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All Information contained in this website is provided "as is" without warranty of any kind and, in particular, no representation or warranty, express or implied, is made or is to be inferred as to the accuracy, reliability, timeliness or completeness of any such information. The statistical and numerical information provided in this website is presented in an unaudited form. This website is to be used for informational purposes only and may not be relied upon for any other purpose. No representation is made that said statistical and numerical information is without errors or omissions which may be considered material. Under no circumstances shall the New York State Thruway Authority, their members, directors, officers, agents, employees, or counsel be liable to any person or entity for:
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This website does not purport to be comprehensive or definitive.
Report of Traffic Engineer:
New York State Thruway Traffic and Revenue Report Including a Review of the Physical Condition of the Thruway System.
Schedule of Debt:
Annual Report for New York State Thruway Authority
Bond Sales
Current Issues
Current Issues
None at this time
Recent Issues
General Revenue Junior Indebtedness Refunding Obligations, Series 2026A
Par Amount: $833,715,000
New Money Generated: N/A
Closing Date: 01/21/2026
Dated Date: 01/21/2026
First Maturity: 01/01/2027
Final Maturity: 01/01/2056
Interest Payment Dates: January 1 and July 1, commencing July 1, 2026
Call Provisions: 01/01/2036 @ 100%
TIC (True Interest Cost): 4.153906%
Purpose of Issue: (a) purchase, through a voluntary tender process, all or a portion of certain outstanding General Revenue Bonds, Series M (Federally Taxable) (the “Target Bonds”), (b) refund all or a portion of the outstanding General Revenue Junior Indebtedness Obligations, Series 2016A (the “Series 2016A Junior Indebtedness Obligations”), a portion of the Target Bonds, to the extent not purchases by the Authority pursuant to clause (a), and a portion of the General Revenue Bonds, Series M (Federally Taxable) (collectively, the “Refunded Bonds”), (c) make a deposit to the Series 2026A Subaccount (or to one or more subseries subaccounts thereof) of the Junior Indebtedness Debt Service Reserve Account, and (d) to pay costs of issuance relating to the Series 2026A Obligations.
Pricing Dates:
Retail– 01/07/2026
Institutional – 01/07/2026
Award –01/08/2026
Insured by: None
Ratings:
Moody’s = A1
S&P = A
Bookrunner: Goldman Sachs & Co. LLC
Co-Coordinating Manager: Ramirez & Co., Inc.
Co-Senior Managers:
BofA Securities
Jefferies
J. P. Morgan
Morgan Stanley
RBC Capital Markets
SDVOB Managers:
Academy Securities, Inc.
AmeriVet Securities, Inc.
Co-Managers:
Cabrera Capital Markets LLC
FHN Financial Capital Markets
Raymond James
Siebert Williams Shank & Co., LLC
Stern Brothers
Wells Fargo Securities
Co-Bond Counsel:
Hawkins Delafield & Wood LLP
Hardwick Law Firm
Underwriter’s Counsel:
Nixon Peabody LLP
Co-Financial Advisors:
Public Resources Advisory Group, Inc. (PRAG)
Acacia Financial Group, Inc.
Trustee: The Bank of New York Mellon
2025A State Personal Income Tax Revenue Bonds
Par Amount: $1,664,265,000
New Money Generated: $1,713,581,668.42
Closing Date: 07/24/2025
Dated Date: 07/24/2025
First Maturity: 03/15/2027
Final Maturity: 03/15/2053
Interest Payment Dates: March 15 and September 15, commencing March 15, 2026
Call Provisions: See Official Statement- Description of Series 2025A Bonds
TIC (True Interest Cost): 4.700194%
Purpose of Issue: (a) financing, refinancing or reimbursing all or a portion of the costs of certain programs and projects within the State, including but not limited to capital projects administered by the Department of Transportation, including the Dedicated Highway Bridge Trust Program, the Consolidated Local Street and Highway Improvement Program (CHIPS), and the NYWorks Transportation Program and (b) paying certain costs relating to the issuance of the Series 2025A Bonds.
Security: The bonds are payable from and secured by revenues in the Revenue Bond Tax Fund, subject to annual appropriation by the State Legislature. The Revenue Bond Tax Fund receives a statutory allocation of 50% of NYS personal income tax receipts.
