Buffalo, N.Y., Awaits State Approval for $180M School Bond Deal

McDonald, Michael
June 2003
Bond Buyer;6/25/2003, Vol. 344 Issue 31664, p3
Trade Publication
New York officials are expecting the New York State Education Department to put its stamp of approval on a $180 million school bond deal, permitting the long-anticipated deal, which is part of a $1 billion citywide program, to proceed this summer and close as soon as next month. The deal comes as the city waits for the state to create the Buffalo Fiscal Stability Authority, which will oversee Buffalo's finances and bond sales and has forced the short-term delay of an upcoming revenue anticipation note sale. However, the authority, approved by the Legislature on Friday, will not have jurisdiction over the $1 billion school renovation and construction program. Buffalo officials are also waiting for the education department to indicate the level and schedule of funding for the first $180 million in school projects.


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