New York City IDA Receives “Deal of the Year” Award
In its annual tribute to public sector issuers, The Bond Buyer has named the New York City Industrial Development Authority its 2006 “Deal of the Year” for a $1.59 billion bond issue for the financing of new baseball stadiums for the Mets and Yankees.
The Bond Buyer selected the New York City IDA deal because of its “technical prowess and structure.” The bonds are backed by payments in lieu of taxes (PILOTs), a structure approved by the City Council in April.
From 116 nominations, The Bond Buyer’s editors and bureau chiefs chose two finalists (one large and one small issuer) from each region of the country. The Deal of the Year was chosen from among these ten finalists.
Other winners included the following issuers:
- Rensselaer, NY School District
- Texas Transportation Commission
- Clayton, New Mexico
- Illinois State Tollway Authority
- Missouri Joint Municipal Electric Utility Commission
- Louisiana Stadium and Exposition District
- Fairfax County Economic Development Authority
- Bay Area Toll Authority; and
- Indiana Toll Road
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