcXe ---------- 11Ce[\Yk\[e\jj --------- 11J\ej fe ------------- 12CejliXeZ\ -------------- 12@ eXeZ Xc ;[m jfi - 13F k Xk fe -------------- 13 fifeXm ilj ?]]\Zk fe Cem\jkd\ekj Xe[ @ eXeZ Xc fe[ k fe f] k \ Oe m\ij kp ------------------------------------ 13F7HJ 2 ( ;MHS --- 14 XZb ifle[ Jligfj\j Xe[ Jfn\ij------------------------- ----------------------- 15 cX dj Xe[ F k Xk fe --------------------------------------------- 18Ik \i --------------- 2/F7HJ 3 ( F?A;FCNS I@ NB? M?LC?M 1/1/;,1 IH M @IL CHP?MNG?HN ;H ?JIMCN -------- 2/F7HJ 4 ( H?AINC; F? CHMNLOG?HNM------------- 2/F7HJ , ( N;R G;NN?LM ------------------------------------- 2/F7HJ ,, ( MN;N? HIN FC; F? IH NB? M?LC?M1/1/;,1 IH M ----- 21F7HJ ,- ( IP?H;HN S NB? MN;N? -------------- 21F7HJ ,. ( F?A;F G;NN?LM -------------------------------- 21F7HJ ,/ ( OH ?LQLCNCHA---------------------------------- 22F7HJ ,0 ( IHNCHOCHA CM FIMOL? -------------- 23F7HJ ,1 ( ----- 23F7HJ ,2 ( P?LC@C ;NCIH I@ G;NB?G;NC ;F -------------- 23F7HJ ,3 ( GCM ?FF;H?IOM-------------------------------- 23;gg\e[ o ; , \] e k fej ----------------------------------------- ;,0;gg\e[ o , @ eXeZ Xc MkXk\d\ekj f] fie\ccOe m\ij kp 'Q k L\gfik f] Ce[\g\e[\ek ;l[ kfijN \i\fe( ------------------ ,0;gg\e[ o , MlddXip f] \ikX e Jifm j fej f] k \FfXe ; i\\d\ek Xe[ Jifgfj\[ ;d\e[d\ekj ----------- ,0;gg\e[ o , MlddXip f] \ikX e Jifm j fej f] k \L\jfclk fe Xe[ Jifgfj\[ ;d\e[d\ekj -------------------- ,0;gg\e[ o ? , @fid f] ;ggifm e Ig e fe f] fe[ flej\c -------------------?,0;gg\e[ o @ , @fid f] fek el e jZcfjli\; i\\d\ek --------------- @,0
:EHC?JEHO 7KJ EH?JO ( IJ7J; E D;M OEHAH;K8;D H) C9:7D?;B' ? k 79J?D FH;I?:;DJ0,0 8HE7:M7O' 7B87DO' D)O) ,-- 27B EDIE B) 97HD;O' @H)' ;IG) k 9 7?HE ?9?7B IJ7J;C;DJ H;B7J?D JE"22'3/ ' :EHC?JEHO 7KJ EH?JO E J ; IJ7J; E D;M OEHA9EHD;BB KD?L;HI?JOH;L;DK; 8ED:I' I;H?;I - - 7(F7HJ , ( ?DJHE:K9J?EDFeb cU V dXU EVVYSYQ\ IdQdU]U dN \ gligfj\ f] k j I]] Z Xc MkXk\d\ek eZcl[ e k \ Zfm\i gX \ Xe[ Xgg\e[ Z\j j kf gifm [\ e]fidXk feXYflk ;MHS Xe[ k \ Oe m\ij kp e Zfee\Zk fe n k k \ f]]\i e Yp ;MHS f] #66 