General Revenue Junior Indebtedness Obligations
About | Highway and Bridge Trust Fund | State Personal Income Tax |
General Revenue | General Revenue Junior Indebtedness Obligations
Report of Traffic Engineer: NYSTA T & R Report 
| Bond Sales: Current Issues | Recent Issues | Schedule of Debt: 2023 | 2022
General Revenue
Junior Indebtedness Obligations Resolution
| Moody's | S&P |
|---|---|
| A1 (Stable) uninsured | A (Stable) uninsured |
| A1 insured | AA insured |
| Series | Amount | Insurer |
|---|---|---|
| Series 2016A | $ 849,000,000 | Uninsured |
| Series 2019B | $1,689,235,000 | Assured Guaranty Municipal Corp. |
| Total: | $2,538,235,000 |
PURPOSE: The 2016A JIOs were issued on May 12, 2016 (i) to fund a portion of the cost of the Authority's New NY Bridge Project twin-span replacement of the Tappan Zee Bridge, (ii) to pay capitalized interest on the Series 2016A Junior Indebtedness Obligations, (iii) to make a deposit to the Series 2016A Subaccount of the Junior Indebtedness Debt Service Reserve Account, and (iv) to pay the Costs of Issuance of the Series 2016A Junior Indebtedness Obligations.
The 2019B JIOs were issued on October 30, 2019 (i) to refund outstanding Junior Indebtedness Obligations, (ii) to fund or reimburse approximately $75 million of costs related to the Authority’s New NY Bridge Project, (iii) to fund capitalized interest on the Series 2019B Junior Indebtedness Obligations, (iv) to purchase a Reserve Credit Facility for the Series 2019B Subaccount for the Junior Indebtedness Debt Service Reserve Account, and (v) to pay the Costs of Issuance incurred in connection with the issuance of the Series 2019B Junior Indebtedness Obligations, including the premium on the insurance policy for certain maturities of the Series 2019B Junior Indebtedness Obligations as set forth in the O.S.
SECURITY: The JIOs are special obligations of the Authority. All JIOs issued under the Junior Indebtedness Resolution are secured as to the payment of principal, premium, if any, and interest thereon by a pledge of the Revenues and certain funds and accounts established under the Junior Indebtedness Resolution, subordinate to the pledge securing Senior Bonds previously issued, outstanding and to be issued under the Authority's General Revenue Bond Resolution ("Senior Resolution").
DEBT SERVICE COVERAGE: Calendar Year 2023 net revenues of $519.2 million provided 1.46 times coverage of combined annual debt requirements of $354.7 million.