City of Ithaca
General Obligation
Public Improvement Bonds 2018

City Of Ithaca New York

Invest in Ithaca, New York to support school construction and repair, police department renovations, waterfront trails, water treatment plant improvements, and the refinancing of 2017 Notes.


Issuance characteristics
  • Refunding
  • Contains callable maturities
  • Federally tax exempt
  • General Obligation
  • Competitive sale

About this bond issuance

  • Purpose

    The 2018 Bonds are being issued for a variety of purposes including, but not limited to:

    School construction and repair, police department renovations, waterfront trails, water treatment plant improvements, and the refinancing of 2017 Notes.

  • Obligor

    City of Ithaca

  • Issuer

    City of Ithaca

  • Authority

    The Bonds are issued pursuant to the Constitution and statutes of the State including among others, the Local Finance Law and various bond resolutions between December 2012 - 2016

  • Security

    A pledge of the city's faith and credit is both a commitment to pay and a commitment of the city'srevenue generating powers to produce the funds to pay. Hence, an obligation containing a pledge of the City's "faith and credit" is secured by a promise both to pay and to use in good faith the city's general revenue powers to produce sufficient funds to pay the principal and interest of the obligation as it becomes due. That is why both words, "faith" and "credit" are used and they are not tautological. That is what the words say and this is what the courts have held they mean... So, too, although the Legislature is given the duty to restrict municipalities in order to prevent abuses in taxation, assessment, and in contracting of indebtedness, it may not constrict the City's power to levy taxes on real estate for the payment of interest on or principal of indebtedness previously contracted... While phrased in permissive language, these provisions, when read together with the requirement of the pledge and faith and credit, express a constitutional imperative: debt obligations must be paid, even if tax limits be exceeded

Ratings

Ratings

S&P

Aa2

Moody's

Fitch

Financing team

Neighborly Securities
Neighborly is a market participant on this issuance.