73/ /// gi eZ gXc Xdflek f] kj fie\cc Oe m\ij kp L\m\el\ fe[j M\i \j 1/1/;,1 'k \ uM\i \j 1/1/;,1 fe[jv(- N \ ]fccfn e j X Yi \][\jZi gk fe f] Z\ikX e e]fidXk fe ZfeZ\ie e k \ M\i \j 1/1/;,1 fe[j ;MHS Xe[ k \ Oe m\ij kp- ; dfi\Zfdgc\k\ [\jZi gk fe f] jlZ e]fidXk fe Xe[ X[[ k feXc e]fidXk fe k Xk dXp X]]\Zk [\Z j fej kf em\jk e k \ M\i \j1/1/;,1 fe[j j ZfekX e\[ k ifl flk k j I]] Z Xc MkXk\d\ek n Z j flc[ Y\ i\X[ e kj \ek i\kp- \ikX eZXg kXc q\[ k\idj lj\[ e k j I]] Z Xc MkXk\d\ek Xi\ [\] e\[ e ;gg\e[ o ; \i\kfFeb cU V dXU ?cceUN \ M\i \j 1/1/;,1 fe[j Xi\ Y\ e jjl\[ kf ' ( i\]le[ k \ flkjkXe[ e gi eZ gXc Xdflek f] ;MHSwj fie\cc Oe m\ij kp L\m\el\ fe[j M\i \j 1//7 Xe[ M\i \j 1//7 Xe[ ' ( gXp Z\ikX e fjkj f] CjjlXeZ\ f] k \M\i \j 1/1/;,1 fe[j- M\\ uJ;LN 3 t NB? L?@OH CHA JF;Hv Xe[ uJ;LN 4 , ?MNCG;N? MIOL ?M;H OM?M I@ @OH M-v7edX bYjQdY V ?cceQ SUN \ M\i \j 1/1/;,1 fe[j n cc Y\ jjl\[ glijlXek kf ;MHSwj fie\cc Oe m\ij kp L\m\el\ fe[L\jfclk fe X[fgk\[ DXelXip 15 1/// Xj Xd\e[\[ Xe[ jlggc\d\ek\[ 'k \ uL\jfclk fev( k \ M\i \j 1/1/;,1L\jfclk fe ;lk fi q e fie\cc Oe m\ij kp L\m\el\ fe[j M\i \j 1/1/;,1 X[fgk\[ GXiZ 3 1/1/ 'k \ uM\i \j1/1/;,1 L\jfclk fev( Xe[ k \ ;Zk- Ce X[[ k fe kf k \ M\i \j 1/1/;,1 fe[j k \ L\jfclk fe Xlk fi q\j k \ jjlXeZ\f] fk \i M\i \j f] fe[j kf gXp fk \i fjkj f] fe\ fi dfi\ Jifa\Zkj kf gXp Z\ikX e fjkj f] CjjlXeZ\ f] jlZ M\i \jf] fe[j Xe[ kf i\]le[ Xcc fi X gfik fe f] IlkjkXe[ e fe[j fi fk \i efk\j fi Yfe[j f] ;MHS jjl\[ ]fi k \Y\e\] k f] k \ Oe m\ij kp- N \ fe[j g\id kk\[ kf Y\ jjl\[ le[\i k \ L\jfclk fe eZcl[\ ] o\[ ek\i\jk iXk\ fe[j Xg kXc ;ggi\Z Xk fe fe[j \]\ii\[ CeZfd\ fe[j Igk fe fe[j Xe[ PXi XYc\ Cek\i\jk LXk\ fe[j- ;cc fe[j jjl\[ le[\i k \ L\jfclk fe iXeb fe X gXi kp n k \XZ fk \i Xe[ Xi\ j\Zli\[ \hlXccp Xe[ iXkXYcp n k \XZ fk \iM\\ J;LN 1 t uMIOL ? I@ J;SG?HN ;H M? OLCNS @IL NB? M?LC?M 1/1/;,1 IH M-v:7IDO ;MHS j X glYc Z Y\e\] k ZfigfiXk fe f] k \ MkXk\ f] H\n Sfib 'k \ uMkXk\v( Zi\Xk\[ ]fi k \ gligfj\ f]] eXeZ e Xe[ ZfejkilZk e X mXi \kp f] glYc Z,gligfj\ ]XZ c k \j ]fi Z\ikX e \[lZXk feXc Xe[ efk,]fi,gif] k