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July 3, 2007


New York State Comptroller's Office Announces
Third Quarter 2007 Bond Sale Schedule

State Comptroller Thomas P. DiNapoli 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 third quarter of calendar year 2007. The total tentative new money amount proposed going forward is up to $4.2 billion, including approximately $1.63 billion scheduled for July, approximately $724 million scheduled for August, and approximately $1.82 billion scheduled for September. The third quarter anticipated issuance compares to past planned issuances of $5.3 billion during the second quarter of calendar year 2007, and $2.9 billion during the third 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 third 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 September.
  • Dormitory Authority of the State of New York – bond sales totaling up to $811 million in tax-exempt fixed and variable rate bonds in July; a bond sale of up to $80 million in tax-exempt fixed rate bonds in August; and bond sales totaling up to $520 million in tax-exempt fixed rate bonds in September.
  • Metropolitan Transportation Authority – a bond sale of up to $430 million in tax-exempt fixed rate bonds in August.
  • New York City Municipal Water Finance Authority – a bond sale of up to $400 million in tax-exempt fixed rate and/or variable rate bonds in September.
  • New York State Housing Finance Agency – bond sales totaling up to $454.1 million in tax-exempt fixed rate bonds, as well as tax-exempt and taxable variable rate bonds in July; bond sales totaling up to $14.4 million in tax-exempt fixed rate bonds in August; and a bond sale of up to $21.4 million in tax-exempt variable rate bonds in September.
  • Port Authority of New York and New Jersey – a bond sale of which up to $200 million in tax-exempt fixed rate bonds will be issued in August; and a bond sale of which up to $76 million in tax-exempt variable rate bonds will be issued in September.
  • State of New York Mortgage Agency – a bond sale of up to $100 million in tax-exempt and taxable fixed rate bonds in September.
  • Thruway Authority – a bond sale of up to $360 million in tax-exempt fixed rate bonds in July.

Refundings are currently being contemplated during the third quarter by: the Dormitory Authority of the State of New York, the Empire State Development Corporation and the Port Authority of New York and New Jersey.

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 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. The full forward calendar can be obtained at www.osc.state.ny.us/pension/scccalendar.pdf

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