NEW ISSUE In the opinion of Bond Counsel, interest on the Bonds will be exempt from personal income taxes imposed by the State of New York or any political subdivision thereof, including The City of New York (the ‘‘City’’), and assuming continuing compliance with the provisions of the Internal Revenue Code of 1986, as amended (the ‘‘Code’’), as described herein, interest on the Tax-Exempt Bonds will not be includable in the gross income of the owners thereof for federal income tax purposes. See ‘‘SECTION IX: OTHER INFORMATION—Tax Exemption’’ herein for further information. Interest on the Taxable Bonds will be includable in gross income for federal income tax purposes. $947,960,000 The City of New York General Obligation Bonds, Fiscal 2005 Series O, P and Q $853,135,000 Tax-Exempt Bonds $94,825,000 Taxable Bonds Dated: Date of Delivery Due: As shown on the inside cover pages The Bonds will be issued as registered bonds. The Bonds will be registered in the nominee name of The Depository Trust Company, New York, New York, which will act as securities depository for the Bonds. Interest on the Bonds will be payable as shown on the inside cover pages. The Bonds can be purchased in principal amounts of $5,000 or any integral multiple thereof. Other terms of the Bonds including redemption provisions are described herein. A detailed schedule of the Bonds is set forth on the inside cover pages. The Tax-Exempt Bonds are offered subject to prior sale, when, as and if issued by the City and accepted by the Underwriters. The Taxable Bonds are being sold by public letting on the basis of electronic, competitive bids in accordance with the Notice of Sale dated May 12, 2005, as supplemented. The issuance of the Bonds is subject to the approval of the legality of the Bonds by Sidley Austin Brown & Wood LLP, New York, New York, Bond Counsel to the City, and certain other conditions. Certain legal matters in connection with the preparation of this Official Statement will be passed upon for the City by Willkie Farr & Gallagher LLP,New York, New York. Certain legal matters will be passed upon for the Underwriters by Clifford Chance US LLP, New York, New York. It is expected that the Bonds will be available for delivery in New York, New York, on or about June 2, 2005. Bear, Stearns & Co. Inc. Citigroup Morgan Stanley UBS Financial Services Inc. M.R. Beal & Company First Albany Capital Inc. Goldman, Sachs & Co. JPMorgan Lehman Brothers Merrill Lynch & Co. Ramirez & Co., Inc. Roosevelt & Cross Incorporated Advest, Inc./Lebenthal Apex Pryor Securities Banc of America Securities LLC CIBC World Markets Commerce Capital Markets, Inc. RBC Dain Rauscher Inc. A. G. Edwards Jackson Securities Janney Montgomery Scott LLC Legg Mason Wood Walker, Loop Capital Markets, LLC Popular Securities Incorporated Prager, Sealy & Co., LLC Raymond James & Associates, Inc. Wachovia Bank, National Association May 20, 2005 $690,000,000 General Obligation Bonds, Fiscal 2005 Series O $650,000,000 Tax-Exempt Bonds $40,000,000 Taxable Bonds Principal Interest Price or Principal Interest Price or June 1 Amount Rate Yield Amount Rate Yield 2007 $ 5,320,000 31⁄2% 2.76% $— —% —% 2007 11,605,000 23⁄4 2.76 — — — 2008 17,440,000 5 2.95 — — — 2009 18,310,000 5 3.15 — — — 2010 21,670,000 5 3.30 — — — 2011 22,755,000 5 3.43 — — — 2012 23,890,000 5 3.58 — — — 2013 10,785,000 5 3.68 14,300,000 4.45 100 2014 11,835,000 5 3.77 14,415,000 4.60 100 2015 16,200,000 5 3.86 11,285,000 4.65 100 2016(1) 24,160,000 5 3.94 2016(1)(2) 4,645,000 5 3.76 2017(1)(2) 30,250,000 5 3.83 2018(1)(2) 31,760,000 5 3.89 2019(1)(2) 9,500,000 5 3.94 2019(1) 23,850,000 5 4.125 2020(1) 35,015,000 5 4.15 2021(1) 36,765,000 5 4.21 2022(1) 38,450,000 5 4.24 2023(1) 40,375,000 5 4.27 2024(1) 19,185,000 5 4.29 2025(1) 20,145,000 