ejk klk fej- M\\ uJ;LN 6 t ;MHS-vJXU K YfUbcYdi fie\cc Oe m\ij kp 'u fie\ccv fi k \ uOe m\ij kpv( j X gi mXk\ i\j\XiZ le m\ij kp Z Xik\i\[ Xe[ fg\iXk\[le[\i k \ cXnj f] k \ MkXk\- N \ Oe m\ij kp Zfdgi j\j Zfcc\ \j Xe[ jZ ffcj e Ck XZX H\n Sfib 'gi mXk\cp ]le[\[Zfcc\ \j Xe[ XZX[\d Z le kj Xe[ Zfcc\ \j k Xk i\Z\ m\ [ i\Zk ]le[ e ]ifd k \ MkXk\ f] H\n Sfib( Xe[ H\n Sfib0
kp 'd\[ ZXc iX[lXk\ Xe[ gif]\jj feXc le kj Xj gXik f] Q\ cc fie\cc G\[ Z e\ Xe[ fie\cc N\Z n k kj XZX[\d ZgXike\i k \ N\Z e fe , CjiX\c Cejk klk\ f] N\Z efcf p(- M\\ uJ;LN 5 , NB? OHCP?LMCNSv Xe[ u;gg\e[ o ,@ eXeZ Xc MkXk\d\ekj f] fie\cc Oe m\ij kp 'Q k L\gfik f] Ce[\g\e[\ek ;l[ kfij N \i\fe(-vIUbYUc - - 7(- 8 TcN \ M\i \j 1/1/;,1 fe[j Xi\ [Xk\[ k \ i [Xk\ f] [\c m\ip Xe[ Y\Xi ek\i\jk ]ifd jlZ [Xk\ 'gXpXYc\ Dlcp 0 1/1/ Xe[ fe \XZ DXelXip 0 Xe[ Dlcp 0 k \i\X]k\i( Xk k \ iXk\j Xe[ n cc dXkli\ Xk k \ k d\j j\k ]fik fe k \ ej [\]ifek Zfm\i gX \ f] k j I]] Z Xc MkXk\d\ek- M\\ uJ;LN 2 , NB? M?LC?M 1/1/;,1 IH M , \jZi gk fe f] k \M\i \j 1/1/;,1 fe[j-vFQi]U d V dXU IUbYUc - - 7(- 8 TcN \ M\i \j 1/1/;,1 fe[j Xe[ Xcc fk \i fe[j n Z dXp Y\ jjl\[ le[\i k \ L\jfclk fe Xi\ jg\Z XcfYc Xk fej f] ;MHS gXpXYc\ jfc\cp ]ifd k \ L\m\el\j n Z Zfej jk f] Z\ikX e gXpd\ekj kf Y\ dX[\ Yp k \Oe m\ij kp le[\i X FfXe ; i\\d\ek [Xk\[ Xj f] DXelXip 15 1/// Xj Xd\e[\[ Xe[ jlggc\d\ek\[ eZcl[ e Xjjlggc\d\ek\[ Yp X Mlggc\d\ekXc FfXe ; i\\d\ek [Xk\[ Xj f] GXp 01 1/1/ 'Zfcc\Zk m\cp k \ uFfXe ; i\\d\ekv( n Z gXpd\ekj Xi\ gc\[ \[ Xe[ Xjj e\[ kf k \ Niljk\\- N \ FfXe ; i\\d\ek j X \e\iXc lej\Zli\[ fYc Xk fe f]k \ Oe m\ij kp- M\\ uJ;LN 1 , MIOL ? I@ J;SG?HN ;H M? OLCNS @IL NB? M?LC?M 1/1/;,1 IH M, JXpd\ek f] k \ M\i \j 1/1/;,1 fe[jv Xe[ uJifgfj\[ ;d\e[d\ekj kf k \ FfXe ; i\\d\ek Xe[ L\jfclk fe-vIUSebYdi V b dXU IUbYUc - - 7(- 8 TcN \ M\i \j 1/1/;,1 fe[j Xi\ j\Zli\[ \hlXccp n k Xcc fk \i fe[j jjl\[ le[\i k \ L\jfclk fe Yp k \gc\[ \ f] k \ L\m\el\j k \ gifZ\\[j f] k \ fe[j Xe[ Xcc ]le[j Xe[ XZZflekj \jkXYc j \[ Yp k \ L\jfclk fe Xe[ XepM\i \j L\jfclk fe 'fk \i k Xe k \ ;iY kiX \ L\YXk\ @le[ Xe[ Xep ]le[ \jkXYc