Competitive Offering to Feature Tax-Exempt and Taxable Bonds
State Comptroller Thomas P. DiNapoli today announced the details of the competitive sale scheduled for March 8 of tax-exempt and taxable New York State General Obligation bonds totaling $215.2 million. The state expects to sell $146.2 million for new money transportation, education and environmental purposes. Depending on market conditions, the state also expects to sell $69 million to refund a portion of certain outstanding General Obligation bonds to reduce the state’s debt service costs.
The net proceeds of $123.7 million of the new money portion of the Series 2018A Tax-Exempt Bonds will finance projects authorized by the following voter-approved bond acts: Environmental Quality (1972), Environmental Quality (1986), Clean Water/Clean Air (1996), Rebuild and Renew New York Transportation (2005) and Smart Schools (2014). The net proceeds of $63.6 million of the refunding portion of the Series 2018A Tax-Exempt bonds will refund certain outstanding General Obligation bonds. The Series 2018A Tax-Exempt Bonds will mature over 14 years.
The net proceeds of $36.6 million of the Series 2018B Taxable Bonds will finance projects authorized by the following voter-approved bond acts: Environmental Quality (1972), Environmental Quality (1986), Clean Water/Clean Air (1996), Rebuild and Renew New York Transportation (2005) and Smart Schools (2014). The Series 2018B Taxable Bonds will mature over 10 years.
The net proceeds of $12.7 million of the Series 2018C Tax-Exempt Refunding Bonds will provide funds to refund certain outstanding state General Obligation bonds. The Series 2018C bonds would mature over 9 years.
The bonds will be awarded pursuant to electronic competitive bidding to be held via BiDCOMP/Parity on behalf of the Comptroller of the State of New York on March 8, 2018 unless postponed, as set forth in the Notices of Sale published in The Bond Buyer on March 2, 2018. The bonds will be dated the date of delivery, expected to be March 15.
A copy of the Preliminary Official Statement is available.