Pricing Date:
Competitive Sale - 07/17/2025
Award – 07/17/2025
Ratings:
Moody’s = Aa1
Kroll= AAA
Co-Bond Counsel:
Nixon Peabody LLP
Bryant Rabbino LLP
Co-Financial Advisors:
Public Resources Advisory Group, Inc. (PRAG)
Acacia Financial Group, Inc.
Trustee: The Bank of New York Mellon
2025B State Personal Income Tax Revenue Bonds (Climate Bond Certified)
Par Amount: $782,185,000
New Money Generated: $764,942,266.05
Closing Date: 07/24/2025
Dated Date: 07/24/2025
First Maturity: 03/15/2053
Final Maturity: 03/15/2059
Interest Payment Dates: March 15 and September 15, commencing March 15, 2026
Call Provisions: 09/15/2035 @ 100%
TIC (True Interest Cost): 5.137934%
Purpose of Issue: (a) financing or reimbursing all or a portion of the costs of certain programs and projects within the State, including but not limited to (i) transportation projects for the Metropolitan Transportation Authority (the “MTA”) (collectively, the “Projects”) and (b) paying certain costs relating to the issuance of the Series 2025B Bonds.
Security: The bonds are payable from and secured by revenues in the Revenue Bond Tax Fund, subject to annual appropriation by the State Legislature. The Revenue Bond Tax Fund receives a statutory allocation of 50% of NYS personal income tax receipts.
Pricing Date:
Competitive Sale - 07/17/2025
Award – 07/17/2025
Ratings:
Moody’s = Aa1
Kroll= AAA
Co-Bond Counsel:
Nixon Peabody LLP
Bryant Rabbino LLP
Co-Financial Advisors:
Public Resources Advisory Group, Inc. (PRAG)
Acacia Financial Group, Inc.
Trustee: The Bank of New York Mellon
General Revenue Refunding Bonds, Series Q
Par Amount: $520,145,000.00
New Money Generated: $00.00
Closing Date: October 22, 2024
Dated Date: October 22, 2024
First Maturity: January 1, 2026
Final Maturity: January 1, 2032
Interest Payment Dates: January 1 and July 1, commencing January 1, 2025
Call Provisions: N/A
TIC (True Interest Cost): 2.697777%
Purpose of Issue: (i) To refund certain outstanding Bonds, (ii) pay the Costs of Issuance of the Series Q Bonds.
Security: Pledge of revenues as established under the Bond Resolution.
Pricing Date:
Competitive Sale- 10/08/2024
Award – 10/08/2024
Ratings:
Moody’s = Aa3/Stable
S & P = A+/Stable
Bond Purchaser: JPMorgan Securities, LLC
Par Amount: $520,145,000
Bond Maturities: 01/01/2026 – 01/01/2032
Bond Counsel: Harris Beach PLLC
Co-Bond Counsel: Bryant Rabbino
Financial Advisor: Public Resources Advisory Group
Co-Financial Advisor: Frasca & Associates LLC
Trustee: The Bank of New York
General Revenue Bonds, Series P
Par Amount: $1,024,320,000
New Money Generated: $300,000,000
Closing Date: February 15, 2024
Dated Date: February 15, 2024
First Maturity: 01/01/2025
Final Maturity: 01/01/2054
Interest Payment Dates: July 1 and January 1, commencing July 1, 2024
Call Provisions: 07/01/2034 @ 100%
TIC (True Interest Cost): 3.686754%
Purpose of Issue: (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.
Security: Pledge of revenues as established under the Bond Resolution.
Pricing Dates:
Retail– 01/29/2024
Institutional – 01/30/2024
Award –01/31/2024
Insured by: None
Ratings:
Moody’s = A1/Positive
S&P = A+/Stable
Bookrunner: J.P. Morgan
Co-Coordinating Manager: Siebert Williams Shank & Co., LLC
Co-Senior Managers:
BofA Securities
Goldman Sachs & Co. LLC
Jefferies
RBC Capital Markets
Wells Fargo Securities
SDVOB Managers:
Academy Securities, Inc.
AmeriVet Securities, Inc.
Drexel Hamilton, LLC
Co-Managers:
Barclays
Loop Capital Markets
Ramirez & Co., Inc.