j \[ ]fi k \ gXpd\ek f] k \ gliZ Xj\gi Z\ f] Igk fe fe[j k\e[\i\[ ]fi gliZ Xj\(N \ FfXe ; i\\d\ek j X \e\iXc lej\Zli\[ fYc Xk fe f] k \ Oe m\ij kp- Hf j\Zli kp ek\i\jk e Xepi\m\el\j fi Xjj\kj f] k \ Oe m\ij kp Xj Y\\e iXek\[ Yp k \ Oe m\ij kp kf ;MHS le[\i k \ FfXe ; i\\d\ekBfn\m\i k \ Oe m\ij kp Xj iXek\[ j\Zli kp ek\i\jkj e Z\ikX e i\m\el\j Xe[ Xjj\kj f] k \ Oe m\ij kp kf j\Zli\Z\ikX e f] k \ Oe m\ij kpwj flkjkXe[ e e[\Yk\[e\jj fk \i k Xe k \ fe[j- Ce X[[ k fe glijlXek kf k \ FfXe; i\\d\ek k \ Oe m\ij kp dXp eZli \Yk j\Zli\[ Yp X c \e Xe[ gc\[ \ f] i\m\el\j f] k \ Oe m\ij kp n k flk iXek e kf ;MHS Xep j\Zli kp ek\i\jk e Xep i\m\el\j kf j\Zli\ k \ Oe m\ij kpwj fYc Xk fej le[\i k \ FfXe; i\\d\ek- M\\ uJ;LN 1 , MIOL ? I@ J;SG?HN ;H M? OLCNS @IL NB? M?LC?M 1/1/;,1 IH M ,M\Zli kp ]fi k \ M\i \j 1/1/;,1 fe[j Xe[ CjjlXeZ\ f] ;[[ k feXc fe[j v uJifgfj\[ ;d\e[d\ekj kf k \ FfXe; i\\d\ek Xe[ L\jfclk fev Xe[ uJ;LN 5 , NB? OHCP?LMCNS , Ce[\Yk\[e\jj-vN \ M\i \j 1/1/;,1 fe[j Xi\ efk X [\Yk f] k \ MkXk\ efi j k \ MkXk\ c XYc\ k \i\fe- ;MHS Xj ef kXo e gfn\i- H\ k \i k \ MkXk\ efi ;MHS Xj Xep i\jgfej Y c kp kf dXb\ gXpd\ekj n k i\jg\Zk kf k \ M\i \j 1/1/;,1 fe[j \oZ\gk ]fi ;MHSwj i\jgfej Y c kp kf dXb\ gXpd\ekj ]ifd dfe\pj i\Z\ m\[ ]ifd k \ Oe m\ij kp glijlXek kfk \ FfXe ; i\\d\ek Xe[ ]ifd Xdflekj \c[ e k \ ]le[j Xe[ XZZflekj le[\i k \ L\jfclk fe Xe[ gc\[ \[ k \i\]fi-1
F7HJ - ( IEKH9; E F7OC;DJ 7D: I;9KH?JO EH J ; I;H?;I - - 7(- 8ED:ISet forth below is a narrative description of certain contractual provisions relating to the source ofpayment of and security for the Series 2020A-2 Bonds. These provisions have been summarized and this descriptiondoes not purport to be complete. Reference should be made to the Act, the Loan Agreement, the Resolution and theSeries 2020A-2 Resolution. Copies of the Loan Agreement, the Resolution and the Series 2020A-2 Resolution are onfile with DASNY and the Trustee. See also “Appendix C - Summary of Certain Provisions of the Loan Agreementand Proposed Amendments” and “Appendix D - Summary of Certain Provisions of