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July 3, 2008

 

DiNapoli Announces Third Quarter 2008 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 2008.

The total proposed new issuances are approximately $5.8 billion, including approximately $1.7 billion scheduled for July, approximately $2.1 billion scheduled for August, and approximately $2 billion scheduled for September. The second quarter of calendar year 2008 was $4.8 billion, and $4.1 billion during the third 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 issuer 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 $800 million in tax-exempt fixed rate bonds in August, and a bond sale of up to $800 million in tax-exempt fixed rate bonds in September.
  • Dormitory Authority of the State of New York – bond sales totaling up to $704.2 million in tax-exempt fixed and variable rate bonds in July, and bond sales totaling up to $90.7 million in tax-exempt fixed rate bonds in August.
  • Metropolitan Transportation Authority – a bond sale of up to $478 million in tax-exempt fixed rate bonds in September.
  • New York City Municipal Water Finance Authority – a bond sale of up to $100 million in tax-exempt fixed rate bonds in July, and a bond sale of up to $350 million in tax-exempt variable rate bonds in August.
  • New York City Transitional Finance Authority – a bond sale of up to $700 million in tax-exempt fixed rate bonds in September.
  • New York State Housing Finance Agency – bond sales totaling up to $376.3 million in tax-exempt and taxable variable rate bonds as well as tax-exempt fixed rate bonds in July, and bond sales totaling up to $94.4 million tax-exempt and taxable variable rate bonds in August.
  • Port Authority of New York and New Jersey – a bond sale of up to $500 million in tax-exempt fixed rate bonds in July.
  • State of New York Mortgage Agency – a bond sale of up to $60 million in tax-exempt fixed rate and/or variable rate bonds in August.
  • Thruway Authority – bond sales totaling up to $705 million in tax-exempt fixed rate bonds in August.

Refundings or conversions are currently being contemplated during the third quarter by the Dormitory Authority of the State of New York, Metropolitan Transportation Authority, the New York City Municipal Water Finance Authority, the New York State Housing Finance Agency, the State of New York Mortgage Agency and the Thruway Authority.

The schedule will be modified and updated in response to changes in program needs and market conditions. It is also contingent upon execution of all project approvals required by law. The schedule is released by the Committee to assist the investment community. 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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