NYC-WTC_000195490

NYC 9/11 Public Portal Document

2001-2005 CAPITAL FUNDING PROGRAM (In Millions)

2001 2002 2003 2004 2005 Total SOURCES OF FUNDS: City General Obligation Bonds $2,984 $2,025 $1,785 $2,535 $4,230 $13,559 Transitional Finance Authority Bonds 1,030 1,350 1,500 1,147 0 5,027 TSASCBondsW ......... . 20 695 695 630 0 2,040 Water Authority Blonds ........... ....... 950 1,366 1,8,16 2,007 1,919 8,058 DASNY and Other Conduit Debt ... 633 1,722 396 290 388 3,429 Other Sources 1'’/ ..., ............... . 156 50 ___ 96 84 Tbtal ............ i .1.... .......... . . ; $5,773 $5,863 $6,242 $6,705 $6,621 $31,204 USES OF FUNDS; J/' City Capital Improvements ....... $4,407 $5,484 $5,899 $6,3$5 $6,365 $28,540 City General Obligation Refinancing . 1,139 0 ' 0 0 0 1,139 Water Authority Refunding ....... . 69 0 0 0 0 69 Reserve Funds and Other W ........ ____158 379 343 256 1,456 Tbtal ......... .....'................. $5,773 $5,863 $6,242 $6,705 $6,621 $31,204 (!) The City has issued $2,379 billion of general obligation bonds during fiscal year 290}, of which $}.} 39 billion was for refunding 11 purposes. The City expects to issue the remaining $600 million in May 2001. (2) Transitional Finance Authority Bonds excludes bonds issued to defease bond anticipation notes and includes bond anticipation notes and capitalized interest thereon. (3) TSASC Bonds includes a $150 million loan pursuant to the Transportation Infrastructure Finance and Innovation Act ("TIFIA"). estimated to be drawn down by $20 million in fiscal year 2001 and $65 million in each of the fiscal years 2002 and 2003. The .size offuture TSASC bond issues will be approximately $630 million each in fiscal years 2002, 2003, and 2004. The City expects to derive net proceeds of approximately $2,4 billion from TSASCfor capital purposes, including the $604 million ofproceeds from the November 1999 TSASCfinancing and the $150 million T/FIA loan. y (4) Waler Authority Bonds includes commercial paper and certain revenue bortds issued to date and expected to be issued for the water and sewer system’s capital program, and includes reserve amounts. Figures do not include bonds that defease commercial paper. (5) DASNY and other conduit debt includes DASNYfinancing Of the City court capital program, three HHC projects. Jay Street Development Corp financing of the 330 Jay Street project, New York City Industrial Development Agency financing of the New York Stock Exchange project, and other conduit financings. The amounts reflected in fiscal years 2001 through 2005 include a total allocation for reserve funds and other costs of issuance during the period of $486 million. (6) Other Sources includes changes in restricted cash balances, and federal and state grants. (7) City Capital Improvements include capital cash expenditures for various City agencies, including the Department of Environmental firotection, the Ciiyt's court capital program, Lincoln Center capital improvement, and three projects in HHC’s hospital reconstruction program. (8) Reserve Funds and,Other comprises amounts necessary tofund certain reserves, certain costs of issuance of securities, and allocationfor original issue discounts, capitalized interest, and other uses in connection with the issuance of City, Water Authority, TSASC, and DASNY bonds.

Transitional Finance Authority

Iii June 2000, the TFA received an additional $4 billion of bonding capacity, increasing its overall authorization to $11.5 billion. In addition, the State legislature increased the TFA and the City variable rate bond limits to 20% of their respective debt capacities, or $6.1 billion for GO and $2.3 billion for TFA, doubling the existing variable rate capacity.

The TEA’S well-established credit structure and market acceptance continue to provide the least costly source I- of capital financing for the City. For the twelve TFA bond financings (totaling $7.5 billion) issued to date, the average interest rates were approximately 10 basis points lower than those for the City GO bonds with comparable maturities.

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