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July 2, 2009



DiNapoli Announces Third Quarter 2009
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 2009.

The proposed new issuances total approximately $5.9 billion, including approximately $1.9 billion scheduled for July, approximately $1.3 billion scheduled for August, and approximately $2.7 billion scheduled for September. The third quarter of anticipated new issuances compare to past planned new issuances of: approximately $3.6 billion during the second quarter of calendar year 2009, and approximately $5.8 billion during the third quarter of calendar year 2008.

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 $600 million in tax-exempt fixed rate bonds in August, and a bond sale of up to $600 million in tax-exempt fixed rate bonds in September.
  • Dormitory Authority of the State of New York – bond sales totaling up to $474.4 million in tax-exempt fixed rate bonds in July, bond sales totaling up to $465 million in tax-exempt fixed and/or variable rate bonds as well as taxable fixed and/or variable rate bonds in August, and bond sales totaling up to $1,450.1 million in tax-exempt fixed and/or variable rate bonds as well as taxable fixed and/or variable rate bonds in September.
  • New York City Municipal Water Finance Authority – a bond sale of up to $500 million in tax-exempt fixed rate bonds in September.
  • New York City Transitional Finance Authority – a bond sale of up to $600 million in tax-exempt fixed rate bonds in July.
  • New York State Environmental Facilities Corporation – a bond sale of up to $175 million in tax-exempt fixed rate bonds in September.
  • New York State Housing Finance Agency – bond sales totaling up to $138.1 million in variable rate tax-exempt bonds in July, and bond sales totaling up to $195 million in tax-exempt fixed and variable rate bonds as well as taxable fixed rate bonds in August.
  • Thruway Authority – a sale of up to $700 million in tax-exempt fixed rate bond anticipation notes in July.

Refundings or conversions are currently being contemplated during the third quarter by the Dormitory Authority of the State of New York and the New York Local Government Assistance Corporation.

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 participants in the municipal bond market. 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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