Green Bonds

The Bonds

In September 2019, Cornell University issued $121.4 million of Dormitory Authority of the State of New York, Series 2019D (Green Bonds). The Series 2019D Bonds will finance the construction of the north campus buildings and infrastructure for housing, dining facilities, recreational facilities and programming space (the North Campus Residential Expansion). The project entails the construction of approximately 2,000 new undergraduate housing beds.

The purpose of labeling the Series 2019D Bonds as “Green Bonds” is to allow investors to invest directly in projects Cornell has identified as promoting environmental sustainability purposes. The U.S. Green Building Council for Leadership in Energy & Environmental Design (LEED) reviews projects and applications for certification under the LEED green building program rating system established by the U.S. Green Building Council. The U.S. Green Building Council assigns points to a project based on its level of achievement in improved environmental performance. There are four levels of certification starting at the Certified Level and increasing to Silver, Gold and Platinum. Cornell is pursuing LEED certification on its new north campus buildings. The expectation is for Silver or Gold certification, but no assurances can be made.

Reporting

Leed certification: TBA

Use of bond proceeds for fiscal year ending 2020 (June 30, 2020):