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State Personal Income Tax Revenue Bonds (Transportation)

S&P Fitch Moody's
AAA uninsured AA+ uninsured Aa1 uninsured
AAA insured AA+ insured Aa1 insured

Transportation Series Debt Outstanding (As of 04/02/18)
Series Amount Insurer1
2008A $76,785,000 Uninsured
2009A 3,280,000 Uninsured
2010A 355,195,000 Uninsured
2011A 216,610,000 Uninsured
2012A 419,300,000 Uninsured
2013A 197,010,000 Uninsured
Total: $1,268,180,000 1Portions of each series are insured, unless otherwise noted.

PURPOSE: State Personal Income Tax Revenue Bonds finance various State-supported capital programs, including funds to municipalities and other project sponsors throughout the State for highway, bridge and multi-modal capital projects pursuant to established State programs. (See Local Highway and Bridge Service Contract Bonds.)

SECURITY: State Personal Income Tax Revenue Bonds are authorized to be issued by the New York State Thruway Authority and four other Authorized Issuers (New York State Urban Development Corporation, the Dormitory Authority of the State of New York, the New York State Environmental Facilities Corporation, and the New York State Housing Finance Agency) to finance various State-supported capital programs.

The Bonds are secured by Financing Agreement Payments (FAPs) made to the New York State Thruway Authority from the deposit of 25% of New York State Personal Income Tax Receipts to the Revenue Bond Tax Fund (RBTF). Amounts deposited to the RBTF in excess of required FAPs are transferred back to the General Fund. Legislation effective April 1, 2007, increased deposits to the Revenue Bond Tax Fund by providing that deposits to the RBTF be calculated before deposit to the School Tax Relief (STAR) Fund. Prior to such date, NYS Personal Income Tax Receipts were also net of STAR Fund deposits.

If, at any time, the amounts deposited to the RBTF are insufficient to make all appropriated FAPs, the State Comptroller is statutorily required (without further appropriation) to immediately transfer sufficient amounts from the General Fund to the RBTF to satisfy the FAPs. In the event that the Legislature fails to appropriate all amounts required to make FAPs to all Authorized Issuers or if such appropriations have been made and FAPs have not been made when due on any State Personal Income Tax Revenue Bonds, New York State Personal Income Tax Receipts are required to continue to be deposited to the RBTF until an amount equal to the greater of 25% of New York State Personal Income Tax Receipts or $6 billion has been deposited to the RBTF. Other than to make appropriated FAPs (except, if necessary, for payment to State General Obligation bondholders), no payments may be made from the RBTF until all required appropriations and all required FAPs have been made.

All State Personal Income Tax Revenue Bonds issued by the Authorized Issuers are on a parity with each other as to payment from the RBTF. All FAPs are subject to annual appropriation.

NYS Personal Income Tax and Revenue Bond Tax Fund Receipts
New York State
Fiscal Year
Personal Income Tax Receipts Revenue Bond Tax Fund Receipts
2007-08 36,563,948,528 9,140,987,132
2008-09 36,840,019,400 9,210,004,850
2009-10 34,751,381,665 8,687,845,416
2010-11 36,209,215,560 9,052,303,890
2011-12 38,767,826,942 9,691,956,736
2012-13 40,226,714,989 10,056,678,747
2013-14 42,960,774,915 10,740,193,729
2014-15 43,709,833,323 10,927,458,331
2015-16 47,055,282,776 11,763,820,694
2016-17 47,565,878,296 11,891,469,574
2017-18 (est.) 49,382,000,000 12,345,500,000

Source: NYS Division of the Budget and Annual Information Statement dated June 30, 2017. For more up-to-date information, please contact the NYS Division of the Budget.