Financing
New York City General Obligation Bonds
Since July 1, 2022, the City has issued $3.9 billion in GO bonds for capital purposes and $688 million in GO refunding bonds. The dates and principal amounts are as follows:
NYC GO Issuance
($ in millions)
| Series | (N)ew $/(R)efunding | Issue Date | Tax Exempt Amount | Taxable Amount | Total Par Amount |
|---|---|---|---|---|---|
| 2023 A | N | 9/8/2022 | $1,250 | $125 | $1,375 |
| 2023 B | N | 10/18/2022 | 950 | 400 | 1,350 |
| 2023 CD | R | 3/14/2023 | 688 | 0 | 688 |
| 2023 E | N | 4/11/2023 | 950 | 240 | 1,190 |
| Total | $3,838 | $765 | $4,603 |
The GO refunding transaction the City completed in fiscal year 2023 generated approximately $36 million of debt service savings during the financial plan period.
In October 2022, the City issued its first Social Bonds, structured as $400 million taxable General Obligation Bonds. The proceeds of the Social Bonds sale financed affordable housing programs administered by the City’s Department of Housing Preservation and Development.
The City plans to issue GO bonds for capital purposes of approximately $3.9 billion, $4.8 billion, $5.7 billion, $6.1 billion, and $6.5 billion in fiscal years 2023 through 2027, respectively.