July 8, 2005

New York State Comptroller Announces Third Quarter 2005 Bond Sale Schedule

The Office of the New York State Comptroller today announced a tentative schedule for the planned public sale of obligations for the State, its major public authorities, the City of New York and the City’s major public authorities during the third quarter of calendar year 2005. The total tentative new money amount proposed going forward is up to $4.1 billion, including $1.15 billion scheduled for July, $510.7 million scheduled for August and $2.44 billion scheduled for September. The third quarter anticipated issuance compares to past planned issuances of: $4.4 billion during the second quarter of calendar year 2005, and $4.15 billion during the third quarter of calendar year 2004.

The Comptroller chairs the Securities Coordinating Committee which was created primarily to coordinate the borrowing activities of its members. All borrowings are scheduled at the request of the individual public authorities and New York City and done pursuant to their borrowing programs.

The third quarter new money borrowings are expected to include the following:

Buffalo Fiscal Stability Authority – a bond anticipation note sale of up to $93 million in August.

City of New York – bond sales of up to $700 million in tax-exempt fixed and variable rate general obligation bonds in July; and up to $700 million in tax-exempt fixed rate general obligation bonds in September.

Dormitory Authority of the State of New York – bond sales totaling up to $50 million in tax-exempt fixed rate bonds in July; up to $170 million in tax-exempt fixed rate bonds in August.

Empire State Development Corporation – a bond sale up to $140 million in taxable and tax-exempt fixed rate bonds in September.

New York City Municipal Water Finance Authority – a bond sale of up to $400 million in tax-exempt fixed rate bonds in September.

New York State Environmental Facilities Corporation – a bond sale of up to $350 million in tax-exempt fixed rate bonds for the New York City Municipal Water Finance Authority in September.

New York State Housing Finance Agency – bond sales totaling up to $50 million in tax-exempt variable rate bonds in July; up to $10 million in tax-exempt fixed rate bonds in August; and up to $154 million in tax-exempt fixed rate bonds as well as taxable and tax-exempt auction rate bonds in September.

New York State Thruway Authority – a bond sale of up to $350 million in tax-exempt fixed rate Bonds for the Dedicated Highway & Bridge Trust Fund in July; and up to $700 million of tax-exempt fixed rate General Revenue bonds in September.

Port Authority of New York & New Jersey – a bond sale of up to $238 million in tax-exempt fixed rate bonds in August.

Refundings are currently being contemplated during the third quarter by: the Dormitory Authority of the State of New York, Empire State Development Corporation, and Port Authority of New York & New Jersey. In addition, the New York State Thruway Authority is planning for a refunding / restructuring in mid-July.

The Comptroller said the schedule will be modified and updated in response to changes in program needs and market conditions and is also contingent upon execution of all project approvals required by law. The schedule is released by the Committee to assist the investment community and a new schedule is released every quarter and updated as necessary.