New York City Future Tax Secured
Subordinate Bonds Fiscal 2019 B-1, 1999
A-2, 2007 A-2

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 it continues to be a great place to live, work and visit. Proceeds from 2019 Series B-1 Bonds will be used to finance the City's capital plan; proceeds from 1999 Series A-2 & 2007 Series A-3 will convert variable bonds to fixed rate.


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

About this bond issuance

  • Purpose

    2019 Series B, Subseries B-1: Proceeds of the 2019 Series B-1 Bonds will be used to finance the City's capital finance plan and pay for certain costs of issuance.

    1999 Series A, Subseries A-2 & 2007 Series A, Subseries A-3: Proceeds of the 1999 Series A-2 and 2007 Series A-3 Bonds will be used to convert multi-modal bonds to fixed rate mode and pay for certain costs of issuance. See Preliminary Reoffering Circular in Documents tab for further information.

  • Obligor

    New York City Transitional Finance Authority ("TFA").

  • Issuer

    New York City Transitional Finance Authority ("TFA").  

  • 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 Series B-1, Fiscal 1999 Series A-2 & Fiscal 2007 Series A-3 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 Series B-1, Fiscal 1999 Series A-2 & Fiscal 2007 Series A-3 Bonds are to be issued as Parity Debt. Interest on and principal of the Bonds are payable from Tax Revenues, subordinate to payment of Senior Debt Service, including principal and interest on Senior Bonds Outstanding and to be issued and operating expenses of the Authority
    • The Bonds will be issued on parity with TFA's Recovery Obligations and other Subordinate Bonds issued on parity with Recovery Obligations.
    • There are no significant assets or sources of funds available to pay the Bonds other than the Tax Revenues. The Bonds will not be guaranteed by the City or the State. Consequently, the holders of the Bonds must rely for repayment solely upon collection of the Tax Revenues and certain accounts held by the Trustee pursuant to the Indenture  
    • 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 B-1 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

  • Retail Order Period

    Tuesday, September 4, 2018 and Wednesday, September 5, 2018

About the issuer

Contact information

Ratings

Expected ratings

AAA

S&P

Aa1

Moody's

AAA

Fitch

Financing team

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