$223,355,000 Triborough Bridge and TUNNEL Authority Lehman
NEW ISSUE BOOK-ENTRY-ONLY $223,355,000 TRIBOROUGH BRIDGE AND TUNNEL AutHORITY (MTA Bridges and Tunnels) General Revenue Bonds, Series 2007A DATED: Date of Delivery DUE: November 15, as shown on the inside cover The Series 2007A Bonds are being issued to finance bridge and tunnel projects. The Series 2007A 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 or The City of New York or any other local government unit. MTA Bridges and Tunnels has no taxing power. In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to MTA Bridges and Tunnels, under existing law and relying on certain representations by MTA Bridges and Tunnels and assuming the compliance by MTA Bridges and Tunnels with certain covenants, interest on the Series 2007A Bonds is • excluded from a bondholder’s federal gross income under the Internal Revenue Code of 1986, • not a preference item for a bondholder under the federal alternative minimum tax, and • included in the adjusted current earnings of a corporation under the federal corporate alternative minimum tax. Also in Bond Counsel’s opinion, under existing law, interest on the Series 2007A Bonds is exempt from personal income taxes of New York State or any political subdivisions of the State, including The City of New York. The Series 2007A Bonds are subject to redemption prior to maturity as described herein. The Series 2007A Bonds are offered when, as, and if issued, subject to certain conditions, and are expected to be delivered through the facilities of The Depository Trust Company, on or about June 20, 2007.
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