Orange-Ulster BOCES Capital Program Advances with $134.2M Bond Financing
ALBANY—The Dormitory Authority of the State of New York recently closed on the $134,185,000 Series 2025 bond issuance for the Board of Cooperative Educational Services of the Sole Supervisory District of Orange and Ulster Counties (Orange-Ulster BOCES) to complete the organization’s comprehensive capital improvement program at two educational campuses.
The Series 2025 bonds will support ongoing major renovations and construction projects at the Gibson Road Campus and the Arden Hill Campus, which were approved by voters in October 2022 as part of a $158.8 million referendum. The improvements include roof replacements, window upgrades, heating and air conditioning system modernization, new security vestibules, new classrooms, classroom renovations and construction of a new gymnasium. Site work will include a well water system, sanitary system replacement, sidewalk repair and replacement, and the paving of driveways and parking lots.
Orange-Ulster BOCES held a groundbreaking ceremony on June 23 for its new gymnasium at its Arden Hill campus in Goshen. Todd Diorio, president of the Hudson Valley Building and Construction Trades Council, told CONSTRUCTION NEWS there is Project Labor Agreement in place and that work has been underway for about a year on the Orange-Ulster BOCES capital improvement program.
Orange-Ulster BOCES announced on social media on July 7 that work on a new roof at its Emanuel Axelrod Education Center had begun as well.
In June 2024, DASNY closed the $14,795,000 Series 2024A bond issuance, the first of two financings for the Orange-Ulster BOCES capital improvement program. The project was split into two separate financings to allow construction to begin sooner, as different phases required separate approvals from the New York State Education Department.
The comprehensive capital program serves facilities that educate more than 2,000 career and technical education students, 1,000 special needs students, and over 4,500 adult education students annually. Orange-Ulster BOCES provides shared educational services to 17 component school districts in Orange and Ulster counties.
The transaction was led by Roosevelt & Cross Incorporated as senior manager and supported by co-bond counsel Hodgson Russ LLP and Holley & Pearson-Farrer LLP. The Series 2025 bonds received strong investor interest with over five times subscriptions during the June 4, 2025 order period. The Series 2025 bonds have a final maturity in 2044, with yields ranging from 2.82% to 4.74% and a true interest cost of 4.21%.
Published: July 18, 2025.