New York State Urban Development prepares $1.31 billion bond offering

By Sheri Kasprzak

New York, Dec. 1 – The New York State Urban Development Corp. is scheduled to price $1,310,325,000 of series 2014 state personal income tax revenue bonds on Tuesday, according to a preliminary official statement.

The deal includes $938.58 million of series 2014A bonds and $371,745,000 of series 2014B taxable bonds.

The bonds will be sold competitively with Public Resources Advisory Group as the financial adviser.

The 2014A bonds are due 2016 to 2044, and the 2014B bonds are due 2016 to 2024.

Proceeds from the offering will be used to finance highway and bridge, correctional system, housing, economic development and state facilities projects, as well as to refund the corporation’s series 2005A-1 economic development and housing, series 2007A economic development and housing, series 2005B state facilities, series 2005A economic development and housing, series 2006A economic development and housing, series 2007A economic development and housing, series 2005A transportation and series 2006A transportation state personal income tax bonds.

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