New York State Comptroller Announces Second Quarter 2005 Bond Sale Schedule
FOR RELEASE:
Immediately
April 14, 2005
Quote:
New York State Comptroller Announces Second 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 Citys major public authorities during the second quarter of calendar year 2005. The total tentative new money amount proposed going forward is up to $4.4 billion, including $1.9 billion scheduled for April, $1.3 billion scheduled for May and $1.2 billion scheduled for June. The second quarter anticipated issuance compares to past planned issuances of: $4.4 billion during the first quarter of calendar year 2005, and $3.8 billion during the second 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 second quarter new money borrowings are expected to include the following:
City of New York bond sales of up to $650 million in tax-exempt fixed rate general obligation bonds in April; and up to $650 million in tax-exempt fixed rate general obligation bonds in May.
Dormitory Authority of the State of New York bond sales totaling up to $200 million in tax-exempt fixed and variable rate bonds in April; up to $162 million in tax-exempt fixed and variable rate bonds in May; and up to $51 million of tax-exempt fixed rate bonds in June.
Long Island Power Authority a bond sale of up to $100 million in tax-exempt fixed rate bonds in June.
Metropolitan Transportation Authority a bond sale of up to $500 million in tax-exempt fixed rate bonds in June.
New York City Housing Development Corporation a bond sale of up to $300 million in taxable variable rate bonds in April; up to $93.7 million in tax-exempt and taxable variable rate bonds in May.
New York City Municipal Water Finance Authority a bond sale of up to $550 million in tax-exempt fixed rate bonds in April.
New York State Environmental Facilities Corporation a bond sale of up to $155 million in tax-exempt fixed rate bonds for State Revolving Fund purposes in June.
New York State Housing Finance Agency bond sales totaling up to $103.8 million in tax-exempt and taxable variable rate bonds in April; up to $258.4 million in tax-exempt and taxable variable rate bonds as well as tax-exempt fixed rate bonds and tax-exempt auction rate bonds in May; and up to $260 million in tax-exempt and taxable variable rate bonds in June.
New York State Triborough Bridge & Tunnel Authority a bond sale of up to $150 million in tax-exempt variable rate bonds in May.
Port Authority of New York & New Jersey a bond sale of up to $100 million in tax-exempt fixed rate bonds in April.
State of New York Mortgage Agency a bond sale of up to $100 million in tax-exempt fixed rate single family housing bonds in June.
Refundings are currently being contemplated by: the City of New York, Dormitory Authority of the State of New York, Empire State Development Corporation, Long Island Power Authority, New York City Housing Development Corporation, New York City Municipal Water Finance Authority, New York State Energy Research & Development Authority, and Port Authority of New York & New Jersey.
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.
