FOR RELEASE:

Comptroller DiNapoli Announces Results of G.O. Bond Sale

$449 Million Includes State’s First Series of G.O. Build America Bonds

State Comptroller Thomas P. DiNapoli awarded through competitive bid three series of New York State General Obligation Bonds totaling $449,095,000; specifically, $181,255,000 Series 2010A Tax-Exempt Bonds, $50,980,000 Series 2010B Taxable Bonds and $216,860,000 Series 2010C Taxable Build America Bonds.

The true interest costs (TIC) of the winning bids were 3.238 percent, 3.437 percent and 5.269 percent, respectively. The TIC of the 2010C Build America Bonds is effectively reduced to 3.449 percent after accounting for the 35% subsidy that the State anticipates receiving from the Federal Government. The Build America Bonds were authorized to be issued pursuant to the American Recovery and Reinvestment of 2009. The State anticipates lower debt service costs over the life of the bonds through receipt of the federal subsidy.

The Series 2010A Tax-Exempt Bonds were awarded to Citigroup Global Markets, Inc., the Series 2010B Taxable Bonds to TD Securities, and 2010C Taxable Build America Bonds to Morgan Stanley & Co Inc.

A summary of bids received for each series is follows:

The bond proceeds will be used to finance projects authorized through the following voter-approved bond acts: Environmental Quality 1972, Environmental Quality 1986, Clean Water/Clean Air, Pure Water, and Rebuild and Renew New York Transportation.

The bonds are scheduled to be delivered on March 10, 2010.

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