Skip to Main Content
Skip to Navigation

New York State Thruway Authority

Local Highway and Bridge Service Contract Bonds

RATINGS
S&P Fitch
AA- uninsured AA uninsured


DEBT OUTSTANDING (As of 10/01/14)
Series Amount Insurer
2007 $ 50,800,000 Uninsured
2008 15,730,000 Uninsured
2009 458,825,000 Uninsured
2012A 71,145,000 Uninsured
Total: $596,500,000  

FUTURE BOND ISSUANCE: The Authority expects that in the future, financing for the programs designated below will be supported by the issuance of State Personal Income Tax Revenue Bonds pursuant to the Authority's State Personal Income Tax Revenue Bond (Transportation) General Bond Resolution adopted by the Authority on June 27, 2002.

PURPOSE: The Bonds were issued to provide the Authority with funds to reimburse municipalities and other project sponsors throughout the State for capital expenditures for local highway, bridge, and multi-modal projects. These capital projects are funded primarily through four State programs: the Consolidated Local Street and Highway Improvement Program (CHIPs), the Suburban Highway Improvement Program (SHIPs), the Marchiselli Program and the Multi-Modal Program. The 2007, 2008, 2009 and 2012 Bonds were issued to provide funds to refund certain maturities of the Authority's outstanding Local Highway and Bridge Service Contract Bonds.

SECURITY: The Bonds are secured by payments made by the State under the terms of a service contract, subject to the State Legislature's annual appropriation.

THE PROGRAMS: The following four programs were authorized by the Program Legislation. The Legislation supports project sponsors in their efforts to repair and replace elements of their highway and bridge systems, authorized rail, part and aviation projects and fixed ferry facilities.

CHIPs: Started in 1982, the program provides funds to nearly 1,600 municipalities for the operation and maintenance of local highway and street systems. The following table portrays the funding authorization for the CHIPs program for the last five years.

CHIPs FUNDING AUTHORIZATION
(Dollar Amounts in Millions)
State Fiscal Year Bond-Financed
Capital
2010-11 363
2011-12 363
2012-13 363
2013-14 438
2014-15 438

MARCHISELLI PROGRAM: Legally known as the Municipal Streets and Highway Program, the Marchiselli program provides municipalities with State funds to draw down Federal matching grants for local highway and bridge capital projects. The Federal program requires nonfederal matching funds in the amount of 20%-25% depending upon the project category. In FY 1978- 79, the State Legislature voted to provide 75% of the nonfederal portion. The following table portrays the funding authorizations for the last five years:

MARCHISELLI Funding Authorization
State Fiscal Year Funding
(Dollar Amounts in millions)
2010-11 39.7
2011-12 39.7
2012-13 39.7
2013-14 39.7
2014-15 39.7

SHIPs: The Suburban Highway Improvement Program (often referred to as SHIPs) is a program for seven counties in the Hudson Valley region and the two counties on Long Island. The purpose of the legislation is to finance capital projects to reconstruct, replace, recondition, restore, rehabilitate, and preserve State, county, town, city, and village roads, highways, parkways, and bridges.

The following table portrays funding authorization for Nassau and Suffolk Counties since the inception of SHIPs. The State Fiscal Year 1996-97 budget completed the program's $50 million four-year authorization for commitments. Project spending, however, is ongoing.

NASSAU/SUFFOLK SHIPs FUNDING AUTHORIZATION
State Fiscal Year Funding
(Dollar Amounts in millions)
1993-94 $ 12.50
1994-95 12.50
1995-96 11.25
1996-97 13.75

The following table portrays funding authorization for the Hudson Valley's (Westchester, Rockland, Putnam, Dutchess, Columbia, Orange, and Ulster Counties) $90 million four-year authorization for commitments. Project spending, however, is ongoing.

Hudson Valley SHIPS FUNDING AUTHORIZATION
State Fiscal Year Funding
(Dollar Amounts in millions)
1993-94 $ 22.50
1994-95 22.50
1995-96 20.25
1996-97 24.75

THE MULTI-MODAL PROGRAM: The Multi-Modal program consists of authorized State and local highway and bridge, rail, port, and aviation projects and fixed ferry facilities. Pursuant to the Program Legislation, as amended by the Enacted Budget for State Fiscal Year 2000-01, the Multi- Modal Program may fund the construction, reconstruction, improvement, reconditioning, and preservation of: rail freight facilities and intercity rail passenger facilities and equipment; State, municipal airports, privately owned airports, and aviation capital facilities, excluding airports operated by the State or operated by a bi-state municipal corporate instrumentality and for which federal funding is not available, provided such projects are consistent with an approved airport layout plan; and State, county, town, city, and village roads, highways, parkways, bridges, and municipal and privately owned fixed ferry facilities. Projects must have a minimum service life of at least ten years.

The previous Program Legislation contained a schedule for Multi-Modal Funding Authorization beginning in State Fiscal Year 1996-97 through the SFY 1999-2000 budget, completing the program's $350 million four-year authorization for commitments. Subsequent Multi-Model program authorizations have been funded from other financing sources. The Enacted Budget for SFY 2005-06 authorized a new $350 million authorization for the Multi-Modal Program to the State's Dedicated Highway and Bridge Trust Fund. The following table portrays the Multi-Modal program authorized to be funded from the proceeds of bonds since SFY 1996-97. Project spending, however, is ongoing.

MULTI-MODAL FUNDING AUTHORIZATION
State Fiscal Year (Dollar Amounts in millions)
1996-97 $ 50
1997-98 100
1998-99 100
1999-00 100
| Google Translate Disclaimer