NYPA Trustees Authorize Bond Sales

Contact
Michael Saltzman
914-390-8181
michael.saltzman@nypa.gov

September 17, 2002

FOR IMMEDIATE RELEASE

WHITE PLAINS—New York Power Authority trustees Tuesday approved a new bond resolution which authorized the issuance and sale of a new series of bonds, Series 2002 A Revenue Bonds, in an aggregate amount not to exceed $575 million.

Today’s action by the trustees also authorizes the distribution of the Preliminary Official Statement related to the Series 2002 A Revenue Bonds and the Series 2002 B Revenue Bonds, which were previously authorized by the Trustees.  They also authorized the issuance of Commercial Paper Notes, if the issuance of the Series 2002 B Revenue Bonds is not feasible due to unfavorable market conditions, in such an amount as necessary to refund the Power Authority’s outstanding Series 1998 B Revenue Bonds.

The senior managers for the Series 2002 A issue will be Salomon Smith Barney, Goldman Sachs & Co., UBS PaineWebber Inc., JPMorgan, Morgan Stanley & Co. Incorporated and Bear, Stearns & Co. Inc.  The senior managers for the Series 2002 B issue will be Salomon Smith Barney, JPMorgan and Goldman Sachs & Co.