the Resolution and ProposedAmendments” for a more complete statement of the rights, duties and obligations of the parties thereto.FQi]U d V dXU IUbYUc - - 7(- 8 TcN \ M\i \j 1/1/;,1 fe[j Xe[ Xcc fk \i fe[j jjl\[ le[\i k \ L\jfclk fe Xi\ jg\Z Xc fYc Xk fej f] ;MHS- N \ gi eZ gXc M eb e @le[ CejkXccd\ekj ] Xep Xe[ JliZ Xj\ Ji Z\ fi L\[\dgk fe Ji Z\ f] Xe[ ek\i\jkfe k \ M\i \j 1/1/;,1 fe[j Xe[ Xcc fk \i fe[j n Z dXp Y\ jjl\[ le[\i k \ L\jfclk fe Xi\ gXpXYc\ jfc\cp ]ifdk \ L\m\el\j n Z Zfej jk f] gXpd\ekj kf Y\ dX[\ Yp k \ Oe m\ij kp glijlXek kf k \ FfXe ; i\\d\ek fe XZZflekf] k \ gi eZ gXc M eb e @le[ CejkXccd\ekj ] Xep Xe[ JliZ Xj\ Ji Z\ fi L\[\dgk fe Ji Z\ f] Xe[ ek\i\jk fe k \ fe[j- N \ L\m\el\j Xe[ k \ i k kf i\Z\ m\ k \d Xm\ Y\\e gc\[ \[ kf k \ Niljk\\ ]fi k \ Y\e\] k f] k \ fe[ fc[\ijN \ FfXe ; i\\d\ek j X \e\iXc fYc Xk fe f] k \ Oe m\ij kp- N \ FfXe ; i\\d\ek fYc Xk\j k \Oe m\ij kp kf dXb\ gXpd\ekj kf jXk j]p k \ gi eZ gXc M eb e @le[ CejkXccd\ekj ] Xep Xe[ JliZ Xj\ Ji Z\ fiL\[\dgk fe Ji Z\ f] Xe[ ek\i\jk fe IlkjkXe[ e M\i \j 1/1/;,1 fe[j- JXpd\ekj dX[\ Yp k \ Oe m\ij kp ei\jg\Zk f] ek\i\jk fe k \ M\i \j 1/1/;,1 fe[j Xi\ kf Y\ dX[\ fe k \ 1/k [Xp f] \XZ Dle\ dd\[ Xk\cp gi\Z\[ e k \ Dlcp 0 Xe[ fe k \ 1/k [Xp f] \XZ \Z\dY\i dd\[ Xk\cp gi\Z\[ e k \ DXelXip 0 fe n Z ek\i\jk j gXpXYc\ e \XZ ZXj\ e Xe Xdflek \hlXc kf k \ ek\i\jk Zfd e [l\ fe k \ e\ok jlZZ\\[ e ek\i\jk gXpd\ek [Xk\- JXpd\ekjYp k \ Oe m\ij kp e i\jg\Zk f] gi eZ gXc Xi\ kf Y\ dX[\ fe k \ 1/k [Xp f] \XZ Dle\ dd\[ Xk\cp gi\Z\[ e k \ Dlcp0 fe n Z jlZ gi eZ gXc Y\Zfd\j [l\- N \ FfXe ; i\\d\ek Xcjf fYc Xk\j k \ Oe m\ij kp kf gXp Xk c\Xjk 34 [Xpjgi fi kf X i\[\dgk fe [Xk\ fi gliZ Xj\ [Xk\ f] M\i \j 1/1/;,1 fe[j ZXcc\[ ]fi i\[\dgk fe fi ZfekiXZk\[ kf Y\gliZ Xj\[ k \ Xdflek ] Xep i\hl i\[ kf gXp k \ JliZ Xj\ Ji Z\ fi L\[\dgk fe Ji Z\ f] jlZ fe[j- M\\ uJ;LN 2, NB? M?LC?M 1/1/;,1 IH M , L\[\dgk fe Xe[ JliZ Xj\ e F \l f] L\[\dgk fe Jifm j fej-v ;MHS Xj [ i\Zk\[ Xe[ k \ Oe m\ij kp Xj X i\\[ kf dXb\ jlZ gXpd\ekj [ i\Zkcp kf k \ Niljk\\- MlZgXpd\ekj Xi\ kf Y\ Xggc \[ Yp k \ Niljk\\ kf