Raymond James
Bond Counsel: Hawkins Delafield & Wood LLP
Underwriters’ Counsel: Harris Beach PLLC
Financial Advisor: Public Resources Advisory Group
Co-Financial Advisor: Acacia Financial Group, Inc.
Trustee: The Bank of New York Mellon
2022A State Personal Income Tax Revenue Bonds
Par Amount: $2,028,105,000
New Money Generated: $1,850,000,000
Closing Date: 07/28/2022
Dated Date: 07/28/2022
First Maturity: 03/15/2023
Final Maturity: 03/15/2052
Interest Payment Dates: March 15 and September 15, commencing September 15, 2022
Call Provisions: 03/15/2032 @ 100%
TIC (True Interest Cost): 3.942987%
Purpose of Issue: (i) financing, refinancing or reimbursing all or a portion of the costs of certain programs and projects within the State, (ii) refinancing certain State-supported debt previously issued by the Authority, (iii) repaying certain obligations relating to the PASNY’s energy efficiency program, and (iv) paying certain costs relating to the issuance of the Series 2022A Bonds.
Security: The bonds are payable from and secured by revenues in the Revenue Bond Tax Fund, subject to annual appropriation by the State Legislature. The Revenue Bond Tax Fund receives a statutory allocation of 50% of NYS personal income tax receipts.
Pricing Date:
07/13/2022
Award – 07/13/2022
Ratings:
S&P = AA+
Fitch= AA+
Co-Bond Counsel:
Nixon Peabody
D. Seaton and Associates, P.A., P.C.
Co-Financial Advisors:
Public Resources Advisory Group, Inc. (PRAG)
Backstrom McCarley Berry & Co., LLC
Trustee: The Bank of New York Mellon
2022B State Personal Income Tax Revenue Bonds
Par Amount: $141,800,000
New Money Generated: $0.00
Closing Date: 07/28/2022
Dated Date: 07/28/2022
First Maturity: 03/15/2024
Final Maturity: 03/15/2028
Interest Payment Dates: March 15 and September 15, commencing September 15, 2022
Call Provisions: 03/15/2032 @ 100%
TIC (True Interest Cost): 3.664625%
Purpose of Issue: (i) repaying certain obligations relating to the PASNY's energy efficiency program, and (ii) paying certain costs relating to the issuance of the series 2022B bonds.
Security: The bonds are payable from and secured by revenues in the Revenue Bond Tax Fund, subject to annual appropriation by the State Legislature. The Revenue Bond Tax Fund receives a statutory allocation of 50% of NYS personal income tax receipts.
Pricing Date:
07/13/2022
Award – 07/13/2022
Ratings:
S&P = AA+
Fitch= AA+
Co-Bond Counsel:
Nixon Peabody
D. Seaton and Associates, P.A., P.C.
Co-Financial Advisors:
Public Resources Advisory Group, Inc. (PRAG)
Backstrom McCarley Berry & Co., LLC
Trustee: The Bank of New York Mellon
2022C State Personal Income Tax Revenue Green Bonds (Climate Bond Certified)
Par Amount: $732,305,000.00
New Money Generated: $750,000,000.00
Closing Date: 07/28/2022
Dated Date: 07/28/2022
First Maturity: 03/15/2052
Final Maturity: 03/15/2057
Interest Payment Dates: March 15 and September 15, commencing September 15, 2022
Call Provisions: 03/15/2032 @ 100%
TIC (True Interest Cost): 4.446505%
Purpose of Issue: (i) To finance, refinance or reimburse all or a portion of the costs of transportation projects for the Metropolitan Transportation Authority, and (ii) pay certain costs relating to the issuance of the Series 2022C Bonds.
Security: The bonds are payable from and secured by revenues in the Revenue Bond Tax Fund, subject to annual appropriation by the State Legislature. The Revenue Bond Tax Fund receives a statutory allocation of 50% of NYS personal income tax receipts.
