Refundings Saved N.Y. State Agencies $500 Million Last Year

McDonald, Michael
April 2003
Bond Buyer;4/11/2003, Vol. 344 Issue 31613, p6
Trade Publication
New York has produced 500 million dollars in savings in 2002 by finding refunding opportunities among outstanding debt, according to Cheryl L. Ishmael, managing director of public finance at the New York State Dormitory Authority. The savings have been the result of state agencies such as the Dormitory Authority refunding outstanding bonds, lowering debt service costs, and altering bond resolutions to eliminate what ratings agencies agree are unnecessary debt-service reserve funds. The savings have come as the state confronts a fiscal crisis, with an estimated budget deficit of around12 billion dollars in fiscal 2004. In addition to the Dormitory Authority, state agencies such as the New York State Housing Finance Agency, the Empire State Development Corp., and the New York Local Government Assistance Corp. have all sold refunding bonds.


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