New York City Transitional Finance
Authority Future Tax Secured
Subordinate Bonds Fiscal 2019 Series A

New York City Transitional Finance Authority

Invest in New York City! Every day, New York City makes capital investments in its parks, bridges, roads and schools, so that New York continues to be a great place to live, work and visit. Proceeds from TFA's 2019 Series A Bonds will be used to finance New York City's capital plan. See Preliminary Official Statement in Documents tab for further information.


Issuance characteristics
  • Contains callable maturities
  • Federally tax exempt
  • Revenue
  • Negotiated sale

About this bond issuance

  • Purpose

    Proceeds of the Fiscal 2019 Subseries A-1 Tax-Exempt Bonds will be used to finance New York City's capital plan and pay for certain expenses incurred with the issuance.

  • Obligor

    New York City Transitional Finance Authority ("TFA"). The TFA is a public benefit corporation whose primary purpose is to finance a portion of New York City's capital improvement plan.

  • Issuer

    New York City Transitional Finance Authority ("TFA"). The TFA is a public benefit corporation whose primary purpose is to finance a portion of New York City's capital improvement plan.

  • Authority

    TFA is a corporate governmental agency constituting a public benefit corporation and an instrumentality of the State of New York created by the New York City Transitional Finance Authority Act in 1997. TFA provides a method of financing New York City's vital capital construction program outside of the constraints of the debt limit imposed on the City by the State of New York's constitution.

  • Security

    • Fiscal 2019 Subseries A-1 Tax-Exempt Bonds are not a debt of the State or The City of New York and are not payable out of any funds other than those of TFA.
    • Fiscal 2019 Subseries A-1 Tax-Exempt Bonds will be issued as Parity Debt, subordinate to Senior Debt Service and operating expenses of TFA. The Bonds will be issued on parity with TFA's Recovery Obligations and other Subordinate Bonds issued on parity with Recovery Obligations.
    • Fiscal 2019 Subseries A-1 Tax-Exempt Bonds are payable from Personal Income Tax Revenues and Sales Tax Revenues, which are not funds of New York City. Personal Income Tax Revenues are projected to be approximately $13.4 billion, $12.4 billion, $13.0 billion, $13.4 billion and $13.8 billion in Fiscal Years 2018 through 2022, respectively. Sales Tax Revenues are projected to be approximately $7.4 billion, $7.8 billion, $8.2 billion, $8.5 billion, and $8.8 billion in Fiscal Years 2018 through 2022 respectively.
    • TFA is not authorized by State law to file a petition in bankruptcy pursuant to Title 11 of the United States Code.

  • Trustee

    The Bank of New York Mellon, New York, New York

  • Special attributes

    Fiscal 2019 Subseries A-1 Tax-Exempt Bonds are being issued as multi-modal bonds in the fixed rate mode. The TFA may cause a mandatory tender on or after August 1, 2028. The Bonds will remain in the fixed rate mode at least until the call date. See Preliminary Official Statement in Documents tab for further information.

  • Sale conditions

    Retail Order Definition: THE AUTHORITY DEFINES RETAIL ORDERS AS "GOING AWAY" ORDERS PLACED FOR INDIVIDUALS, BANK TRUSTS AND INVESTMENT ADVISORS FOR WHICH AN INDIVIDUAL CUSTOMER IS ALREADY CONDITIONALLY COMMITTED. RETAIL ORDERS WILL BE RECOGNIZED IN THE AMOUNT OF UP TO $1 MILLION, UNLESS OTHERWISE APPROVED BY THE AUTHORITY. ANY ORDER SUBMITTED ON BEHALF OF MULTIPLE ACCOUNTS THAT IN AGGREGATE TOTALS $1 MILLION OR MORE MUST IDENTIFY THE SPECIFIC INDIVIDUALS FOR WHOM THE ORDER IS BEING PLACED BY EITHER PROVIDING THE INDIVIDUAL'S ZIP CODE OR ACCOUNT NUMBER, AND THE DOLLAR AMOUNT OF THAT INDIVIDUAL'S ORDER, AT THE TIME OF ENTERING THE ORDER. ORDERS SUBMITTED ON BEHALF OF MULTIPLE ACCOUNTS FOR WHICH THIS INFORMATION IS NOT MADE AVAILABLE WILL BE DECLINED BUT MAY BE RESUBMITTED AS NET DESIGNATED ORDERS DURING THE INSTITUTIONAL ORDER PERIOD.

  • Optional redemption

    Fiscal 2019 Subseries A-1 Tax-Exempt Bonds maturing after August 1, 2028* are subject to optional redemption at par or mandatory tender at par at the option of TFA prior to their stated maturity dates, in whole or in part, on any date on or after August 1, 2028*. See Preliminary Official Statement in Documents tab for further information.

About the issuer

Contact information

Ratings

Ratings

AAA

S&P

Aa1

Moody's

AAA

Fitch

Financing team

Neighborly Securities
Neighborly is a selling group member on this issuance.
Municipal Advisors
Bond Counsel