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April 5, 2007


New York State Comptroller's Office Announces
Second Quarter 2007 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 second quarter of calendar year 2007. The total tentative new money amount proposed going forward is up to $5.3 billion, including approximately $345 million scheduled for April, approximately $3.6 billion scheduled for May, and approximately $1.4 billion scheduled for June. The second quarter anticipated issuance compares to past planned issuances of: $6.1 billion during the first quarter of calendar year 2007, and $3.5 billion during the second quarter of calendar year 2006.

The Office of the State Comptroller chairs the Securities Coordinating Committee which was created by Executive Order 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:

  • Buffalo Fiscal Stability Authority – a bond sale of up to $29 million in tax-exempt fixed rate bonds in May.
  • Dormitory Authority of the State of New York – a bond sale of up to $40 million in tax-exempt fixed rate bonds in April; bond sales totaling up to $1.83 billion in tax-exempt fixed rate bonds in May; and bond sales totaling up to $376.8 million in tax-exempt fixed rate bonds in June.
  • Empire State Development Corporation – a bond sale of up to $190 million in tax-exempt and/or taxable fixed rate bonds in May.
  • Metropolitan Transportation Authority – a bond sale of up to $425 million in tax-exempt fixed rate bonds in May.
  • New York City Municipal Water Finance Authority – a bond sale of up to $400 million in tax-exempt fixed rate bonds in May.
  • New York City Transitional Finance Authority – a bond sale of up to $600 million in tax-exempt fixed rate bonds in May.
  • New York State Environmental Facilities Corporation – a bond sale of up to $155 million in tax-exempt fixed rate bonds in June.
  • New York State Housing Finance Agency – bond sales totaling up to $17 million in tax-exempt fixed rate bonds in April; a bond sale of up to $12 million in taxable variable rate bonds in May; and bond sales totaling up to $358.3 million in tax-exempt and/or taxable, fixed rate and variable rate bonds in June.
  • Port Authority of New York and New Jersey – a bond sale of up to $287.8 million in tax-exempt fixed rate bonds in April.
  • State of New York Mortgage Agency – a bond sale of up to $90 million in tax-exempt and/or taxable fixed rate bonds in May.
  • Thruway Authority – a bond sale of up to $370 million in tax-exempt fixed rate bonds in June.
  • Triborough Bridge and Tunnel Authority – a bond sale of up to $128 million in tax-exempt fixed rate bonds in June.

Refundings are currently being contemplated during the second quarter by: the Dormitory Authority of the State of New York, the New York State Environmental Facilities Corporation and the Port Authority of New York and New Jersey.

The collection and release of this information by the Office of the State Comptroller is not intended as an endorsement of the proposed issuances it contains, many of which will be subject to approval by the Office of the State Comptroller. Rather, the schedule released by the Committee with a new schedule released every quarter and updated as necessary is to assist the investment community in preparing for planned public sale of obligations for the State. 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.

Click for a copy of the full forward calendar.

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