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 FOR RELEASE:
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December 6, 2011

 

DiNapoli Announces Results of General Obligation Bond Sale: $330,075,000 Awarded



State Comptroller Thomas P. DiNapoli today awarded two series of New York State General Obligation Bonds, totaling $330,075,000, through a competitive sale process. Specifically, the sales were $299,165,000 of Series 2011E Tax-Exempt Bonds and $30,910,000 of Series 2011F Taxable Bonds. The bonds are scheduled to be delivered on December 15, 2011.

“I am extremely pleased with the results of this bond sale,” DiNapoli said. “There was significant market interest demonstrated by the number of bidders, which translated into favorable pricing for the state.”

The winning bids were as follows:

  • Series 2011E Tax-Exempt Bonds to J.P. Morgan Securities LLC with a true interest cost bid of 3.521160 percent; and
  • Series 2011F Taxable Bonds to Robert W. Baird & Co., Inc. with a true interest cost bid of 2.310668 percent.
The net proceeds of the Series 2011E Tax-Exempt Bonds will finance capital expenditures made or anticipated to be made, during the prior, current or subsequent state fiscal years for projects associated with purposes authorized by the Accelerated Capacity and Transportation Improvements of the Nineties, Clean Water/Clean Air, Environmental Quality 72, Environmental Quality 1986, Pure Water, Rebuild New York Through Transportation Infrastructure Renewal, and Rebuild and Renew New York Transportation bond acts. The Series 2011E Tax-Exempt Bonds will mature over 30 years.

The net proceeds of the Series 2011F Taxable Bonds will finance capital expenditures made or anticipated to be made, during the prior, current or subsequent state fiscal years for the Clean Water/Clean Air and Rebuild and Renew New York Transportation bond acts. The Series 2011F Taxable Bonds will mature over 10 years.

A summary of bids received for each series can be viewed at http://www.osc.state.ny.us/press/releases/dec11/bonds.pdf

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