Pricing Date:
07/21/2022
Award – 07/21/2022
Ratings:
S&P = AA+
Fitch= AA+
Co-Bond Counsel:
Nixon Peabody
D. Seaton and Associates, P.A., P.C
Co-Financial Advisors:
Public Resources Advisory Group, Inc. (PRAG)
Backstrom McCarley Berry & Co., LLC
Trustee: The Bank of New York Mellon
General Revenue Bonds, Series O
Par Amount: $549,480,000
New Money Generated: $450,000,000
Closing Date: October 7, 2021
Dated Date: October 7, 2021
First Maturity: 01/01/2023
Final Maturity: 01/01/2051
Interest Payment Dates: July 1 and January 1, commencing January 1, 2022
Call Provisions: 07/01/2031 @ 100%
TIC (True Interest Cost): 2.749486%
Purpose of Issue: (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 O Bonds, (iv) refund certain outstanding bonds, and (v) pay the Costs of Issuance of the Series O Bonds.
Security: Pledge of revenues as established under the Bond Resolution.
Pricing Dates:
Competitive Sale – 09/23/2021
Award – 09/23/2021
Insured by: None
Ratings:
Moody’s = A1
S&P = A
Group 1 Bond Purchaser: Barclays Capital Inc.
Par Amount: $261,985,000
Bond Maturities: 01/01/2023 – 01/01/2041
Group 2 Bond Purchaser: JPMorgan Securities, LLC
Par Amount: $290,065,000
Bond Maturities: 01/01/2042 – 01/01/2051
Bond Counsel: Harris Beach PLLC
Co-Financial Advisor: Public Resources Advisory Group and Acacia Financial Group, Inc.
Trustee: The Bank of New York Mellon
2021A State Personal Income Tax Revenue Bonds (Transportation)
Par Amount: $1,954,570,000
New Money Generated: $2,000,000,000
Closing Date: 07/28/2021
Dated Date: 07/28/2021
First Maturity: 03/15/2023
Final Maturity: 03/15/2059
Interest Payment Dates: March 15 and September 15, commencing March 15, 2022
Call Provisions: 03/15/2031 @ 100%
TIC (True Interest Cost): 2.625416%
Purpose of Issue: (i)(A)To make grants to reimburse municipalities and other project sponsors throughout the State for qualifying capital expenditures for highway, bridge, and multi-modal projects in furtherance of established State aid programs, and (B) to finance or reimburse all or a portion of the costs of capital projects for transportation initiatives and certain projects related to the Metropolitan Transportation Authority, and (ii) to refund certain State Personal Income Tax Revenue Bonds previously issued by the Authority, and to pay certain costs relating to the issuance of the Series 2021A Bonds. The proceeds also may be used to finance other transportation projects as permitted under the program legislation and State Transportation Revenue Bond Resolution.
Security: The bonds are payable from and secured by revenues in the Revenue Bond Tax Fund, subject to annual appropriation by the State Legislature. The Revenue Bond Tax Fund receives a statutory allocation of 50% of NYS personal income tax receipts.
Pricing Date:
07/20/2021
Award – 07/20/2021
Ratings:
S&P = AA+
Fitch= AA+
Co-Bond Counsel:
Harris Beach PLLC
Hardwick Law Firm, LLC
Co-Financial Advisors:
Public Resources Advisory Group, Inc. (PRAG)
Acacia Financial Group, Inc.
Trustee: The Bank of New York Mellon
General Revenue Bonds, Series N
Par Amount: $450,000,000
New Money Generated: $450,000,000
Closing Date: March 5, 2020
Dated Date: March 5, 2020
First Maturity: 01/01/2033
Final Maturity: 01/01/2050
Interest Payment Dates: July 1 and January 1, commencing July 1, 2020
Call Provisions: 01/01/2030 @ 100%
TIC (True Interest Cost): 2.837811%
Purpose of Issue: To fund a portion of the Authority’s Multi-Year Capital Program, make a deposit to the Senior Debt Service Reserve Fund, fund capitalized interest on the Series N Bonds, and pay the Costs of Issuance of the Series N Bonds.
Security: Pledge of revenues as established under the Bond Resolution.
Pricing Dates:
Competitive Sale – 02/20/2020
Award – 02/20/2020
Insured by: None
Ratings:
Moody’s = A1/Stable
S&P = A/Stable
Group 1 Bond Purchaser: BofA Securities
Par Amount: $157,820,000
Bond Maturities: 01/01/2033 – 01/01/2040
Group 2 Bond Purchaser: JPMorgan Securities LLC
Par Amount: $292,180,000
Bond Maturities: 01/01/2041 – 01/01/2050
Bond Counsel: Harris Beach PLLC
Co-Financial Advisor: Public Resource Advisory Group and Acacia Financial Group, Inc.
