General Revenue Bonds and Notes
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 Bond Resolution
| Moody's | S&P |
|---|---|
| Aa3 (Stable) uninsured | A+ (Stable) uninsured |
| A1 insured | AA insured |
| Series | Amount | Insurer1 |
|---|---|---|
| Series L | $366,285,000 | Uninsured |
| Series M | $511,130,000 | Uninsured |
| Series N | $450,000,000 | Uninsured |
| Series O | $540,090,000 | Uninsured |
| Series P | $1,024,320,000 | Uninsured |
| Series Q | $520,145,000 | Uninsured |
| Total: | $3,411,970,000 | 1Portions of each series are insured, unless otherwise noted. |
PURPOSE: The Series L Bonds were issued (i) to provide funds to refund certain of the Authority's outstanding bonds and (ii) to pay the Costs of Issuance of the Series L Bonds. The Series M Bonds were issued (i) to provide funds to refund certain of the Authority's outstanding bonds and (ii) to pay the Costs of Issuance of the Series M Bonds. The Series N Bonds were issued to (i) fund a portion of the Authority’s Multi-Year Capital Program, (ii) make a deposit to the Senior Debt Service Reserve Fund, (iii) fund capitalized interest on the Series N Bonds, and (iv) pay the Costs of Issuance of the Series N Bonds. The Series O Bonds are being issued to (i) fund a portion of the Authority’s Multi-Year Capital Program, (ii) make a deposit to the Senior Debt Service Reserve Fund, (iii) fund capitalized interest on the Series O Bonds, (iv) refund certain outstanding Bonds, and (v) pay the Costs of Issuance of the Series O Bonds. The Series P Bonds were issued(i) To fund a portion of the Authority’s multi-year Capital Program, (ii) make a deposit to the Senior Debt Service Reserve Fund, (iii) fund capitalized interest on the Series P Bonds, (iv) refund certain outstanding Bonds, (v) purchase, through a voluntary tender process, certain outstanding Bonds, and (vi) pay the Costs of Issuance of the Series P Bonds. The Series Q Bonds were issued (i) To refund certain outstanding Bonds, and (ii) pay the Costs of Issuance of the Series Q Bonds.
SECURITY: The Bonds are direct and general obligations of the Authority secured by a pledge of revenues and funds established under the Resolution. The Senior Debt Service Reserve Fund Requirement is equal to the Maximum Annual Debt Service.
DEBT SERVICE COVERAGE: Calendar Year 2023 net revenues of $519.2 million provided 2.10 times coverage of annual debt service requirements of $247.5 million.