DiNAPOLI ANNOUNCES SCHEDULED SALE OF $541 MILLION STATE OF NEW YORK GENERAL OBLIGATION BONDS
Competitive Offering to Feature Tax-Exempt and Taxable Bonds
State Comptroller Thomas P. DiNapoli today announced the details of the upcoming New York State General Obligation bond issue totaling $541.1 million. A competitive sale of tax-exempt and taxable bonds is scheduled for March 18. The state expects to sell $347.8 million of new money for transportation, education, and environmental purposes, and, depending on market conditions, $193.3 million to refund a portion of certain outstanding General Obligation bonds to reduce the state’s debt service costs.
The net proceeds of $377.9 million from the Series 2025A Tax-Exempt Bonds will provide new money to finance projects authorized by the following voter-approved bond acts:
Pure Waters, Environmental Quality (1972)
Environmental Quality (1986)
Clean Water/Clean Air (1996)
Rebuild and Renew New York Transportation (2005)
Smart Schools (2014)
Clean Water, Clean Air, and Green Jobs (2022)
The Series 2025A Tax-Exempt Bonds will mature over nineteen years.
The net proceeds of $8.5 million from the Series 2025B Taxable Bonds will provide new money to finance projects authorized by the following voter-approved bond acts:
Clean Water/Clean Air (1996)
Rebuild and Renew New York Transportation (2005)
Smart Schools (2014)
The Series 2025B Taxable Bonds will mature over one year.
The net proceeds of $212 million from the Series 2025C Tax-Exempt Refunding Bonds will provide monies to refund $209.1 million of outstanding New York State General Obligation Bonds. The Series 2025C Tax-Exempt Refunding Bonds will mature over fifteen years.
The bonds are expected to be awarded pursuant to electronic competitive bidding to be held via BiDCOMP on behalf of the Comptroller of the State of New York on March 18, 2025, as set forth in the Notice of Sale published in The Bond Buyer on March 11. The bonds will be dated as of the date of delivery, expected to be March 26, 2025.
The State of New York reserves its right to change, amend, or cancel this scheduled sale of General Obligation Bonds.