Holley & Pearson-Farrer LLP served as co-bond counsel to New York State Empire State Development (ESD). ESD issued $1.8 billion in general purpose revenue bonds in a tax-exempt series and a federally taxable series.
The bonds were issued to finance programs and projects throughout New York State, including economic development projects, correctional and youth facilities projects, state and municipal facilities projects, housing assistance projects and programs, information technology projects, environmental infrastructure projects, and high technology and development projects. Proceeds of the bonds were also issued to refund certain ESD state-supported debt.
The bonds were secured by a pledge of payments made pursuant to a financing agreement between ESD and the State of New York, backed by a dedication of 25% of New York State personal income taxes.