Trustee: The Bank of New York Mellon
General Revenue Junior Indebtedness Obligations, Series 2019B
Par Amount: $1,693,245,000.00
New Money Generated: $75,000.00
Closing Date: October 30, 2019
Dated Date: October 30, 2019
First Maturity: 01/01/2021
Final Maturity: 01/01/2053
Interest Payment Dates: January 1 and July 1, commencing July 1, 2020
Call Provisions: 01/01/2030 @100%
TIC (True Interest Cost): 3.254181%
Purpose of Issue: (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: Pledge of revenues and certain funds and accounts established under the Junior Indebtedness Resolution.
Insured by: Assured Guaranty Municipal Corp.
Pricing Dates:
Retail – 10/16/19
Institutional – 10/17/19
Award – 10/17/19
Ratings:
Moody's = A2/Stable
S&P = A- /Stable
Book-runner: Goldman Sachs & Co. LLC
Co-Coordinating Manager: Siebert Cisneros Shank & Co., LLC
Co-Senior Managers:
Citigroup
Morgan Stanley
RBC Capital Markets
J.P. Morgan
Barclays
Co-Managers:
Bank of America
Loop Capital Markets
Jefferies
Raymond James & Associates
Oppenheimer & Co.
Roosevelt & Cross, Inc.
Bond Counsel: Hawkins Delafield & Wood LLP
Underwriters' Counsel: Hawkins Delafield & Wood LLP
Financial Advisor: Public Resources Advisory Group
Trustee: The Bank of New York Mellon
General Revenue Bonds, Series M
Par Amount: $857,625,000.00
New Money Generated: $0
Closing Date: October 30, 2019
Dated Date: October 30, 2019
First Maturity: 01/01/2024
Final Maturity: 01/01/2042
Interest Payment Dates: July 1 and January 1, commencing July 1, 2020
Call Provisions: See Official Statement – Description of Series M Bonds
TIC (True Interest Cost): 3.199855%
Purpose of Issue: To provide funds to refund certain of the Authority's outstanding bonds, and to pay the Costs of Issuance of the Series M Bonds.
Security: Pledge of revenues as established under the Bond Resolution.
Pricing Dates:
Retail – 10/16/19
Institutional – 10/17/19
Award – 10/17/19
Insured by: None
Ratings:
Moody’s = A1/Stable
S&P = A/Stable
Bookrunner: Citigroup
Co-Coordinating Manager: Loop Capital Markets
Co-Senior Managers:
Bank of America
Goldman Sachs
Morgan Stanley & Company, Inc.
SDVOB Managers:
Academy Securities, Inc.
Drexel Hamilton, LLC
Co-Managers:
BNY Mellon
Cabrera Capital Markets, LLC
Raymond James & Associates
Ramirez and Co., Inc.
Bond Counsel: Hawkins Delafield & Wood L.L.P.
Underwriters' Counsel: Harris Beach PLLC
Financial Advisor: Public Resource Advisory Group
Co-Financial Advisor: Acacia Financial Group, Inc.
Trustee: The Bank of New York Mellon
General Revenue Refunding Bonds, Series L
Par Amount: $596,220,000
New Money Generated: $0
Closing Date: March 8, 2018
Dated Date: March 8, 2018
First Maturity: 01/01/2019
Final Maturity: 01/01/2037
Interest Payment Dates: July 1 and January 1, commencing July 1, 2018
Call Provisions: 01/01/2028 @ 100%
TIC (True Interest Cost): 3.1950%
Purpose of Issue: To provide funds to refund the Authority's General Revenue Bonds, Series H and to pay the Costs of Issuance of the Series L Bonds.
Security: Pledge of revenues as established under the Bond Resolution.
Pricing Dates:
Retail – 02/28/18
Institutional – 03/01/18
Award – 03/02/18
Insured by: None
Ratings (Moody's & S&P):
A2/A (uninsured)
Bookrunner: RBC Capital Markets
Co-Coordinating Manager: Ramirez & Co., Inc.
Co-Senior Managers:
Morgan Stanley
Siebert Cisneros Shank & Co, LLC
SDVOB Managers:
Academy Securities
Drexel Hamilton, LLC
Co-Managers:
Oppenheimer & Co.
