TFA FY2021 Annual Report Cover
NYC Debt Policy with Skyline Background
September 2021

    On August 5, 2019 the City of New York announced the release of a written debt policy for General Obligation and New York City Transitional Finance Authority Future Tax Secured Bonds. This Policy was updated in September of 2021.

    Review the Debt Policy

Pink and White Tulips in New York Botanical Garden
About TFA

    Every day, New York City makes capital investments in its parks, bridges, roads and schools, so that New York continues to be a great place to live, work and visit.  Proceeds from TFA bond issuance are used to finance the City’s capital program. Read the Message from TFA's Chairperson.

Wall Street view of Federal Hall National Memorial
Sidewalk view of Herald Square

New York City Transitional Finance Authority

The TFA is a public benefit corporation whose primary purpose is to finance a portion of New York City’s capital improvement plan. The New York State Legislature approved the law authorizing the creation of the NYC Transitional Finance Authority on March 5, 1997 (Chapter 16 of the Laws of 1997, the “Act”). The Act included governance by a Board of five directors consisting of the following officials of the City: the Director of Management & Budget (who also serves as Chairperson), the Commissioner of Finance, the Commissioner of Design & Construction, the Comptroller, and the Speaker of the City Council.

The Act has been amended several times to increase the amount of debt the TFA is authorized to issue. Most recently, the Act was amended in 2009 which permitted the TFA to have outstanding $13.5 billion of Future Tax Secured Bonds (excluding Recovery Bonds). In addition, the TFA may now issue additional Future Tax Secured Bonds provided that the amount of such additional bonds, together with the amount of indebtedness contracted by the City of New York, does not exceed the debt limit of the City of New York.

In addition, legislation enacted in April 2006 enables the Authority to have outstanding up to $9.4 billion of bonds, notes or other obligations for purposes of funding costs of the five-year educational facilities capital plan for the City school system, which are to be paid for from New York State Building Aid to be received by the Authority subject to annual appropriation by the New York State Legislature.

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