January 23, 2020 Supplement to Remarketing Circular Dated January 16, 2020 Relating to $102,070,000 TRIBOROUGH BRIDGE AND TUNNEL AUTHORITY (MTA Bridges and Tunnels) General Revenue Variable Rate Bonds, Series 2005A The Remarketing Circular dated January 16, 2020 (the Remarketing Circular) for the above-referenced Bonds is hereby supplemented to update the “SUMMARY OF TERMS” to insert the Long-Term Ratings/Short-Term Ratings as follows: Rating Ratings ..................................................................... Rating Agency (Long Term/Short Term) Fitch: AA+/F1 Moody’s: Aa1/VMIG 1 S&P: AA+/A-1 See “RATINGS” in Part III. The foregoing ratings will be effective upon the delivery of the Credit Facility on January 24, 2020. ___________________ Please affix this Supplement to the Remarketing Circular that you have in your possession and forward this Supplement to any party to whom you delivered a copy of the Remarketing Circular. REMARKETING BOOK-ENTRY-ONLY On January 24, 2020 (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 Bonds, Series 2005A (the Series 2005A Bonds). On the Mandatory Tender Date (i) the Series 2005A Bonds will be subject to mandatory tender at a purchase price equal to the principal amount thereof; (ii) the irrevocable direct-pay letter of credit issued by TD Bank, N.A., will be replaced with an irrevocable direct-pay letter of credit issued by Barclays Bank PLC; (iii) the terms and provisions of the Series 2005A Bonds will be amended to reflect the terms and provisions described herein; and (iv) the Series 2005A 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 Series 2005A 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 Series 2005A Bonds, see “TAX MATTERS” herein. $102,070,000 TRIBOROUGH BRIDGE AND TUNNEL AUTHORITY (MTA Bridges and Tunnels) General Revenue Variable Rate Bonds, Series 2005A Dated and accruing interest from: January 24, 2020 Due: November 1, 2041 The Series 2005A 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. The Series 2005A Bonds constitute Variable Interest Rate Obligations and will bear interest from and including January 24, 2020 in the Weekly Mode as described herein. MTA reserves the right at any time to convert the interest rate of the Series 2005A Bonds to a Commercial Paper Mode, Daily Mode, Fixed Rate Mode or Term Rate Mode. See “DESCRIPTION OF THE SERIES 2005A BONDS” herein. This remarketing circular (i) is intended to provide disclosure only to the extent the Series 2005A Bonds remain in the Weekly Mode, 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 the Series 2005A 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 the Series 2005A Bonds, on any Purchase Date or Mandatory Purchase Date (each as defined herein) is supported by an irrevocable direct-pay letter of credit (the Credit Facility), issued by Barclays Bank PLC (the Credit Facility Issuer), pursuant to a Letter of Credit and Reimbursement Agreement, dated as of January 1, 2020 (the Reimbursement Agreement), between MTA Bridges and Tunnels and the Credit Facility Issuer. The Credit Facility is scheduled to expire on January 24, 2024, unless extended or earlier terminated pursuant to its terms or the terms of the Reimbursement Agreement. See “DESCRIPTION OF THE SERIES 2005A BONDS — Credit and Liquidity Facility” herein. The Series 2005A Bonds are subject to redemption prior to maturity and mandatory and optional tender, including mandatory tender for purchase, prior to the expiration, termination or substitution of the Credit Facility, as described herein. Payment of the Purchase Price is not an obligation of MTA Bridges and Tunnels. See “DESCRIPTION OF THE SERIES 2005A BONDS — Credit and Liquidity Facility” herein. The Series 2005A 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 Series 2005A 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. Barclays Capital Inc. Remarketing Agent January 16, 2020 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 Norman E. Brown .......................................................................................................................... Non-Voting Member Sarah E. Feinberg .............................................................................................................................................. Member Randolph F. Glucksman ................................................................................................................ Non-Voting Member Rhonda Herman ................................................................................................................................................. Member David R. Jones ................................................................................................................................................... Member Linda A. Lacewell ............................................................................................................................................. Member Kevin Law ......................................................................................................................................................... Member Robert W. Linn .................................................................................................................................................. Member David S. Mack ................................................................................................................................................... Member Susan G. Metzger .............................................................................................................................................. 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. .................................................................................................................... Acting President M. Margaret Terry, Esq. ............................................................................. Senior Vice President and General Counsel Joseph Keane ............................................................................................................ Vice President and Chief Engineer Dore Abrams ................................................................................... Acting Vice President and Chief Financial Officer ______________ ORRICK, HERRINGTON & SUTCLIFFE LLP BRYANT RABBINO LLP New York, New York New York, New York Co-Bond Counsel PUBLIC RESOURCES ADVISORY GROUP, INC. BACKSTROM MCCARLEY BERRY & CO., LLC New York, New York San Francisco, California Co-Financial Advisors STANTEC CONSULTING SERVICES INC. New York, New York Independent Engineers HAWKINS DELAFIELD & WOOD LLP New York, New York Special Disclosure Counsel - i - SUMMARY OF TERMS MTA Bridges and Tunnels has prepared this Summary of Terms to describe the specific terms of the Series 2005A Bonds following