ALBANY, N.Y., July 3 -- The New York State Comptroller issued the following news release:
New York State Comptroller Thomas P. DiNapoli today announced a tentative schedule (http://www.osc.state.ny.us/pension/scccalendar.pdf) for the planned sale of obligations for the state, New York City, and their major public authorities during the third quarter of 2014.
The proposed new issuances total approximately $3.02 billion, including $1.45 billion scheduled for this month, $75 million scheduled for August and $1.5 billion scheduled for September. The anticipated new issuances in the third quarter compare to past planned new issuances of approximately $2.2 billion during the second quarter of 2014, and $3.21 billion during the third quarter of 2013.
The State Comptroller's office heads the Securities Coordinating Committee which was created by Gubernatorial Executive Order primarily to coordinate the borrowing activities of the state, New York City and their respective 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 September.
* Dormitory Authority of the State of New York - a bond sale of up to $45 million in tax-exempt fixed rate bonds in July.
* Housing Finance Agency - a bond sale of up to $75 million in tax-exempt fixed rate bonds in August.
* Metropolitan Transportation Authority - a bond sale of up to $500 million in tax-exempt fixed rate bonds in September.
* New York City Municipal Water Finance Authority - a bond sale of up to $400 million in tax exempt variable rate bonds in July, and a bond sale of up to $200 million in tax-exempt fixed rate bonds in September.
* New York City Transitional Finance Authority - bond sales of up to $125 million in taxable fixed rate bonds and $875 million in both fixed and variable rate tax-exempt bonds in July.
Refundings or reofferings are currently being contemplated by: the City of New York, the Metropolitan Transportation Authority, the New York City Municipal Water Finance Authority, the Port Authority of New York and New Jersey, the State of New York Mortgage Agency, and the Triborough Bridge and Tunnel 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 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.
The full calendar can be obtained at: www.osc.state.ny.us/pension/scccalendar.pdf.