k \ gXpd\ek f] k \ gi eZ gXc M eb e @le[ CejkXccd\ekj ] Xep Xe[JliZ Xj\ Ji Z\ fi L\[\dgk fe Ji Z\ f] Xe[ ek\i\jk fe k \ M\i \j 1/1/;,1 fe[jIUSebYdi V b dXU IUbYUc - - 7(- 8 TcN \ M\i \j 1/1/;,1 fe[j Xi\ j\Zli\[ \hlXccp n k Xcc fk \i fe[j jjl\[ le[\i k \ L\jfclk fe Yp k \gc\[ \ f] k \ L\m\el\j k \ gifZ\\[j f] k \ fe[j Xe[ Xcc ]le[j Xe[ XZZflekj \jkXYc j \[ Yp k \ L\jfclk fe Xe[ XepM\i \j L\jfclk fe 'fk \i k Xe k \ ;iY kiX \ L\YXk\ @le[ Xe[ Xep ]le[ \jkXYc j \[ ]fi k \ gXpd\ek f] k \ JliZ Xj\Ji Z\ f] Igk fe fe[j k\e[\i\[ ]fi gliZ Xj\(N \ M\i \j 1/1/;,1 fe[j Xi\ efk X [\Yk f] k \ MkXk\ efi j k \ MkXk\ c XYc\ k \i\fe- ;MHS Xj ef kXo e gfn\i- H\ k \i k \ MkXk\ efi ;MHS Xj Xep i\jgfej Y c kp kf dXb\ gXpd\ekj n k i\jg\Zk kf k \ M\i \j 1/1/;,1 fe[j \oZ\gk ]fi ;MHSwj i\jgfej Y c kp kf dXb\ gXpd\ekj ]ifd dfe\pj i\Z\ m\[ ]ifd k \ Oe m\ij kp glijlXek kfk \ FfXe ; i\\d\ek Xe[ ]ifd Xdflekj \c[ e k \ ]le[j Xe[ XZZflekj le[\i k \ L\jfclk fe Xe[ gc\[ \[ k \i\]fiN \ FfXe ; i\\d\ek Xe[ k \ fYc Xk fe f] k \ Oe m\ij kp kf dXb\ gXpd\ekj le[\i k \ FfXe ; i\\d\ek Xi\ \e\iXc lej\Zli\[ fYc Xk fej f] k \ Oe m\ij kp- N \ fYc Xk fej f] k \ Oe m\ij kp kf dXb\ gXpd\ekj fi ZXlj\ k \jXd\ kf Y\ dX[\ le[\i k \ FfXe ; i\\d\ek Xi\ Zfdgc\k\ Xe[ leZfe[ k feXc Xe[ k \ Xdflek dXee\i Xe[ k d\ f]dXb e jlZ gXpd\ekj Xi\ efk kf Y\ [\Zi\Xj\[ XYXk\[ gfjkgfe\[ fi [\cXp\[ ]fi Xep ZXlj\ fi Yp i\Xjfe f] k \Xgg\e e fi efe, Xgg\e e f] Xep \m\ek ii\jg\Zk m\ f] Xep [\]\ej\ fi Xep i k f] j\k,f]] i\Zflgd\ek fiZflek\iZcX d n Z k \ Oe m\ij kp dXp fk \in j\ Xm\ X X ejk ;MHS k \ Niljk\\ fi Xep fe[ fc[\i ]fi XepZXlj\ n Xkjf\m\iHf j\Zli kp ek\i\jk e Xep i\m\el\j fi Xjj\kj f] k \ Oe m\ij kp Xj Y\\e iXek\[ Yp k \ Oe m\ij kp kf ;MHS le[\i k \ FfXe ; i\\d\ek- Bfn\m\i k \ Oe m\ij kp Xj iXek\[ j\Zli kp ek\i\jkj e Z\ikX e i\m\el\j Xe[2
