DOCSLIB.ORG

Metropolitan Transportation Authority Transportation Revenue Bonds, Subseries 2012A-1, Remarketing Circular Dated May 8, 2013

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Metropolitan Transportation Authority Transportation Revenue Bonds, Subseries 2012A-1, Remarketing Circular Dated May 8, 2013 REMARKETING CIRCULAR BOOK-ENTRY-ONLY May 15, 2013, the Business Day after the last day of the Initial Rate Period for the Metropolitan Transportation Authority Transportation Revenue Bonds, Subseries 2012A-1 (Floating Rate Tender Notes) (the Subseries 2012A-1 Bonds), is the Initial Purchase Date for the Subseries 2012A-1 Bonds. As a result, the Subseries 2012A-1 Bonds will be subject to mandatory tender on the Initial Purchase Date (the Mandatory Tender Date). On the Mandatory Tender Date, MTA will convert the Subseries 2012A-1 Bonds from a Term Rate Mode into a Fixed Rate Mode. On the Mandatory Tender Date the Subseries 2012A-1 Bonds will be subject to mandatory tender at a purchase price equal to the principal amount thereof, and (ii) the terms and provisions of the Subseries 2012A-1 Bonds will be amended to reflect the terms and provisions described herein. Such amendments do not affect the security or sources of payment provisions for the Subseries 2012A-1 Bonds. By acceptance of a confirmation of purchase of the Subseries 2012A-1 Bonds, each beneficial owner will be deemed to have acknowledged that the amendment of the terms and provisions of the Subseries 2012A-1 Bonds reflecting the terms and provisions described herein will be applicable to such Subseries 2012A-1 Bonds. The Initial Purchase Date is also an Interest Payment Date for the Subseries 2012A-1 Bonds, and accrued interest to, but not including, the Initial Purchase Date shall be paid in accordance with customary procedures. See “REMARKETING PLAN.” See “TAX MATTERS” herein for a discussion of certain Federal and State income tax matters. $50,000,000 METROPOLITAN TRANSPORTATION AUTHORITY Transportation Revenue Bonds, Subseries 2012A-1 Fixed Rate to Maturity 5.00%; Yield to Maturity 3.56% Dated and interest accruing from May 15, 2013 CUSIP Number 59259YA58* Due: November 15, 2040 The Subseries 2012A-1 Bonds— • are MTA’s special, not general, obligations, payable solely from the revenues of the transit and commuter systems and other sources pledged to bondholders as described in this remarketing circular, and • are not a debt of the State or The City of New York or any other local government unit. MTA has no taxing power. Upon the mandatory tender and conversion of the Subseries 2012A-1 Bonds, the Subseries 2012A-1 Bonds will bear interest at a fixed rate to maturity from and including the Mandatory Tender Date as described herein. The Subseries 2012A-1 Bonds are subject to the Book-Entry-Only system through the facilities of The Depository Trust Company. The Subseries 2012A-1 Bonds are subject to redemption prior to maturity as described herein. This cover page contains certain information for general reference only. It is not intended to be a summary of the security or terms of the Subseries 2012A-1 Bonds. Investors are advised to read the entire remarketing circular, including all portions hereof included by specific cross-reference, to obtain information essential to making an informed decision. May 8, 2013 * CUSIP numbers have been assigned by an organization not affiliated with MTA and are included solely for the convenience of the holders of the Subseries 2012A-1 Bonds. MTA is not responsible for the selection or uses of these CUSIP numbers, nor is any representation made as to their correctness on the Subseries 2012A-1 Bonds or as indicated above. [THIS PAGE INTENTIONALLY LEFT BLANK] Metropolitan Transportation Authority 347 Madison Avenue New York, New York 10017 (212) 878-7000 Website: www.mta.info Fernando Ferrer ............................................................................................................ Vice Chairman1 Andrew B. Albert ................................................................................................ Non-Voting Member Jonathan A. Ballan ................................................................................................................... Member John H. Banks III ..................................................................................................................... Member Robert C. Bickford ................................................................................................................... Member James F. Blair ...................................................................................................... Non-Voting Member Norman E. Brown ............................................................................................... Non-Voting Member Allen P. Cappelli ...................................................................................................................... Member Ira R. Greenberg .................................................................................................. Non-Voting Member Jeffrey A. Kay .......................................................................................................................... Member Mark D. Lebow ........................................................................................................................ Member Susan G. Metzger ..................................................................................................................... Member Charles G. Moerdler ................................................................................................................. Member Mark Page ................................................................................................................................ Member Mitchell H. Pally ...................................................................................................................... Member David A. Paterson .................................................................................................................... Member Andrew M. Saul ....................................................................................................................... Member James L. Sedore, Jr. ................................................................................................................. Member Vincent Tessitore, Jr. .......................................................................................... Non-Voting Member Ed Watt ............................................................................................................... Non-Voting Member Carl V. Wortendyke ................................................................................................................. Member -------------------- Thomas Prendergast ................................................................................... Interim Executive Director1 Robert E. Foran ................................................................................................. Chief Financial Officer Nuria Fernandez ............................................................................................... Chief Operating Officer James B. Henly, Esq. .................................................................................................. General Counsel Patrick J. McCoy ........................................................................................................ Director, Finance -------------------- NIXON PEABODY LLP New York, New York Bond Counsel LAMONT FINANCIAL SERVICES CORPORATION Fairfield, New Jersey Financial Advisor 1 Mr. Ferrer is serving as Acting Chairman pending confirmation by the State Senate of Thomas F. Prendergast, who was nominated on April 12, 2013 by the Governor to serve as Chairman and Chief Executive Officer, as the successor to Joseph J. Lhota who resigned as Chairman effective December 31, 2012. - i - SUMMARY OF TERMS MTA has prepared this Summary of Terms to describe the specific terms of the Subseries 2012A-1 Bonds. The information in this remarketing circular, including the materials filed with the Electronic Municipal Market Access System of the Municipal Securities Rulemaking Board and included by specific cross-reference as described herein, provides a more detailed description of matters relating to MTA and to the Transportation Revenue Bonds. Investors should carefully review that detailed information in its entirety before making a decision to purchase any of the bonds being offered. Issuer .......................................................... Metropolitan Transportation Authority, a public benefit corporation of the State of New York. Bonds Being Remarketed ........................... Transportation Revenue Bonds, Subseries 2012A-1. Purpose of Issue .......................................... To effect a mandatory tender and purchase of the Metropolitan Transportation Authority Transportation Revenue Bonds, Subseries 2012A-1 (Floating Rate Tender Notes). Maturities and Rates ................................... See cover. Denominations ............................................ $5,000 and integral multiples of $5,000. Interest Payment Dates ............................... May 15 and November 15, commencing November 15, 2013. Redemption ................................................ See “DESCRIPTION OF SUBSERIES 2012A-1 BONDS – Redemption Prior to Maturity” in Part I. Sources of Payment and Security ............... MTA’s pledged transportation revenues from Transit and Commuter System operations, MTA Bus operations, MTA Bridges and Tunnels operating surplus, subsidies from State and local governmental entities and certain other sources, all as described in Part II. Registration of the Bonds ........................... DTC Book-Entry-Only System. No physical certificates evidencing ownership of a bond will be delivered,
Load more

Recommended publications
  • INTRODUCTION on December 15, 2005, the Collective Bargaining
    MTA/OIG Report #2010-08 September 2010 AN INQUIRY REGARDING (1) THE DECISION BY THE MANAGEMENT OF NEW YORK CITY TRANSIT WITH RESPECT TO THE RATE OF EMPLOYEE HEALTH CONTRIBUTION FOR 2008; AND (2) THE COMPENSATION ARRANGEMENT MADE BY THE PARTIES WITH NEUTRAL ARBITRATOR JOHN ZUCCOTTI Barry L. Kluger MTA Inspector General State of New York INTRODUCTION On December 15, 2005, the collective bargaining agreement (CBA) then existing between the New York City Transit Authority and the Manhattan and Bronx Surface Transit Operating Authority (collectively the Transit Authority, TA or NYCT)1 and Transport Workers Union of America and its Transport Workers Union Local 100 (TWU)(collectively the Union) expired, but negotiations continued. Then, in the early morning of December 20, after negotiations had broken down, the Union struck the Transit Authority's operations. That strike was in violation of a court issued injunction and a violation of what is commonly known as the Taylor Law,2 which provided for substantial penalties against the employees and their Union should such a stoppage occur. The strike ended on December 22, 2005, and the Parties, with the assistance of State-appointed mediators, returned to the bargaining table. On December 27, 2005, the parties executed a Memorandum of Understanding (MOU) amending the CBA for a term ending January 15, 2009, subject to ratification by the MTA Board and members of the Union.3 On January 26, 2006, the members rejected that MOU by seven votes out of some 22,400 cast. Five days later, the Transit Authority, which had previously filed a Declaration of Impasse Petition, filed a petition for the designation of a Public Arbitration Panel.
