About this bond issuance
The proceeds of the Reoffered Bonds, when originally issued, were used for City capital expenditures. Certain expenses of the Authority incurred in connection with the reoffering and sale of the Reoffered Bonds will be paid from the proceeds of the Reoffered Bonds.
IssuerOften the obligor. However, sometimes issuers partner with an authorized conduit financing non-profit within their state or city to issue the bonds.
The New York City Transitional Finance Authority (the "Authority") is a corporate governmental agency constituting a public benefit corporation and an instrumentality of the State of New York (the "State") created by the New York City Transitional Finance Authority Act (as amended, the "Act").
SecurityThe security section is a breakdown of the funds an issuer is planning to use to repay its investors. This repayment can come from a variety of sources, including local taxes.
The Bonds will be Subordinate Bonds of the Authority, as more fully described, with other terms of the Bonds, in the Preliminary Reoffering Circular.
TrusteeThe trustee is a third-party, often a large bank or financial institution, responsible for all payment flows between an issuer and an investor. This trustee is in charge of processing coupon payments.
The Bank of New York Mellon, New York, New York, acts as the Authority's trustee.
The interest rate on the Reoffered Bonds is being converted from adjustable rates to fixed rates to maturity. The Reoffered Bonds will bear interest at the rates and will mature on the dates as set forth on the inside cover page of this Reoffering Circular unless redeemed prior to maturity if subject to redemption.