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DiNapoli announces sale of $636 million state of New York general obligation bonds

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Fri, Mar 12th 2021 11:15 am

Competitive offering to feature tax-exempt & taxable bonds

State Comptroller Thomas P. DiNapoli on Thursday announced the details of the competitive sale scheduled for March 16 of tax-exempt and taxable New York state general obligation bonds, totaling $635.9 million. The state expects to sell $181.1 million for new money transportation, education and environmental purposes, and, depending on market conditions, $454.8 million to refund a portion of certain outstanding general obligation bonds to reduce the state’s debt service costs.

The net proceeds of $125.1 million of the new money portion of the series 2021A tax-exempt bonds will finance projects authorized by the following voter-approved bond acts: Environmental Quality (1986), Clean Water/Clean Air (1996) and Smart Schools (2014). The series 2021A tax-exempt bonds will mature over 14 years.

The net proceeds of $77.5 million of the new money portion of the series 2021B taxable bonds will finance projects authorized by the following voter-approved bond acts: Environmental Quality (1986), Clean Water/Clean Air (1996), Rebuild and Renew New York Transportation (2005) and Smart Schools (2014). The net proceeds of $452.8 million of the refunding portion of the series 2021B taxable bonds will refund certain outstanding general obligation bonds. The series 2021B taxable bonds will mature over 21 years.

The bonds are expected to be awarded pursuant to electronic competitive bidding to be held via BiDCOMP on behalf of the comptroller of the state of New York on March 16, as set forth in the notice of sale published in The Bond Buyer on March 11. The bonds will be dated on the date of delivery, expected to be March 23.

Dependent on market conditions, the state of New York reserves its right to change, amend or cancel this scheduled sale of general obligation bonds.

A copy of the preliminary official statement is available.

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