    [Show full text]
  • Taylor Law at 50: Bright Spots and Pressure Points Conference
    Taylor Law at 50: Bright Spots and Pressure Points Conference Thursday and Friday, May 10 - May 11, 2018 Thursday, May 10 | 8:45 a.m. - 5:15 p.m. Friday, May 11 | 8:45 a.m. - 1:30 p.m. Desmond Hotel and Conference Center Albany, NY 9.5 MCLE Credits 99.5 Areas of Professional Practice Sponsored by: The New York State Public Employment Relations Board Cornell University's ILR School and Scheinmen Institute on Conflict Resolution New York State Bar Association Committee on Continuing Legal Education Labor and Employment Law Section This program is offered for educational purposes. The views and opinions of the faculty expressed during this program are those of the presenters and authors of the materials. Further, the statements made by the faculty during this program do not constitute legal advice. Copyright © 2018 All Rights Reserved New York State Bar Association Program Description The New York State Public Employment Relations Board, Cornell University’s ILR School and Scheinman Institute on Conflict Resolution, and the New York State Bar Association will be holding a special conference recognizing New York’s Taylor Law and its substantial influence on public sector labor relations over the past 50 years. The conference will include presentations by practitioners and scholars that showcase the Taylor Law’s significant contributions to New York State public sector labor- management relations, examine and assess areas where the Taylor Law’s effectiveness has been weakened, and document and analyze emerging and alternative legal and public policy models and frameworks. The program will include a panel of former Chairs reflecting on their time at PERB and the meaning of the Taylor Law.
    [Show full text]
  • Supreme Court of the State of New York County of Kings
    SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF KINGS ........................................................................ X NEW YORK CITY TRANSIT AUTHORITY and Index No. 37467105 MANHATTAN AND BRONX SURFACE TRANSIT OPERATING AUTHORITY, (Hon. Bruce M. Balter) Plaintiffs, TRANSPORT WORKERS UNION OF AMERICA, AFL-CIO, etc., et al., Defendants. MEMORANDUM OF LAW OF PLAINTIFFS IN OPPOSITION TO THE UNION'S MOTION FOR RESTORATION OF THE RIGHT OF DUES CHECKOFF ANDREW M. CUOMO Attorney General of the State of New York Attorney for Plaintiff 120 Broadway - 24thFloor New York, NY 10271-0332 (212) 416-8645 MARTIN B. SCHNABEL Vice-President & General Counsel New York City Transit Authority 130 Livingston Street Brooklyn, New York 1 1201 NEIL H. ABRAMSON Proskauer Rose LLP Attorneys for New York City Transit Authority and Manhattan and Bronx Surface Transit Operating Authority 1585 Broadway New York, New York 10036-8299 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF KINGS ........................................................................ X NEW YORK CITY TRANSIT AUTHORITY and Index No. 37467105 MANHATTAN AND BRONX SURFACE TRANSIT OPERATING AUTHORITY, (Hon. Bruce M. Balter) Plaintiffs, TRANSPORT WORKERS LNON OF AMERICA, AFL-CIO, etc., et al., Defendants. MEMORANDUM OF LAW OF PLAINTIFFS IN OPPOSITION TO THE UNION'S MOTION FOR RESTORATION OF THE RIGHT OF DUES CHECKOFF This memorandum of law is respectfully submitted by Andrew M. Cuomo, Attorney General of the State of New York, attorney for plaintiffs, in response to the motion on behalf of defendant Transport Workers Union of Greater New York, Local 100, AFL-CIO ("Local 100" or "the Union"), "for an order pursuant to Civil Service Law 5 210 and in accordance with the order and judgment of this Court dated May 12, 2006, reinstating the right [of the Union] to dues deductions and agency fee deduction" (Union's notice of motion dated October 3,2007).
    [Show full text]
  • Tailoring the Taylor Law: Restoring a Balance of Power to Bargaining
    Tailoring the Taylor Law: Restoring a Balance of Power to Bargaining KATE MONTGOMERY SWEARENGEN* In December 2005, 34,000 New York City transit workers went on strike following the breakdown of contract negotiations with the Metropolitan Transportation Authority (“MTA”) over retirement, pension, and wage in- creases. The strike lasted only sixty hours but captured substantial media and political attention in a city that had not seen a transit strike since 1980. The striking workers and their union, the Transport Workers Union (“TWU”) were penalized under New York State’s Taylor Law. The Taylor Law prohibits public sector strikes on the grounds that health and safety will be jeopardized if police, firefighters, sanitation workers, civil service workers, teachers, and others in the public employ have the right to stop working. By depriving workers of the ability to strike, however, the Taylor Law disrupts the very balance of bargaining power it purports to establish. It allows employers to be recalcitrant in their bargaining without fear of repercussion, and deprives workers of their most potent bargaining tool. Strike deterrence is achieved, but to the detriment of workers and the bar- gaining process itself. This Note proposes two ways to reform the Taylor Law and restore a balance of power to negotiations, while maintaining the public order. First, the ban on public sector strikes should be limited to only those workers who perform “essential services” as defined by the In- ternational Labour Organization (“ILO”). Second, the Taylor Law’s re- quirement that parties bargain in good faith should be enforced so that it is truly meaningful.
