| |
|
|
|
| |
General Obligation (GO) Bonds
General Obligation bonds are backed by the full faith and credit of the City. New York City property taxes, which are the largest single source of the City's revenue, provide the source of payment for GO bonds. The City expects to derive approximately 38% of its total tax revenues and 23% of its total revenue for fiscal year 2009 from real property taxes.
GO bonds are a major source of funding for the City’s capital program, but bonds issued by the NYC Transitional Finance Authority, the NYC Municipal Water Finance Authority, TSASC, Inc., Dormitory Authority of the State of New York and other conduit financing entities also pay for capital projects.
As of June 30, 2008, New York City had $36.1 billion in outstanding general obligation debt. The City’s GO portfolio contains fixed and variable rate obligations with both tax exempt and taxable components. The table below illustrates the breakdown of GO debt as of June 30, 2008.
NYC GO Debt
| |
Tax – Exempt |
Taxable |
Total |
| Fixed |
$27,196,117,715 |
$1,496,368,285 |
$28,692,486,000 |
| Variable |
$6,748,795,000 |
$ 658,950,000 |
$7,407,745,000 |
| Total |
$33,944,912,715 |
$2,155,318,285 |
$36,100,231,000 |
Click a thumb-nail to view the full size image and description for each portfolio. All data is as of June 30, 2008.
|
|
| |
|
|
