New York State Comptroller Thomas P. DiNapoli today announced a tentative schedule for the planned sale of obligations for the state, New York City, and their major public authorities during the fourth quarter of 2014. 

The proposed new issuances total approximately $6.71 billion, including $2.36 billion scheduled for this month, $1.79 billion scheduled for November and $2.56 billion for December. The fourth quarter of anticipated new issuances compares to past planned new issuances of approximately $3.02 billion during the third quarter of 2014 and $4.91 billion during the fourth quarter of 2013. 

The State Comptroller’s office chairs the Securities Coordinating Committee which was created by Gubernatorial Executive Order primarily to coordinate the borrowing activities of the state, New York City and their respective public authorities. All borrowings are scheduled at the request of the issuer and done pursuant to its borrowing programs. 

The fourth quarter new money borrowings are expected to include the following:

• Dormitory Authority of the State of New York – two bond sales totaling up to $1.25 billion in tax-exempt and/or taxable fixed rate bonds for the month of October, and two bond sales totaling up to $15.9 million in fixed and variable rate tax-exempt bonds for the month of November.
• Empire State Development – a bond sale of up to $1.20 billion of tax-exempt and/or taxable fixed rate bonds for the month of December.
• Long Island Power Authority – a bond sale of up to $675 million in tax-exempt and/or taxable fixed rate bonds for the month of November.
• Metropolitan Transportation Authority – a bond sale of up to $500 million in tax-exempt fixed and variable rate bonds for the month of October.
• New York City – a bond sale of up to $850 million of tax-exempt and taxable fixed and variable rate bonds for the month of December.
• New York City Municipal Water Finance Authority – a bond sale of up to $100 million in tax-exempt fixed rate bonds for the month of November.
• New York City Transitional Finance Authority – a bond sale of up to $750 million in tax-exempt fixed rate bonds for the month of November.
• New York State Housing Finance Authority – three bond sales totaling up to $115.3 million in tax-exempt fixed and variable rate bonds for the month of October, five bond sales totaling up to $245 million in tax-exempt and taxable fixed and variable rate bonds for the month of November, and seven bond sales totaling up to $511.5 million in tax-exempt fixed and variable rate bonds for the month of December.
• Port Authority of New York & New Jersey – a bond sale of up to $380 million in tax-exempt and/or taxable fixed rate bonds for the month of October.
• State of New York Mortgage Agency – a bond sale of up to $116.8 million in tax-exempt and tax-exempt subject to the Alternative Minimum Tax (AMT) fixed rate bonds for the month of October.

Refundings or reofferings are currently being contemplated by: the Long Island Power Authority, New York City Housing Development Corporation, New York City Municipal Water Finance Authority, Metropolitan Transportation Authority, Port Authority of New York & New Jersey and the Triborough Bridge & Tunnel Authority.

The schedule will be modified and updated in response to changes in program needs and market conditions. It is also contingent upon execution of all project approvals required by law. The schedule is released by the Committee to assist participants in the municipal bond market. A new schedule is released every quarter and updated as necessary. The collection and release of this information by the Office of the State Comptroller is not intended as an endorsement of the proposed issuances it contains, many of which will be subject to approval by the Office of the State Comptroller.

The full forward calendar can be obtained at: www.osc.state.ny.us/pension/scccalendar.pdf.