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Highway and Bridge Trust Fund Bonds

S&P Fitch
AA uninsured AA+ uninsured
AA insured AA+ insured

First General Resolution Trust Fund Bonds (as of 4/01/12) - There are no longer any First Resolution Bonds outstanding.

Second General Resolution DEBT OUTSTANDING (As of 04/01/24)
Series Amount Insurer1
2010B (Federally Taxable Build America Bonds) $190,075,000 Uninsured
Total Second General Bonds $190,075,000 1Portions of each series are insured unless otherwise noted.

FUTURE BOND ISSUANCES: New York State currently has no plans to issue additional Trust Fund Bonds.

PURPOSE: Under the terms of the State's Multi-Year Capital Program, the Bonds will be used to fund capital improvements for State highways and bridges. NOTE: Legislation enacted in 2021 increased the aggregate principal amount of Bonds authorized to be issued to $18.2 billion.

SECURITY: The Bonds are payable from and secured by revenues of the Dedicated Highway and Bridge Trust Fund held in the joint custody of the Commissioner of Taxation and Finance and the State Comptroller subject to appropriation by the State Legislature. The revenues are estimated to be derived from eight tax fees, and subsidy sources for the State Fiscal Year 2024 as listed below and reflect the estimates contained in the 2023-2024 Enacted Budget.

Estimated Revenue Sources
Source %
Motor Vehicle Fees 33
Petroleum Business Tax 29
Motor Fuel Tax 18
Highway Use Tax 6
Auto Rental Tax 3
Other Sources (a) 11
Total (b): 100
(a) Includes Build America Bonds subsidy, Certain Special Revenues, and Transmission and Transportation Taxes.
(b) Totals may not add due to rounding.

Note that in the event the State Legislature fails to appropriate, the State Comptroller is then prohibited from transferring any available revenues from the Local Government Assistance Tax Fund (1% sales tax fund) to the State's General Fund. Also note, however, that Local Government Assistance Corporation funds are not pledged for payment of these Bonds.

DEBT SERVICE RESERVE FUND: The Second General Resolution Bonds are not secured by a debt service reserve fund.

DEBT SERVICE COVERAGE: As of April 1, 2023, Trust Fund Revenues were approximately 42.7 times the maximum annual Aggregate Debt Service for all outstanding Trust Fund Bonds.