Financing
New York City General Obligation Bonds
Since July 1, 2020, the City has issued $2.0 billion in GO bonds for capital purposes and $2.9 billion in GO refunding bonds. The dates and principal amounts are as follows:
NYC GO Issuance
($ in millions)
| Series | (N)ew $/(R)efunding | Issue Date | Tax Exempt Amount | Taxable Amount | Total Par Amount |
|---|---|---|---|---|---|
| 2021 AB | R | 9/9/2020 | $1,100 | $288 | $1,388 |
| 2021 C | N | 10/15/2020 | 900 | 0 | 900 |
| 2021 DE | R | 1/6/2021 | 0 | 1,500 | 1,500 |
| 2021 F | N | 3/24/2021 | 900 | 200 | 1,100 |
| Total | $2,900 | $1.988 | $4,888 |
The GO refunding transactions the City completed to date in fiscal year 2021 generated approximately $445 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 all or portions of several subseries of floating rate bonds amounting to approximately $930 million of par. Of those reoffered issues, approximately $584 million were fully or partially converted to fixed rates. Longer portions of certain subseries amounting to approximately $260 million were converted to a floating interest rate mode without need for an associated bank facility. One subseries amounting to approximately $86 million was converted to an interest rate mode bearing a short-term fixed rate.
The City plans to issue GO bonds for capital purposes of approximately $2.0 billion, $4.3 billion, $5.1 billion, $5.4 billion, and $5.9 billion in fiscal years 2021 through 2025, respectively.