THE CITY OF NEW YORK ANNOUNCES DETAILS OF ITS UPCOMING $300 MILLION NEW MONEY BOND SALE

The City of New York (“the City”) announced today the details of its upcoming $300 million new money General Obligation bond sale. 

On Thursday, October 16, 2008, the City intends to price $300 million of tax-exempt fixed-rate bonds, subject to market conditions.  There will be a two-day retail order period for the fixed-rate bonds, beginning on Tuesday, October 14, 2008 and ending on Wednesday, Ocotober 15, 2008.  The sale will be led by book running senior manager Morgan Stanley with Citi, JPMorgan, and Merrill Lynch & Co serving as co-senior managers.    

The proceeds of this sale will be used to finance the ongoing capital improvement program of the City. 

The City is rated AA by Standard & Poor’s, Aa3 by Moody’s Investors Service and AA- by Fitch Ratings. 

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