Holley & Pearson-Farrer LLP has had the opportunity to represent underwriters and purchasers of consecutive issues of bonds issued by the New York City Transitional Finance Authority, a public benefit corporation and instrumentality of New York State.

Recently, we served as co-counsel to the underwriters and the initial bond purchaser of two series of building aid revenue bonds, issued in a tax-exempt subseries and a taxable subseries. The bonds were issued to refund prior issued bonds issued to finance the costs of one or more of the City of New York’s five-year educational facilities capital plans.

The bonds were secured by certain New York State educational facilities revenues payable to the City of New York, the receipt of which was dependent in part upon the financial condition of New York State. In our role as representatives of the underwriters and the purchaser of the bonds, we paid special attention to the impact of state budgetary restrictions and the COVID-19 pandemic on those revenues.

The tax-exempt series was purchased for reoffering by the underwriters pursuant to a contract of purchase. The tax-exempt series of bonds was purchased by the initial purchaser pursuant to a notice of public sale.

  • Bonds secured by New York State educational facilities revenues distributed to the City of New York
$563.8 million
City of New York / New York City Transitional Finance Authority
Closing Date
July 2022
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