New York’s Metropolitan Transportation Authority has scheduled two sales of dedicated tax fund bonds in May, said finance director Patrick McCoy.

The MTA will issue $350 million of Series 2017B bonds early next month to pay off existing outstanding 2016A-2 bond anticipation notes.

Ramirez & Co. will manage the sale, said McCoy. Nixon Peabody LLP and D. Seaton and Associates will be co-bond counsel.

Later in May, the MTA intends to execute a mandatory tender and remarket $83 million of Series 2008A-2a competitively because its interest rate period is set to expire.

Orrick, Herrington & Sutcliffe LLP and Bryant Rabbino LLP are co-bond counsel and Public Resources Advisory Group and Backstrom McCarley are co-financial advisors.

The authority is one of the largest municipal issuers with roughly $36.5 billion of debt.

On March 28, the authority executed a mandatory tender and remarketed $100 million of Subseries 2002D-2a transportation revenue variable rate refunding bonds because its interest rate period was set to expire. RBC Capital Markets was senior manager.

“This was a remarketing of a floating-rate note,” McCoy told members of the finance committee during its monthly meeting at loser Manhattan headquarters.

The sale consisted of two tranches.

“When we got into the market there was different interest for three-year and four-year notes,” said McCoy. “We tapped into the diversity of market demand.

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Paul Burton

Paul Burton

Paul Burton is the Northeast Regional Editor for The Bond Buyer and the author of the book "Tales from the Newsrooms." He is a sought-after public speaker and has appeared on radio and TV shows, including former CBS News White House correspondent Sharyl Attkisson’s public-affairs program, “Full Measure.”