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The Transitional Finance Authority, or TFA is an independent public benefit
corporation created by New York State legislation in 1997 (Chapter 16
of the Laws of 1997, the "Act"). The objective of the TFA is to issue
bonds and borrow money to finance a portion of the New York City ten-year
capital plan. The TFA was originally authorized to issue up to $7.5 billion
in bonds. In June 2000, the State legislature increased the TFA bonding
authority to $11.5 billion, including $2.3 billion of floating-rate bonds.
TFA debt is secured by statutorily pledged revenues, which are personal
income taxes ("PIT") imposed by the City of New York and sales taxes.
The State Comptroller holds PIT revenues in trust for the Authority and
deposits these funds with the TFA's Trustee on behalf of the bondholders.
PIT revenues are the primary source for the payment of TFA debt, however,
should it become necessary, sales tax collected within the City of New
York is available to the TFA. The State Comptroller receives sales tax
remitted by vendors in the City. Sales tax revenues are first transferred
to the Municipal Assistance Corporation for the City of New York ("MAC")
for payment of its funding requirements, including the debt service on
its outstanding bonds until these bonds are paid, which is expected to
be July 1, 2008. After providing for payment of MAC funding obligations,
the State Comptroller is required to transfer Sales tax collections to
the TFA in amounts required by the Act.
The TFA is administered by a board of five directors defined as ex officio
elected and appointed officials of the City of New York.
Executive
Director, Mark Page
Members of
the TFA: Director
of Management and Budget, Chair
Speaker of the Council
Comptroller
Commissioner of Finance
Commissioner of Department of Design and Construction
Staff of
the TFA:
Treasurer, Alan L. Anders
Comptroller, Lawrence R. Glantz
Secretary, Marjorie E. Henning
Assistant Treasurer, Wei-Li Pai
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