Roosevelt & Cross Incorporated
Stifel
The Williams Capital Group
Bond Counsel: Hawkins Delafield & Wood L.L.P.
Underwriters' Counsel: Harris Beach PLLC
Financial Advisor: Public Resources Advisory Group
Co-Financial Advisor: Acacia Financial Group, Inc.
Trustee: The Bank of New York Mellon
General Revenue Junior Indebtedness Obligations, Series 2016A
Par Amount: $850,000,000
New Money Generated: $857,884,728.34
Closing Date: May 12, 2016
Dated Date: May 12, 2016
First Maturity: 01/01/2021
Final Maturity: 01/01/2056
Interest Payment Dates: January 1 and July 1, commencing January 1, 2017
Call Provisions: 01/01/2026 @ 100%
TIC (True Interest Cost): 3.9382%
Purpose of Issue: (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.
Security: Pledge of revenues, on a subordinate basis, and certain funds and accounts established under the Junior Indebtedness Resolution.
Pricing Dates:
Retail – 05/04/16
Institutional – 05/04/16
Award – 05/05/16
Ratings:
Moody's = A3 (Stable)
S&P = A- (Stable)
Book-runner: Citigroup
Co-Coordinating Manager: Siebert Brandford Shank & Co., LLC
Co-Senior Managers:
BofA Merrill Lynch
Morgan Stanley
Ramirez & Co., Inc.
Co-Managers:
Fidelity Capital Markets
Goldman, Sachs & Co.
Janney Montgomery Scott
RBC Capital Markets
Roosevelt & Cross, Incorporated
Wells Fargo Securities
Bond Counsel: Harris Beach PLLC
Underwriters' Counsel: Hawkins Delafield & Wood LLP
Financial Advisor: Public Resources Advisory Group
Trustee: The Bank of New York Mellon
General Revenue Bonds and Notes
Ratings:
- Moody's
- Aa3 (Stable) uninsured
- A1 insured
- S&P
- A+ (Stable) uninsured
- AA insured
| Series | Amount | Insurer |
|---|---|---|
| Series L | $308,025,000 | Uninsured |
| Series M | $207,765,000 | Uninsured |
| Series N | $450,000,000 | Uninsured |
| Series O | $540,090,000 | Uninsured |
| Series P | $891,835,000 | Uninsured |
| Series Q | $497,390,000 | Uninsured |
|
Total: |
$2,895,105,000 |
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.
General Revenue Junior Indebtedness Obligations
Ratings:
- Moody's
- A1 (Stable) uninsured
- A1 insured
- S&P
- A (Stable) uninsured
- AA insured
| Series | Amount | Insurer |
|---|---|---|
| Series 2016A | $150,000,000 | Uninsured |
| Series 2019B | $1,686,650,000 | Assured Guaranty Municipal Corp. |
| Series 2026A | $833,715,000 | Uninsured |
|
Total: |
$2,670,365,000 |
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.
The 2026A Junior Indebtedness Obligations were issued to (a) purchase, through a voluntary tender process, all or a portion of certain outstanding General Revenue Bonds, Series M (Federally Taxable) (the “Target Bonds”), (b) refund all or a portion of the outstanding General Revenue Junior Indebtedness Obligations, Series 2016A (the “Series 2016A Junior Indebtedness Obligations”), a portion of the Target Bonds, to the extent not purchases by the Authority pursuant to clause (a), and a portion of the General Revenue Bonds, Series M (Federally Taxable) (collectively, the “Refunded Bonds”), (c) make a deposit to the Series 2026A Subaccount (or to one or more subseries subaccounts thereof) of the Junior Indebtedness Debt Service Reserve Account, and (d) to pay costs of issuance relating to the Series 2026A Obligations.
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.
State Personal Income Tax Revenue Bonds
Ratings:
- S&P
- AA+ uninsured
- FITCH
- AA+ uninsured
- KBRA
- AAA uninsured
| Series | Amount | Insurer* |
|---|---|---|
| 2021A | $1,800,085,000 | Uninsured |
| 2022A | $1,924,840,000 | Uninsured |
| 2022C | $732,305,000 | Uninsured |
| 2025A | $1,664,265,000 | Uninsured |
| 2025B | $782,185,000 | Uninsured |
|
Total: |
$6,903,680,000 |
. |
PURPOSE: State Personal Income Tax Revenue Bonds finance various State-supported capital programs, including funds to municipalities and other project sponsors throughout the State for highway, bridge and multi-modal capital projects pursuant to established State programs.
