New York City General Obligation Bonds
Since July 1, 2018, the City has issued $1.2 billion in GO bonds for capital purposes and $1.8 billion in GO refunding bonds.
The dates and principal amounts are as follows:
NYC GO Issuance
($ in millions)
|Series||(N)ew Money/(R)efunding||Issue Date||Tax Exempt Amount||Taxable Amount||Total Per Amount|
The GO refunding transactions the City completed to date in fiscal year 2019 generated just under $250 million of debt service savings during the financial plan period.
In addition to the total issuance mentioned above, the City took steps to manage its outstanding floating rate debt. The City reoffered four subseries of floating rate bonds amounting to approximately $316 million. Of those reoffered issues, two subseries of tax-exempt variable rate demand bonds totaling approximately $110 million and two subseries of tax-exempt index rate bonds amounting to approximately $206 million were converted to fixed rates.
The City plans to issue GO bonds for capital purposes of approximately $1.2 billion, $4.0 billion, $4.7 billion, $5.3 billion, and $5.5 billion in fiscal years 2019 through 2023, respectively.