As Co-Bond Counsel to the New York City Transitional Finance Authority ( the “NYC TFA”), a the public benefit corporation whose primary purpose is to finance a portion of New York City’s multi-billion dollar capital improvement plan, Bryant Rabbino played a primary role in connection with NYC TFA’s issuance of its Future Tax Secured Subordinate Bonds, Fiscal 2022 Subseries A-1 and Fiscal 2022 Subseries A-2, the “Series 2022A Bonds”).
The Series 2022A Bonds were issued to redeem, at or prior to maturity, over twenty series and/or subseries of outstanding NYC TFA Bonds, which provided millions of dollars in vital savings.
The Series 2022A Bonds are payable from NYC TFA’s Tax Revenues, which consist of (i) collections from the tax imposed by New York City, as authorized by the State of New York, on the income of City residents and, while applicable, on nonresident earnings in the City (less overpayments and State administrative costs) and (ii) collections from the sales and compensating use tax imposed by New York the City on the sale and use of tangible personal property and services in the City (less expenses of the New York State Financial Control Board and the Office of the State Deputy Comptroller as well as State administrative costs).
Bryant Rabbino attorneys B. Seth Bryant, Aram Muradyan, Sani Williams, Bernard Armoo and Goldie Bryant assisted on the transaction. The transaction closed August 16, 2021.