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Triborough Bridge and Tunnel Authority REMARKETING BOOK-ENTRY-ONLY On January 21, 2021 (the Mandatory Tender Date), Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) is effectuating a mandatory tender for the purchase and remarketing of the currently outstanding General Revenue Variable Rate Refunding Bonds, Subseries 2005B-2 (the Subseries 2005B-2 Bonds). On the Mandatory Tender Date (i) the Subseries 2005B-2 Bonds will be subject to mandatory tender at a purchase price equal to the principal amount thereof; (ii) MTA Bridges and Tunnels will redesignate the Subseries 2005B-2 Bonds as the General Revenue Variable Rate Refunding Bonds, Subseries 2005B-2a (the Subseries 2005B-2a Bonds) and the General Revenue Variable Rate Refunding Bonds, Subseries 2005B-2b (the Subseries 2005B-2b Bonds), (iii) MTA Bridges and Tunnels will convert each subseries of the Subseries 2005B-2 Bonds from a Daily Mode to a Weekly Mode bearing interest at a Weekly Rate determined through the Clarity BidRate Alternative Trading System® (Clarity) after the initial rate set by the Initial Remarketing Agent; (iv) the irrevocable direct-pay letter of credit issued by Citibank, N.A., will be replaced with irrevocable direct-pay letters of credit issued by State Street Bank and Trust Company; (v) the terms and provisions of the Subseries 2005B-2 Bonds will be amended to reflect the terms and provisions described herein; and (vi) the Subseries 2005B-2 Bonds will be remarketed at a price equal to the principal amount thereof. The Mandatory Tender Date is also an Interest Payment Date (as defined herein) for the Subseries 2005B-2 Bonds, and accrued interest to, but not including, the Mandatory Tender Date will be paid in accordance with customary procedures. See “REMARKETING PLAN” herein. For a discussion of certain federal and State income tax matters with respect to the Subseries 2005B-2 Bonds, see “TAX MATTERS” herein. $187,200,000 TRIBOROUGH BRIDGE AND TUNNEL AUTHORITY (MTA Bridges and Tunnels) General Revenue Variable Rate Refunding Bonds, Subseries 2005B-2 consisting of $93,600,000 $93,600,000 Subseries 2005B-2a Subseries 2005B-2b Dated and accruing interest from: January 21, 2021 Due: January 1, 2032 The Subseries 2005B-2 Bonds — • are general obligations of MTA Bridges and Tunnels, payable generally from the net revenues collected on the bridges and tunnels operated by MTA Bridges and Tunnels as described herein, and • are not a debt of the State of New York (the State) or The City of New York (the City) or any other local government unit. MTA Bridges and Tunnels has no taxing power. Each subseries of the Subseries 2005B-2 Bonds constitute Variable Interest Rate Obligations and will bear interest from and including January 21, 2021 in the Weekly Mode with the Weekly Rate determined through Clarity after the initial rate set by the Initial Remarketing Agent, as described herein. MTA Bridges and Tunnels reserves the right at any time to convert the interest rate mode of each subseries of the Subseries 2005B-2 Bonds to a Commercial Paper Mode, Daily Mode, Fixed Rate Mode or Term Rate Mode or to change the party responsible for determination of the Weekly Rate. See “DESCRIPTION OF THE SUBSERIES 2005B-2 BONDS” herein. This remarketing circular (i) is intended to provide disclosure only to the extent the Subseries 2005B-2 Bonds remain in the Weekly Mode bearing interest at a Weekly Rate initially determined by the Initial Remarketing Agent and thereafter through Clarity, and (ii) speaks only as of the date of this document or as of certain earlier dates specified herein. The payment of principal of and interest on each subseries of the Subseries 2005B-2 Bonds (with interest being calculated based upon 53 days of interest at a rate not to exceed 9% per annum based on a year of 365 days) and the payment of the Purchase Price (as defined herein) of each subseries of the Subseries 2005B-2 Bonds, on any Purchase Date or Mandatory Purchase Date (each as defined herein) is supported by a separate irrevocable direct-pay letter of credit (together, the Credit Facilities), issued by State Street Bank and Trust Company (the Credit Facility Issuer), pursuant to separate Letter of Credit and Reimbursement Agreements, each dated as of January 1, 2021 (the Reimbursement Agreements), between MTA Bridges and Tunnels and the Credit Facility Issuer. Each Credit Facility is scheduled to expire on January 21, 2026, unless extended or earlier terminated pursuant to its respective terms or the terms of the applicable Reimbursement Agreement. See “DESCRIPTION OF THE SUBSERIES 2005B-2 BONDS — Credit and Liquidity Facilities” herein. The Subseries 2005B-2 Bonds of each subseries are subject to redemption prior to maturity and to mandatory and optional tender prior to the expiration, termination or substitution of the applicable Credit Facility, as described herein. Payment of the Purchase Price is not an obligation of MTA Bridges and Tunnels. See “DESCRIPTION OF THE SUBSERIES 2005B-2 BONDS — Credit and Liquidity Facilities” herein. The Subseries 2005B-2 Bonds are subject to the Book-Entry-Only system through the facilities of The Depository Trust Company. Price – 100% 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 2005B-2 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. Siebert Williams Shank & Co., LLC Initial Remarketing Agent January 15, 2021 [THIS PAGE IS INTENTIONALLY LEFT BLANK.] Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Triborough Station, Box 35 New York, New York 10035 (212) 360-3000 Website: www.mta.info Patrick J. Foye .......................................................................................................... Chair and Chief Executive Officer Andrew B. Albert .......................................................................................................................... Non-Voting Member Jamey Barbas ..................................................................................................................................................... Member Frank Borrelli, Jr. .............................................................................................................................................. Member Norman E. Brown .......................................................................................................................... Non-Voting Member Victor Calise ...................................................................................................................................................... Member Lorraine Cortes-Vazquez ................................................................................................................................... Member Michael Fleischer .............................................................................................................................................. Member Randolph F. Glucksman ................................................................................................................ Non-Voting Member Rhonda Herman ................................................................................................................................................. Member David R. Jones ................................................................................................................................................... Member Linda A. Lacewell ............................................................................................................................................. Member Kevin S. Law ..................................................................................................................................................... Member Robert W. Linn .................................................................................................................................................. Member David S. Mack ................................................................................................................................................... Member Haeda B. Mihaltses ............................................................................................................................................ Member Robert F. Mujica, Jr. .......................................................................................................................................... Member John Samuelsen ............................................................................................................................. Non-Voting Member Lawrence S. Schwartz ....................................................................................................................................... Member Vincent Tessitore, Jr. ..................................................................................................................... Non-Voting Member Neal Zuckerman ................................................................................................................................................ Member ______________ Daniel F. DeCrescenzo Jr. ................................................................................................................................ President Julia R. Christ, Esq.. ...................................................................................... General Counsel and Corporate Secretary
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