Xjj\kj f] k \ Oe m\ij kp kf j\Zli\ Z\ikX e f] k \ Oe m\ij kpwj flkjkXe[ e e[\Yk\[e\jj fk \i k Xe k \ fe[j- M\\uJ;LN 5 , NB? OHCP?LMCNS , Ce[\Yk\[e\jj v ]fi X [\jZi gk fe f] jlZ e[\Yk\[e\jj f] k \ Oe m\ij kp j\Zli\[ YpZ\ikX e gc\[ \[ i\m\el\j- Ce k \ \m\ek f] X [\]Xlck le[\i Xep [\Yk ejkild\ek j\Zli\[ Yp jlZ gc\[ \[ i\m\el\j k \fc[\i fi kiljk\\ le[\i jlZ [\Yk ejkild\ek ' eZcl[ e ;MHS Xj k \ fc[\i f] jlZ fk \i [\Yk( n cc Xm\ k \ i kkf Zfcc\Zk X gfik fe fi Xcc f] jlZ gc\[ \[ i\m\el\j Xe[ Xggcp k \ i\m\el\j jf Zfcc\Zk\[ kf k \ gXpd\ek f] Xdflekj[l\ le[\i jlZ [\Yk ejkild\ek- ;ep i\m\el\j jf Zfcc\Zk\[ Xe[ Xggc \[ n cc efk Y\ XmX cXYc\ ]fi jXk j]p e Xep f]k \ Oe m\ij kpwj fYc Xk fej le[\i k \ FfXe ; i\\d\ekFb cUT 7]U T]U dc d dXU B Q 7WbUU]U d Q T HUc \edY N \ FfXe ; i\\d\ek j gifgfj\[ kf Y\ Xd\e[\[ Xe[ i\jkXk\[ e fi[\i kf \]]\Zk Z\ikX e gifgfj\[Xd\e[d\ekj 'k \ uJifgfj\[ FfXe ; i\\d\ek ;d\e[d\ekjv( Xe[ X Mlggc\d\ekXc Xe[ ;d\e[Xkfip L\jfclk feZfekX e e Z\ikX e gifgfj\[ Xd\e[d\ekj kf k \ L\jfclk fe 'k \ uJifgfj\[ L\jfclk fe ;d\e[d\ekjv( nXj X[fgk\[Yp ;MHS fe GXiZ 5 1/08- N \ Zfej\ek f] k \ fc[\ij f] X dXafi kp e gi eZ gXc Xdflek f] IlkjkXe[ e fe[jle[\i k \ L\jfclk fe j i\hl i\[ ]fi k \ Jifgfj\[ FfXe ; i\\d\ek ;d\e[d\ekj Xe[ k \ Jifgfj\[ L\jfclk fe;d\e[d\ekj kf Y\Zfd\ \]]\Zk m\- N \ Jifgfj\[ FfXe ; i\\d\ek ;d\e[d\ekj eZcl[\ i\dfmXc f] Zfm\eXekji\cXk e kf \e X \d\ek f] X GXeX \d\ek fejlckXek: i\dfmXc f] jg\Z ] Z ejliXeZ\ i\hl i\d\ekj: X dfi\ jki\Xd,c e\[ i\hl j k fe gifZ\jj: Xe[ fk \i ZcXi ] ZXk fej Xe[ Zfii\Zk fej- N \ Jifgfj\[ L\jfclk fe ;d\e[d\ekj eZcl[\df[\ie qXk fe Xe[ Xc ed\ek f] Z\ikX e gifm j fej f] k \ L\jfclk fe n k Zlii\ek ;MHS gfc Zp: i\dfmXc f]gifm j fej i\ Xi[ e Z\ikX e fgk feXc e\njgXg\i efk Z\ glYc ZXk fej Xe[ k \ 2/,[Xp nX k e g\i f[ ]fi Xd\e[d\ekjkf Y\Zfd\ \]]\Zk m\: Xe[ XccfnXeZ\ ]fi Z\ikX e gifm j fej kf Y\ Xggc ZXYc\ kf X gXik ZlcXi M\i \j f] fe[j jlZ XjgXpd\ek [Xk\j Zfe[ k feXc efk Z\ f] i\[\dgk fe Xe[ Zfej\ek f] X @XZ c kp Jifm [\i Xm e k \ jXd\ \]]\Zk
accuracy of the statements contained herein relating to the University, nor does DASNY directly or indirectly guarantee, endorse or warrant (1) the creditworthiness or credit standing of the University, (2) the sufficiency of the security for the Series 2020A-2 Bonds or (3) the value or the investment quality of the Series 2020A-2 Bonds.
