As part of our ongoing valued engagement as Co-Bond Counsel to the Triborough Bridge and Tunnel Authority (“TBTA”), an affiliate agency of the Metropolitan Transportation Authority (“MTA”) and the largest bridge and tunnel toll agency in the United States, Bryant Rabbino played a primary role in connection with the TBTA’s inaugural issuance of $700,000,000 Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Sales Tax Revenue Bonds, Series 2022A (TBTA Capital Lockbox – City Sales Tax) (the “Series 2022A Bonds”).
The City Sales Tax-backed credit is an entirely new bond financing program of the TBTA, and the Series 2022A Bonds were the first series of Bonds issued by the TBTA under its new Sales Tax Resolution. Proceeds of the Series 2022A Bonds will go toward upgrading commuter transit systems in New York City, which includes subway renovations and upgrades that are geared toward a transition to green technologies and renovations bringing more stations into compliance with accessibility requirements outlined in the American with Disabilities Act. These upgrades are vital components of MTA’s 2020-2024 Capital Plan.
The highly rated credit is backed by a TBTA capital lockbox fund managed by New York City’s comptroller’s office, which is backed by taxes on retail sales, utilities, communication services, and certain manufacturing, as well as revenue earned from parking garages and vehicle storage.
Bryant Rabbino attorneys Sani Williams and Bernard Armoo led the firm’s legal team, which included B. Seth Bryant, Aram Muradyan, Goldie Bryant and Adrian Armoo. The transaction closed July 20, 2022.