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January 10, 2008


New York State Comptroller's Office Announces
First Quarter 2008 Bond Sale Schedule

State Comptroller Thomas P. DiNapoli today announced a tentative schedule for the planned public sale of bond obligations for the State, its major public authorities, the City of New York and the City’s major public authorities during the first quarter of calendar year 2008.

The tentative total in bonds being issued is $6.1 billion, including approximately $827 million scheduled for January, approximately $2.1 billion scheduled for February, and approximately $3.2 billion scheduled for March. The first quarter anticipated bond issuance compares to past planned bond issuances of $6.8 billion during the fourth quarter of calendar year 2007, and $6.1 billion during the first quarter of calendar year 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 entities and done pursuant to their borrowing programs.

The first quarter new money borrowings are expected to include the following:

  • City of New York – a bond sale of up to $700 million in tax-exempt fixed rate bonds in February and a bond sale of up to $700 million in tax-exempt fixed rate bonds in March.
  • Dormitory Authority of the State of New York – a bond sale of up to $302 million in tax-exempt variable rate bonds in January; bond sales totaling up to $568 million in tax-exempt and/or taxable fixed rate and/or variable rate bonds in February; and bond sales totaling up to $646.7 million in tax-exempt and/or taxable fixed rate and/or variable rate bonds in March.
  • Empire State Development Corporation – a bond sale of up to $525 million in tax-exempt and/or taxable fixed rate bonds in January.
  • Environmental Facilities Corporation – a bond sale of up to $170 million in tax-exempt and/or taxable fixed rate bonds in February and a bond sale of up to $450 million in tax-exempt fixed rate bonds in March.
  • New York City Municipal Water Finance Authority – a bond sale totaling up to $440 million in tax-exempt fixed rate bonds in March.
  • New York City Transitional Finance Authority – a bond sale of up to $700 million in tax-exempt fixed rate bonds in February.
  • New York State – a bond sale of up to $400 million in tax-exempt fixed rate bonds in March.
  • New York State Housing Finance Agency – a bond sale of up to $150 million in tax-exempt and/or taxable fixed rate bonds in March.
  • Thruway Authority – a bond sale of up to $370 million in tax-exempt fixed rate bonds in March.

Refundings are currently being contemplated during the first quarter by the Dormitory Authority and the Thruway Authority.

The schedule will be 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. 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 the full forward calendar.

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