New York State Comptroller Thomas P. DiNapoli today announced a tentative schedule for the planned sale of obligations for the state, New York City, and their major public authorities during the first quarter of 2015.

The proposed new issuances total approximately $2.44 billion, including approximately $1.65 billion scheduled for this month, $551 million for February and $239.5 million for March. The first quarter of anticipated new issuances compares to past planned new issuances of approximately $6.71 billion during the fourth quarter of 2014 and $3.93 billion during the first quarter of 2014.

The State Comptroller chairs 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 its borrowing programs.

The first quarter new money borrowings are expected to include the following:

• Dormitory Authority of the State of New York – a bond sale of up to $13.5 million of fixed rate tax-exempt and taxable bonds for the month of January.
• Long Island Power Authority – a commercial paper sale of up to $325 million in variable rate tax-exempt debt for the month of January.
• Metropolitan Transportation Authority – bond sales of up to $500 million in fixed and variable rate tax-exempt bonds for the month of January.
• New York City Transitional Finance Authority – a bond sale of up to $750 million in fixed rate tax-exempt bonds for the month of January.
• New York State Housing Finance Authority – a bond sale of up to approximately $65 million in variable rate tax-exempt bonds for the month of January; bond sales of up to approximately $551.2 million in variable rate tax-exempt and taxable bonds for the month of February; and bond sales of up to approximately $239.5 million in variable rate tax-exempt bonds for the month of March.

Refundings or reofferings are currently being contemplated by: the Dormitory Authority of the State of New York, the New York City Municipal Water Finance Authority, the Long Island Power Authority and the Triborough Bridge & 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 Securities Coordinating 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 State Comptroller's Office.

The full forward calendar can be obtained at: www.osc.state.ny.us/pension/scccalendar.pdf.