About the Bond Program
The Authority's authorizing legislation provides for the ability to issue, from time to time, negotiable bonds and notes for any corporate purpose secured by tolls, revenues, and other earned income of the Authority. The Authority has issued General Revenue Bonds and Notes for the purpose of funding a portion of the Authority's Capital Program, and Junior Indebtedness Obligations for the purpose of funding a portion of the New NY Bridge project costs.
The Authority is currently authorized to issue State Personal Income Tax Revenue Bonds (Transportation) (PIT) to fund expenditures under the Consolidated Local Street and Highway Improvement Program (CHIPs), the Municipal Streets and Highway Program (Marchiselli), the Suburban Highway Improvement Program (SHIPs) and the Multi-Modal Program. These programs provide funds to municipalities and other project sponsors throughout the State for qualifying capital expenditures for highway, bridge, and multi-modal projects. These programs were previously funded by Local Highway and Bridge Service Contract Bonds (CHIPs), for which the Authority is authorized to issue. Currently, CHIPs bonds are issued only for purposes of refunding previously issued CHIPs bonds, and are no longer issued for new money purposes.
The Authority has also been authorized to issue Highway and Bridge Trust Fund Bonds to reimburse the State for expenditures made or to be made by the State Department of Transportation in conjunction with the State's multi-year highway and bridge capital program.
The Local Highway and Bridge Service Contract, PIT, and Trust Fund Bonds are special limited obligations of the Authority secured by a pledge of certain payments by the State, subject to appropriation by the State Legislature. No Authority revenues or assets are pledged to pay debt service on these bonds. For more information regarding these bond programs, go to www.budget.ny.gov/investor/bond/generalDebt.html.
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