New York City Seeks Savings With Unique, $496M Taxable Deal

McDonald, Michael
November 2004
Bond Buyer;11/16/2004, Vol. 350 Issue 32011, p3
Trade Publication
The article reports that $496.2 million worth of taxable bonds will be sold by the New York City's Fiscal Year 2005 Securitization Corp. The deal will pay off advance refunding bonds the city sold in 1991 and is secured with U.S. government or U.S. government-guaranteed securities. The corporation's bonds, which are expected to be triple-A rated, will refinance general obligation bonds the city sold in fiscal year 1992 that advance refunded bonds it had sold between 1985 and 1991. The city's Municipal Water Finance Authority is also expected in the market in the next week.


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