Dormitory Authority of the State of New York
Selected Aspects of the Bond Issuance Process The Dormitory Authority of the State of New York issues bonds to finance capital projects. The sale of these bonds requires various financial and legal services. We examined the practices used by the Authority in obtaining these services. We found that the Authority established policies and procedures that provided an appropriate level of control over the bond issuance process. We also found that the Authority was complying with these policies and procedures. However, certain improvements were needed in the practices used for obtaining the services of underwriters and bond counsels. For example, because the Authority did not document why underwriters were selected, there was less assurance the selection process was appropriate. We recommended the Authority maintain this documentation.
For a complete copy of Report 2004-S-72 click here.
For a copy of the 90-day response click here.
For a copy of the associated follow-up report click here.