SECURITY: State Personal Income Tax Revenue Bonds are authorized to be issued by the New York State Thruway Authority and four other Authorized Issuers (New York State Urban Development Corporation, the Dormitory Authority of the State of New York, the New York State Environmental Facilities Corporation, and the New York State Housing Finance Agency) to finance various State-supported capital programs.
The Bonds are secured by Financing Agreement Payments (FAPs) made to the New York State Thruway Authority from the deposit of 50% of New York State Personal Income Tax Receipts, 50% of New York State Employer Compensation Expense Program Receipts and 50% of New York State Pass-Through Entity Tax Receipts to the Revenue Bond Tax Fund (RBTF). Amounts deposited to the RBTF in excess of required FAPs are transferred back to the General Fund. Effective April 1, 2021, pursuant to legislative changes, the sources of payment of the State Personal Income Tax Revenue Bonds and the statutory allocation of tax revenues payable to the Revenue Bond Tax Fund were changed to add, as a new source of payment, 50 percent of receipts (the “New York State PTET Receipts”) from the New York State Pass-Through Entity Tax Program (the “PTET”). These changes were made as part of the State’s continuing response to Federal tax law changes.
If, at any time, the amounts deposited to the RBTF are insufficient to make all appropriated FAPs, the State Comptroller is statutorily required (without further appropriation) to immediately transfer sufficient amounts from the General Fund to the RBTF to satisfy the FAPs. In the event that the Legislature fails to appropriate all amounts required to make FAPs to all Authorized Issuers or if such appropriations have been made and FAPs have not been made when due on any State Personal Income Tax Revenue Bonds, New York State Personal Income Tax Receipts, New York State Employer Compensation Expense Program Receipts, and New York State Pass-Through Entity Tax Receipts are required to continue to be deposited to the RBTF until an amount equal to the greater of the aggregate of 40% (previously 25%) of New York State Personal Income Tax Receipts, New York State Employer Compensation Expense Program Receipts, New York State Pass-Through Entity Tax Receipts, or $12 billion (previously $6 billion) has been deposited to the RBTF. Other than to make appropriated FAPs (except, if necessary, for payment to State General Obligation bondholders), no payments may be made from the RBTF until all required appropriations and all required FAPs have been made.
All State Personal Income Tax Revenue Bonds issued by the Authorized Issuers are on a parity with each other as to payment from the RBTF. All FAPs are subject to annual appropriation.
| New York State Fiscal Year | Personal Income Tax Receipts | Revenue Bond Tax Fund Receipts |
|---|---|---|
| 2016-17 | 47,565,878,296 | 11,891,469,574 |
| 2017-18 | 51,501,337,750 | 12,875,334,437 |
| 2018-19 | 48,087,336,735 | 24,043,694,700* |
| 2019-20 | 53,659,401,043 | 26,830,697,072* |
| 2020-21 | 54,966,669,672 | 27,484,948,269* |
| 2021-22 | 70,737,000,000 | 43,590,000,000* |
| 2022-23 | 58,776,000,000 | 36,863,000,000* |
| 2023-24 | 53,840,000,000 | 33,904,000,000* |
| 2024-25 | 61,201,000,000 | 39,499,000,000* |
| 2025-26 (est.) | 61,531,000,000 | 38,465,000,000* |
Source: NYS Division of the Budget enacted financial plan dated May 2024. For more up-to-date information, please contact the NYS Division of the Budget.
*Reflects increased deposits to the Revenue Bond Tax Fund, resulting from FY 2019 Enacted Budget Legislation.
Highway and Bridge Trust Fund Bonds
First General Resolution Trust Fund Bonds (as of 4/01/12) – There are no longer any First Resolution Bonds outstanding.
Second General Resolution Trust Fund Bonds (as of 4/01/25) - There are no longer any Second Resolution Bonds outstanding.
FUTURE BOND ISSUANCES: New York State currently has no plans to issue additional Trust Fund Bonds.