As part of our ongoing valued engagement as Co-Bond Counsel to the New York City Transitional Finance Authority (“NYC TFA”), 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 $1,350,000,000 of its Future Tax Secured Subordinate Bonds, Fiscal 2023 Series A Bonds, which consisted of three separate subseries, including adjustable rate debt.
The Series 2023A Bonds were issued to finance a portion of New York City’s multi-billion dollar capital improvement plan.
The Series 2023A 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 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, Sani Williams, Aram Muradyan, Bernard Armoo, Goldie Bryant and Adrian Armoo assisted on the transaction, which closed August 2, 2022.