New York’s Metropolitan Transportation Authority has increased the number and percentage of minority- and women-owned firms that will participate in the issuance of MTA bonds, Gov. Andrew M. Cuomo announced Friday.
The authority’s board approved a large group of firms that will underwrite the bonds used to finance the MTA capital program.
Board-approved groups include 10 senior managers and 22 co-manager positions. In addition, the board approved selling group of 18 firms. Selling group members can purchase bonds for retail clients, but have no underwriting responsibilities or liability.
“One of our top priorities since day one of this administration has been ensuring that minority- and women-owned businesses have equal access to compete for contracting with the state,” Cuomo said in a statement. “Today, the MTA has surpassed our goal, approving a new pool of underwriters that include 34% minority- or women-owned firms.”
Twelve of the 35 selected firms, or 34%, are minority owned or women-owned. Together, the 35 firms replace a group of 24 firms that were selected in December 2010 to underwrite MTA bonds for a three-year period, according to Cuomo.
Out of that earlier group, six firms, or 25%, had been minority-owned or women-owned.
“This large new group of bond underwriters not only expands the pool of expertise that we will turn to for help to more efficiently raise funds for our capital program,” said MTA chairman and chief executive Thomas Prendergast said. “Not only is it the right thing to do, but greater competition helps the MTA’s bottom line.”
Cuomo said that when he took office in 2011, he established a goal of expanding minority- and women-owned business enterprise, or MWBE, participation in state contracting to 20%.
New York State’s third annual MWBE Forum is scheduled for Oct. 3 and 4 at the Empire State Convention Center in Albany.
