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 fourth quarter of 2016.

The proposed new issuances total approximately $3.46 billion, including approximately $980 million scheduled for this month, $1.08 billion scheduled for November and $1.4 billion scheduled for December.  The anticipated new issuances in the fourth quarter compare to past planned new issuances of $6.51 billion during the third quarter of 2016, and $5.68 billion during the fourth quarter of 2015. 

The State Comptroller’s office 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 their borrowing programs. 

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

• Dormitory Authority of the State of New York – bond sales totaling up to $192 million in fixed rate tax-exempt and taxable bonds for the month of October and bond sales of up to $66 million in fixed tax-exempt and taxable bonds as well as variable rate tax-exempt bonds for the month of November.
• Empire State Development – a bond sale of up to $1.4 billion in fixed rate tax-exempt and taxable bonds for the month of December.
• Long Island Power Authority – a bond sale of up to $350 million in fixed rate tax-exempt bonds for the month of October.
• New York City Housing Development Corporation – a bond sale of up to $34.7 million in fixed and variable rate tax-exempt and taxable bonds for the month of October.
• New York City Transitional Finance Authority – a bond sale of up to $800 million in fixed rate tax-exempt bonds for the month of November. 
• New York Power Authority – bond sales of up to $208 million in fixed rate tax-exempt and taxable bonds for the month of November.
• New York State Housing Finance Agency – a bond sale of up to $52.8 million in variable rate tax-exempt and taxable bonds for the month of October and a bond sale of up to $5 million in variable rate tax-exempt bonds in the month of November.
• Port Authority of New York & New Jersey – a bond sale of up to $350 million in fixed rate tax-exempt and AMT bonds (subject to the alternative minimum tax) for the month of October.

Refundings or reofferings are currently being contemplated by: New York City, the Dormitory Authority of the State of New York, the Long Island Power Authority, the Metropolitan Transportation Authority, the New York City Housing Development Corporation, the New York Power Authority, the Port Authority of New York & New Jersey, 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 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 forward calendar can be obtained at: www.osc.state.ny.us/pension/scccalendar.pdf

Questions regarding the bond offerings should be directed to the issuing entities.