5 4.31 2027(3)(4) 42,265,000 43⁄8 100.2 2030(1)(4) 69,255,000 5 4.39 2033(1)(4) 61,380,000 5 4.41 2035(4) 3,190,000 43⁄8 4.44 (1) Priced to first par call on June 1, 2015. (2) Insured by Financial Security Assurance Inc. (3) Insured by Ambac Assurance Corporation. (4) Term Bond. Interest on the Series O Bonds is payable on each June 1 and December 1 commencing December 1, 2005. $182,385,000 General Obligation Bonds, Fiscal 2005 Series P Tax-Exempt Bonds Principal Interest Price or August 1 Amount Rate Yield 2006 $ 7,675,000 4 % 2.85% 2007 7,190,000 23⁄4 2.76 2008 2,320,000 5 2.95 2008 5,205,000 27⁄8 2.95 2009 7,815,000 3 3.15 2010 7,890,000 31⁄4 3.30 2011 3,855,000 5 3.43 2011 4,085,000 33⁄8 3.43 2012 8,900,000 31⁄2 3.58 2013 7,330,000 5 3.68 2013 1,945,000 3.60 3.68 2014(1) 3,655,000 5 3.59 2014(1) 6,000,000 31⁄2 3.59 2015(1) 6,875,000 5 3.68 2015(1) 3,175,000 3.60 3.68 2016(1)(2) 8,385,000 5 3.76 2016(1) 2,290,000 33⁄4 3.76 2017 11,145,000 4 4.03 2018(1)(2) 9,825,000 5 3.89 2018(1) 1,765,000 3.80 3.89 2019(2) 9,350,000 5 4.125 2019 2,870,000 41⁄8 100 2020(2) 7,875,000 5 4.15 2020 1,295,000 41⁄8 4.15 2021(2) 9,410,000 5 4.21 2021 200,000 4.20 4.21 2022(2) 9,465,000 5 4.24 2022 885,000 4.20 4.24 2023(2) 10,640,000 5 4.27 2023 20,000 41⁄4 4.27 2024(2) 3,485,000 5 4.29 2024 255,000 41⁄4 4.29 2025(2) 3,135,000 5 4.31 2025 930,000 41⁄4 4.31 2028(2)(3) 4,615,000 5 4.375 2028 630,000 43⁄8 100 (1) Insured by MBIA Insurance Corporation. (2) Priced to first par call on August 1, 2015. (3) Term Bond. Interest on the Series P Bonds is payable on each August 1 and February 1 commencing August 1, 2005. $75,575,000 General Obligation Bonds, Fiscal 2005 Series Q $20,750,000 Tax-Exempt Bonds $54,825,000 Taxable Bonds Principal Interest Price or Principal Interest Price or August 1 Amount Rate Yield Amount Rate Yield 2005 $1,525,000 4 % 2.65% $15,065,000 31⁄2% 3.41% 2006 1,445,000 31⁄2 2.87 18,165,000 4 3.91 2007 1,470,000 23⁄4 2.76 21,595,000 4 100 2008 1,415,000 4 2.95 2009 1,400,000 3 3.15 2010 1,410,000 31⁄4 3.30 2011 1,240,000 5 3.43 2011 835,000 33⁄8 3.43 2012 1,980,000 5 3.58 2013 1,995,000 5 3.68 2014(1) 2,005,000 5 3.59 2015(1) 1,960,000 5 3.68 2015(1) 70,000 3.60 3.68 2016(1)(2) 2,000,000 5 3.76 (1) Insured by MBIA Insurance Corporation. (2) Priced to first par call on August 1, 2015. Interest on the Series Q Bonds is payable on each August 1 and February 1 commencing August 1, 2005. No dealer, broker, salesperson or other person has been authorized by the City or the Underwriters to give any information or to make any representations in connection with the Bonds or the matters described herein, other than those contained in this Official Statement, and, if given or made, such other information or representations must not be relied upon as having been authorized by the City or the Underwriters. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information and expressions of opinion contained herein are subject to change without notice, and neither the delivery of this Official Statement, nor any sale made hereunder, shall, under any circumstances, create any implication that there has been no change in the matters described herein since the date hereof. This Official Statement is submitted in connection with the sale of the Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose. The Underwriters may offer and sell Bonds to certain dealers and others at prices lower than the offering prices stated on the inside cover pages hereof. The offering prices may be changed from time to time by the Underwriters. No representations are made or implied by the City or the Underwriters as to any offering of any derivative instruments. The factors affecting the City’s financial condition are complex.
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