Daily Tax Report: State

New York State Urban Development Corp. to Issue $2.3 Billion

July 10, 2020, 11:57 AM

The New York State Urban Development Corp. is planning to sell $2.3 billion in state personal income tax revenue bonds, according to preliminary documents posted on MuniOS.

  • Sale is managed by BofA Securities, Jefferies and Loop Capital Markets and a syndicate including Barclays, Citigroup and Goldman Sachs & Co.
  • Proceeds will be used to finance costs of projects and programs within the state including capital projects for economic development initatives, correctional facilities, State office buildings, etc. according to prospectus
    • A portion of the debt will be used to refund existing bonds: Prospectus
  • $28.4 million will be federally taxable with the...

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