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RELEASE DATE: Monday, March 07, 2005
Contact: Raymond J. Orlando, Director of Investor Relations – (212) 788-5875

NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY
ANNOUNCES DETAILS OF $500 MILLION REFUNDING BOND SALE

New York City Transitional Finance Authority (TFA) announced today the details of its upcoming $500 million Future Tax Secured Refunding Bond sale.

TFA intends to sell $500 million of tax-exempt fixed-rate refunding bonds on Wednesday, March 16, 2005; the size of the financing is subject to market conditions.  The bonds will have a one-day retail order period on Tuesday, March 15, 2005.  The bond issue is expected to close on or about April 1, 2005.  Lehman Brothers will serve as book-running senior manager of the TFA bond sale, with JPMorgan, Merrill Lynch & Co. and Morgan Stanley serving as co-senior managers.

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