The Empire State Development Corp. last week issued a request for proposals for underwriters, financial advisers and swap advisers. The proposals are due June 22 and the agency expects to announce selections on Aug. 19.

The ESDC is the fourth issuer of New York State-backed debt to put out an RFP under recently adopted guidelines designed to increase participation of minority and women-owned firms on state bond deals.

The ESDC has sold $10.78 billion of bonds since 1999, including $1.08 billion so far this year, according to Thomson Reuters.

Its issuance could increase since this year's budget authorized the ESDC as well as the Dormitory Authority of the State of New York to sell personal income tax bonds for capital projects that previously had to be issued by other PIT-issuing authorities.

Depending on the outcome of legal challenges, the ESDC this year could issue more than $600 million of bonds backed by payments in lieu of taxes to finance a professional basketball arena at the Atlantic Yards site in Brooklyn on behalf of developer Forest City Ratner Cos.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.