    [Show full text]
  • Jerome Lefkowitz: a Pragmatic Intellect and Major Figure in Taylor Law History
    JEROME LEFKOWITZ: A PRAGMATIC INTELLECT AND MAJOR FIGURE IN TAYLOR LAW HISTORY William A. Herbert* I. INTRODUCTION A common omission in labor-related scholarship is an examination of key players who formulated and developed the law.' This article examines one such individual, Jerome (Jerry) Lefkowitz, who was a central figure in the history of the Taylor Law, New York's public sector collective bargaining law, and the New York State Public Employment Relations Board (PERB), the state agency responsible for administering that law.2 An important accomplishment of Eliot Spitzer's short tenure as New York's Governor was his 2007 appointment of Jerry Lefkowitz to be the fifth PERB Chairperson.3 Governor Spitzer's astute choice enabled Jerry to spend the remaining years of his illustrious legal career leading the agency he helped shape into existence as an independent labor relations * Mr. Herbert is a Distinguished Lecturer at Hunter College, City University of New York, and Executive Director of the National Center for the Study of Collective Bargaining in Higher Education and the Professions. From 1989 to 2007, Mr. Herbert worked with Mr. Lefkowitz in the CSEA Legal Department. After Mr. Lefkowitz was appointed PERB Chairperson in 2007, Mr. Herbert became PERB's Deputy Chairperson where he served until 2013 before joining the Hunter College faculty. This article is an expanded version of a paper prepared for the Taylor Law @ 50 Conference on May 10-11, 2018 that was organized by PERB, Cornell ILR, and the New York State Bar Association Labor and Employment Section. 1. An important exception was the 2011 special edition of the Hofstra Labor and Employment Law Journal Vol.
    [Show full text]
  • February 2006 Bulletin.Pub
    TheNEW YORK DIVISION BULLETIN - FEBRUARY, 2006 Bulletin New York Division, Electric Railroaders’ Association Vol. 49, No. 2 February, 2006 The Bulletin NYC TRANSIT STRIKE OF 2005 Published by the New York Division, Electric by Randy Glucksman Railroaders’ Association, To prevent gridlock, a four-person-per-car Incorporated, PO Box Background and Contingency Plan 3001, New York, New It was expected that MTA New York City requirement was imposed for all automobiles th York 10008-3001. Transit subway and bus workers would au- entering Manhattan south of 96 Street until thorize a strike effective 12:01 AM Friday, 11 AM. This included the Lincoln, Holland, December 16, 2005, when the vote was Brooklyn-Battery, and Queens-Midtown Tun- For general inquiries, contact us at nydiv@ taken at the Jacob Javits Convention Center nels as well as the bridges connecting Man- electricrailroaders.org or in Manhattan on Saturday evening, Decem- hattan with Queens or Brooklyn. by phone at (212) 986- ber 10. In the days leading up to the dead- The fares for the special train services 4482 (voice mail line, bits and pieces of the city’s contingency which are described below had been re- available). ERA’s website is plan were released to the media, and it ported as $3 initially, but as the strike dead- www.electricrailroaders. turned out that the plan was just about the line neared the fare was upped to $4, which org. same as was in place the last time that the without a MetroCard is slightly more than Transport Workers Union contract expired in three times the normal subway fare ($2 at a Editorial Staff: Editor-in-Chief: December, 2002.
    [Show full text]
  • No Private Right of Action Under Taylor Law for Damages Resulting from Public Employee Strike
    St. John's Law Review Volume 57 Number 2 Volume 57, Winter 1983, Number 2 Article 7 Civ. Serv. Law § 210: No Private Right of Action Under Taylor Law for Damages Resulting from Public Employee Strike Douglas Wamsley Follow this and additional works at: https://scholarship.law.stjohns.edu/lawreview This Recent Development in New York Law is brought to you for free and open access by the Journals at St. John's Law Scholarship Repository. It has been accepted for inclusion in St. John's Law Review by an authorized editor of St. John's Law Scholarship Repository. For more information, please contact [email protected]. 1983] SURVEY OF NEW YORK PRACTICE taxpayer. People v. Smith, commented upon in this edition of The Sur- vey, reflects the Appellate Division, First Department's view that a criminal verdict is not tainted by juror experimentation, as long as it involves merely an application of common sense and everyday experience. Other appellate division cases discussed include Burns Jackson Miller Summit & Spitzer v. Lindner, wherein the second department held that no express or implied private cause of action exists under New York's Taylor Law. Of particular interest to the practitioner should be the same court's determination, in Curry v. Moser, that evidence of the nonuse of an available seatbelt is ad- missible to determine the plaintiff's contributory negligence as an alleged proximate cause of the underlying automobile accident. A supreme court case analyzed in this issue involves another in the series of decisions interpreting New York's recently enacted equitable distribution law.
    [Show full text]