Port Jervis school district issued $16+ million bond

Governor Kathy Hochul recently announced that about $956.8 million in tax-exempt bonds were issued in June through the Dormitory Authority of the State of New York (DASNY) on behalf of 69 school districts across New York State, including the City School District of the City of Port Jervis.

Hochul’s announcement explained that the capital projects supported by these bonds include classroom additions and renovations, athletic field improvements, energy efficiency upgrades, safety enhancements, and technology updates.

According to the state, DASNY issued the Port Jervis school district a bond in the amount of $16,270,000.

“Helping our students thrive means giving them the tools, the facilities, and the infrastructure they need to succeed in the classroom,” Governor Hochul said. “With this financing, my administration is funding critical capital projects that will give our young people a learning environment that inspires, challenges, and motivates them, while making it more affordable for taxpayers in these districts all across New York State.”

Since the program’s inception in 2002, DASNY has reportedly issued 114 separate series of bonds on behalf of over 350 school districts totaling more than $8.8 billion. The tax-exempt bonds are said to provide “permanent, long-term, fixed-rate financing for the school districts to refinance short-term debt” that was already approved by the voters in each school district to fund capital projects, per Hochul’s announcement.