General Revenue Bonds and Notes
|A2 (Stable) uninsured||A (Stable) uninsured (includes portion insured by FGIC, Ambac and MBIA)|
|A2 (Stable) insured||AA- insured (Assured Guaranty Municipal - formerly FSA)|
|Series F||$ 490,680,000||Ambac|
|Series G||735,605,000||Assured Guaranty Municipal - formerly FSA|
|Series H||870,140,000||MBIA, FGIC|
|Total:||$3,218,985,000||1Portions of each series are insured, unless otherwise noted.|
BOND ANTICIPATION NOTES:
|Not Rated||Not Rated|
|Series 2013B BANS||$ 700,000,000||None|
PURPOSE: The Series F bonds were issued to pay at maturity the CP-1 Notes, to refund portions of the outstanding bonds and fund a portion of the Authority's Capital Construction Program. The Series G Bonds were issued to pay at maturity the 2004A BANs, the CP-2 Notes and to provide $200 million for the Authority's Capital Construction Program. The Series H bonds were issued to refund portions of the outstanding Series E bonds and fund a portion of the Authority's Capital Construction Program. The Series I Bonds were issued (i) to fund a portion of the cost of the Authority's 2012-2015 Multi-Year Capital Program, (ii) to provide funds to pay the principal and interest at maturity of the Authority's General Revenue Bond Anticipation Notes, Series 2011A, (iii) to make a deposit to the Senior Debt Service Reserve Fund, and (iv) to pay the Costs of Issuance of the Series I Bonds. The Series 2013B BANs were issued (i) To redeem the Authority's outstanding Series 2013A Bond Anticipation Notes, (ii) to pay for ongoing costs of the New NY Bridge (replacing the original Tappan Zee Bridge), and (iii) to pay the Costs of Issuance of the Series 2013B Notes.
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. The Series 2013B Bond Anticipation Notes are secured by a pledge of the proceeds of any renewals of the Series 2013B notes issued to repay the Series Notes, the proceeds of the sale of the Series J Bonds, or the proceeds of the Series 2013B Notes deposited in any fund or account under the Bond Resolution.
DEBT SERVICE COVERAGE: Calendar Year 2012 net revenues of $310.2 million provided 1.56 times coverage of annual debt service requirements of $198.5 million.