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April 3, 2008


DiNapoli Releases Second Quarter Bond Sale Calendar

Tentative Schedule Includes About $4.8 Billion of New Money Debt

State Comptroller Thomas P. DiNapoli today released a tentative schedule for the planned public sale of debt for the State, its major public authorities, the City of New York and the City’s major public authorities during the second quarter.

New money debt expected to sell this quarter totals more than $4.8 billion, with approximately $1.8 billion scheduled for April, approximately $1.4 billion scheduled for May, and approximately $1.6 billion scheduled for June. The second quarter anticipated issuance compares to past planned issuances of: $6.1 billion during the first quarter, and $5.3 billion during the second quarter of 2007.

The Office of the State Comptroller chairs the Securities Coordinating Committee, which was created by Executive Order primarily to coordinate the borrowing activities of the State, the City and public authorities. 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 – a sale of up to $700 million in tax-exempt fixed rate bonds in April.
  • Dormitory Authority of the State of New York – sales totaling up to $712 million in tax-exempt fixed- and variable-rate bonds in April; sales totaling up to $207.4 million in tax-exempt fixed- and variable-rate bonds in May; and a sale of up to $485 million in tax-exempt variable-rate bonds in June.
  • Long Island Power Authority – a sale of up to $205 million in tax-exempt fixed- and/or variable-rate bonds in April.
  • New York City Municipal Water Finance Authority – a sale of up to $450 million in tax-exempt fixed-rate bonds in May.
  • New York City Transitional Finance Authority – a sale of up to $650 million in tax-exempt fixed-rate bonds in June.
  • New York State Environmental Facilities Corp. – a sale of up to $450 million in tax-exempt fixed-rate bonds in May; and a sale of up to $150 million in tax-exempt fixed-rate bonds in June.
  • New York State Housing Finance Agency – a sale of up to $150 million in tax-exempt and/or taxable fixed-rate bonds in April.
  • Port Authority of New York and New Jersey – a sale of up to $300 million in tax-exempt fixed-rate bonds in May.
  • State of New York Municipal Bond Bank Agency – a sale of up to $37 million in tax-exempt and/or taxable fixed-rate bonds in April.
  • Thruway Authority – a sale of up to $355 million in tax-exempt fixed-rate bonds in June.

Refundings are currently being contemplated during the second quarter by: the Dormitory Authority, the Empire State Development Corp., the New York Local Government Assistance Corporation, the New York State Environmental Facilities Corp., the New York State Housing Finance Agency, the Long Island Power Authority, the State of New York, and the Thruway Authority.

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 with a new schedule is released every quarter, and updated as necessary. 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.

Click here for a copy of the full forward calendar.

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