Using EMMA, locate the Official Statement related to the maturity with the following CUSIP:  64990GJT0  (See Disclosure Documents section).

 

  1. What is the name of the issuer of the bond series of which this maturity is a part? (Such series, the “Assignment #1 Transaction”).    Briefly describe the background, purposes, and powers of the issuer.

Dormitory Authority of the State of New York “DASNY’ is the issuer.  Bond issuer is the borrower; can be state local governments, public authorities, commercial banks.

 

  1. Briefly describe the security for the Assignment #1 Transaction and the entity providing that security.

 

 

  1. How does that security differ from the security pledged to the Series 2018 County of Kane, Illinois Sales Tax Supported Toll Bridge Revenue Bonds?

 

 

  1. Briefly describe the purposes of the Assignment #1 Transaction. Were those purposes financed on a prospective (looking forward – funding future costs) basis, a retrospective (looking back – reimbursement) basis, or both?  (Review the Estimated Sources and Uses of Funds table).

 

 

  1. What agencies rated the Assignment #1 Transaction and what were their assigned ratings? Have the ratings changed since the Assignment #1 Transaction was issued? (See the Ratings section in EMMA).

 

 

  1. Do these ratings indicate a high or low level of credit strength? How do credit ratings impact the borrowing cost of the issuer?

 

 

  1. What does the Green Bond designation indicate?

 

 

  1. Briefly describe what is meant by a “tax exempt” bond and how the tax exempt status of a municipal bond impacts the issuer’s borrowing cost. Why do you think taxable bonds were issued as part of the Assignment #1 Transaction?

 

 

  1. Briefly describe the two standard methods of bond sales used by municipal issuers for publically sold bonds.

 

 

  1. What method of sale was utilized for the Assignment #1 transaction and on what basis are you making that determination?

 

 

Each question is worth 1.5 points for a maximum total of 15 points.

Business