HYIC Hudson Yards Infrastructure Corporation


Measurement Report
April 2017

Performance Measurements: 

  • Has the Corporation issued sufficient debt to support the capital needs of the Project, subject to the conditions set forth in its indenture?

Currently, there is unfunded need. The various options for funding such need, however, are under policy consideration at this time. The Corporation expects that such amounts will be financed by the issuance of additional Corporation bonds, issued as Supported Bonds, subject to approval of the City Council to issue additional bonds supported by Interest Support Payments, as Unsupported Bonds subject to the limitations of the Indenture, or by the City, subject to the City budget process.

  • Has the Corporation paid debt service and fulfilled its other obligations related to its outstanding debt in a timely manner?

Yes

  • Has the Corporation issued debt at fair and reasonable rates relative to market conditions at the time of issuance?

Yes

Additional questions: 

  1. 1. Have the board members acknowledged that they have read and understood the mission of the Corporation?

    Yes

  2. Who has the power to appoint the management of the Corporation?

    The Board of Directors of the Corporation appoints the Officers of the Corporation.

  3. If the Board appoints management, do you have a policy you follow when appointing the management of the Corporation?

    It is the practice of the Corporation that management presents proposed appointments to the Board of Directors for review and approval. 
  4. 4. Briefly describe the role of the Board and the role of management in the implementation of the mission.

    Management handles the day-to-day operation of the Corporation and presents recommendations with respect to the issuance of debt, the setting of management policies, procurements of services, financial statements and the adoption of the Corporation’s budget to the Board of Directors. The Board of Directors reviews and approves these items.

  5. Has the Board acknowledged that they have read and understood the responses to each of these questions?

    Yes.
     

Resources
Mayor’s Office of Management and Budget (OMB)